Canada Goose beats quarterly revenue estimates on strong demand

Economy27 minutes ago (Nov 05, 2021 07:01AM ET)

(C) Reuters. FILE PHOTO: People walk past an advertisement near the flagship store of Canadian luxury parka maker Canada Goose, in Sanlitun area of Beijing, China December 31, 2018. REUTERS/Martin Pollard/File Photo

(Reuters) -Canada Goose Holdings Inc beat Wall Street estimates for quarterly revenue on Friday, driven by surging online sales and a strong demand for its luxury parkas amid the reopening of major economies.

Luxury goods makers have seen a strong recovery from the global health crisis, boosted by pent-up demand for everything from high-end clothing to designer bags and shoes, even as travel restrictions continue to dampen demand from tourists.

Chinese consumers, known to splurge on high-end Western brands, lifted Canada Goose in the quarter as they continued to purchase its parkas and jackets despite fresh lockdowns in some cities due to the Delta variant of the virus.

Revenue rose to C$232.9 million ($186.69 million) in the second quarter ended Sept. 26, from C$194.8 million a year earlier, beating analysts’ estimates of C$206.1 million, according to Refinitiv IBES.

Net income fell to C$9.0 million, or 8 Canadian cents per share, from C$10.4 million, or 9 Canadian cents per share, a year earlier.

($1 = 1.2475 Canadian dollars)

Canada Goose beats quarterly revenue estimates on strong demand

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