DOW JONES25,766.64-1190.95 -4.42%
S&P 5002,978.76-137.63 -4.42%
NASDAQ8,566.48-414.30 -4.61%

Canada Goose Reports Q3 Earnings, Says Coronavirus Will Impact Sales

Canada Goose Holdings Inc (NYSE: GOOS) reported third-quarter adjusted earnings per share of CA$1.08.

Benzinga · 02/07/2020 12:27

Canada Goose Holdings Inc (NYSE: GOOS) reported third-quarter adjusted earnings per share of CA$1.08.

The group reported sales of CA$452.1 million an increase of 13.2% from CA$399.3 million compared to third-quarter fiscal 2019. The company sees fiscal year 2020 sales CA$945-$955 million adjusted at EPS CA$1.33-$1.37.

Canada Goose says the health crisis in China has resulted in a sharp decline in customer traffic and purchasing activity and the outbreak is having a material negative impact on performance in the current fiscal quarter ending March 29. Retail stores and e-commerce across Greater China have and continue to experience significant reductions in revenue.

"We delivered robust growth in the third quarter, notwithstanding geopolitical headwinds and an expected revenue timing shift in our wholesale business. Our DTC expansion continues to unlock and accelerate our development in major international markets," Dani Reiss, CEO of Canada Goose said in a statement. "While we recognize that we are now navigating a period of heightened uncertainty due to the coronavirus health crisis, we remain confident in our strategy and long-term potential."

Canada Goose shares were trading down 3.15% at $32.25 in Friday’s pre-market session. The stock has a 52-week high of $59.94 and a 52-week low of $29.54.

Photo by Gaelen Marsden/Wikimedia.