Canada Goose Holdings Inc beat Wall Street estimates for quarterly revenue. Shutterstock.
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.
By Deborah Sophia; Editor: Krishna Chandra Eluri
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