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U.S.-listed shares of the Toronto, Ontario-based company rose
10% before the bell, a day after a broad market sell-off
triggered by poor results from U.S. retailers.
Demand for luxury goods has remained strong in North America
even amid record levels of inflation, as higher prices of gas
and food did not dissuade affluent consumers from splurging on
high-end apparel, accessories and perfumes.
Canada Goose's upbeat annual forecast is in contrast with those
from its luxury peers Tapestry and Estee Lauder Cos Inc that
lowered their profit outlooks earlier this month due to fresh
COVID-19 curbs in key China market.
Canada Goose said it expects revenue for fiscal 2023 to be
between C$1.30 billion ($1.01 billion) and C$1.40 billion.
Analysts on average expect it to be C$1.30 billion, according to
Refinitiv IBES data.
The company, known for its expensive red parkas, said it expects
an adjusted per-share profit of C$1.60 to C$1.90 for fiscal
2023, compared with analysts' average estimate of C$1.61.
However, the winterwear maker forecast first-quarter revenue
between C$60 million and C$65 million, lower than market
estimates of C$65.9 million, as renewed lockdowns in China kept
customers away from stores.
For the fourth quarter, the company reported a surprise
per-share profit of 4 Canadian cents, while analysts expected a
loss of 1 Canadian cent. Its sales rose 6.8% to C$223.1 million,
topping estimates of C$222.7 million.
($1 = 1.2816 Canadian dollars)
(Reporting by Deborah Sophia and Mehr Bedi in Bengaluru; Editing
by Vinay Dwivedi)
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