Affluent customers are travelling and shopping
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 travelling 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 to Louis Vuitton.
Canada Goose’s revenue rose to $69.9 million in the first quarter ended July 3, from $56.3 million, a year earlier. Analysts had expected $62.6 million, according to IBES data from Refinitiv.
Net loss widened to $63.6 million, or 59 Canadian cents per share, from $57.5 million, or 52 Canadian cents per share, a year earlier.
“Our first quarter fiscal 2023 results reflect strong early leading indicators for the year, and we have seen encouraging trends in store productivity,” said Dani Reiss, chairman and CEO of Canada Goose.
US-listed shares of the Canadian company rose about 1 per cent in low-volume pre-market trading.
© Thomson Reuters 2022