Canada Goose sees hit to 2020 profit, sales from coronavirus

Earnings

Canada Goose brand parkas in a store in New York.

Noam Galai | WireImage | Getty Images

Canada Goose said on Friday lower store traffic in China and travel restrictions due to the coronavirus epidemic would impact its revenue and lead to a smaller profit in 2020, sending its shares down 4%.

The virus outbreak has forced several luxury brands, including Capri Holdings and Ralph Lauren, to shut stores and cut their forecasts.

The parka maker expects revenue to grow between 13.8% and 15%, compared with its prior forecast of at least 20% growth.

That translates to C$945 million ($710 million) to C$955 million, a hit of up to C$51.6 million. Analysts were expecting C$1.03 billion, according to IBES data from Refinitiv.

It forecast full-year adjusted profit growth to be in the range of 2.2% decline to 0.7% rise from a year earlier, compared with a prior forecast of at least 25% growth.

The forecast of C$1.33 per share to C$1.37 per share was below the average analysts’ estimate of C$1.68.

Articles You May Like

Corporate Transparency Act: Can CPAs Or Wealth Adviser Help You?
Charter rolls out new Spectrum pricing and internet speeds, aims to ‘be a better service operator’
Don’t expect ‘immediate relief’ from the Federal Reserve’s first rate cut in years, economist says. Here’s why
Jeep CEO enacts turnaround plan after significant sales declines
What buying Commerzbank would mean for UniCredit — and the banking sector

Leave a Reply

Your email address will not be published. Required fields are marked *