Canada Goose beats Q4 sales estimate on steady demand recovery in China (updated)

Canada Goose Holdings

16/05/2024 12:14

(Adds shares in paragraph 2, background and details in
paragraphs 3-5)
       May 16 (Reuters) - Canada Goose  GOOS.TO ,  GOOS.N  beat
market expectations for quarterly revenue on Thursday, backed by
a strong recovery in demand for its pricey puffer jackets in
China even as spending on luxury goods remained weak in the U.S.
    U.S.-listed shares of the company, which in March said would
trim 17% of global corporate workforce, rose 5% in premarket
trading. 
    The company joins peers such as Birkin bag maker Hermes
 HRMS.PA  and Italy's Prada  1913.HK  in seeing a sturdy demand
for high end products and in defying a broader slowdown in key
market China, which is grappling with a property crisis and
youth unemployment. 
    The parka maker's revenue in Asia-Pacific jumped 29.6% in
the fourth quarter, compared with an about 62% rise in the prior
quarter.
    Revenue in North America rose 24.5%, having declined 14% in
the previous quarter.
    The Ontario based company's revenue rose to C$358 million 
($262.71 million) in the fourth quarter of its fiscal year,
compared with analysts' expectations of C$315.5 million,
according to LSEG data.

($1 = 1.3627 Canadian dollars)

 (Reporting by Granth Vanaik in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Granth.Vanaik@thomsonreuters.com | X : https://twitter.com/Vanaik_Granth;))