Canada Goose revenue beats estimates as luxury demand defies inflation
2022.08.11 14:29
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FILE PHOTO: Labels are seen on Canada Goose jackets in a store in Manhattan, New York City, U.S., February 7, 2022. REUTERS/Andrew Kelly
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(Reuters) -Canada Goose Holdings Inc on Thursday beat Wall Street estimates for quarterly revenue as affluent consumers undeterred by decades-high inflation snapped up its luxury parkas and jackets.
Higher-income customers are traveling and shopping in earnest after two years cooped up indoors, spending the savings they had built up during lockdowns on luxury companies from Ralph Lauren (NYSE:RL) to Louis Vuitton.
Canada Goose’s revenue rose to C$69.9 million ($54.75 million) in the first quarter ended July 3, from C$56.3 million, a year earlier. Analysts had expected C$62.6 million, according to IBES data from Refinitiv.
Net loss widened to C$63.6 million, or 59 Canadian cents per share, from C$57.5 million, or 52 Canadian cents per share, a year earlier.
U.S.-listed shares of the Canadian company rose about 1% in low-volume premarket trading.
($1 = 1.2768 Canadian dollars)
