Canada Goose Holdings Inc forecast full-year profit above market estimates on Thursday, encouraged by strong demand for its luxury parkas and jackets.
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.
Luxury peer and Kate Spade owner Tapestry also saw sales in North America surge, helping it post upbeat quarterly results even as demand in China was hit from recent Covid lockdowns, while Kering’s Gucci also delivered strong growth in the United States.
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 said it expects an adjusted per-share profit of C$1.60 to C$1.90 for fiscal 2023. Analysts on average expect profit to be C$1.61.
By Deborah Sophia and Mehr Bedi; Editor: Vinay Dwivedi
Canada Goose Holdings Inc cut its full-year revenue forecast, as Omicron-related restrictions weigh on demand for the company’s luxury parkas and footwear, sending its US shares down nearly 6 percent in premarket trade.