(Reuters) – Canada Goose Holdings beat Wall Street estimates for quarterly revenue on Thursday, benefiting from consumer demand for its non-winter clothing that includes fleece, sweats and lightweight hoodies.
Canada Goose, which is known for its heavyweight puffer jackets and red parkas, has been trying to enter the non-winter category by expanding its product offering to include rain and warm weather clothing such as t-shirts and shorts.
The Toronto, Ontario-based company’s first-quarter revenue rose to C$88.1 million ($63.7 million) from C$84.8 million a year earlier. Analysts on average had expected revenue of C$86.1 million, according to LSEG.
The first quarter, which entails the spring season and the beginning of summer, is typically the slowest quarter for Canada Goose which makes the most of its revenue during the winter season through sales of heavyweight jackets.
U.S.-listed shares of Canada Goose fell 3% in premarket trading.
The company reaffirmed its fiscal 2025 revenue growth target for a low single-digit percentage, and continues to expect annual adjusted profit to rise in a mid-teen percentage range.
($1 = 1.3824 Canadian dollars)
(Reporting by Ananya Mariam Rajesh in Bengaluru; editing by Milla Nissi)
Comments