Canada Goose Lowers Annual Forecast

Canada Goose Lowers Annual Forecast

Canada Goose Lowers Annual Forecast
Canada Goose Lowers Annual Forecast
Retail Bum

Retail Bum

Retail Bum

Retail Bum

Canada goose has cut its annual profit and revenue forecast with consumers reigning in their discretionary spending.

The change in the forecast comes as the company’s net income declined to CAD 5 million in the three months leading to October 2, down from CAD 9 million a year before.

While the company saw its net revenue decline, its revenue for the quarter was 19% to CAD 277.2 million.

The revenue growth was largely driven by an increase in demand in North America and the company’s wholesale business in the EMEA region, Fashion United reported.

“We are encouraged by our performance in the second quarter of fiscal 2023, driven by top-line growth of 19 percent,” CEO Dani Reiss said.

Reiss added that the company had to lower its full-year guidance as COVID-related lockdowns in China and an uncertain global macroeconomic backdrop continue to impact its business.

Looking ahead, the company expects its revenue to be in the CAD 1.2 billion to CAD 1.3 billion range, down from its previous forecast of CAD 1.3 billion and CAD 1.4 billion. In addition, it expects its adjusted net income per diluted share to be between CAD 1.31 and CAD 1.62, lower than its previous estimate of CAD 1.6 and CAD 1.9.

Photo credit: Canada Goose

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