Canada Goose forecast adjusted profit of between 92 cents and $1.03 per share for fiscal 2023, compared with its prior target of $1.31 to $1.62
trimmed its full-year revenue and profit forecasts on Thursday after COVID-19 disruptions weighed on sales of its luxury parkas and jackets in China during the third quarter.
The Chinese government’s efforts to contain the spread of infections with its zero-COVID policy have hit revenues of luxury companies like Canada Goose that witnessed store closures, elevated inventory levels and decline in demand in the country as consumers turned more cautious. The Toronto, Ontario-based company cut its fiscal 2023 sales expectations to about $1.18-billion to $1.20-billion, compared with its prior forecast of $1.2-billion to $1.3-billion.
Still, Chief Executive Dani Reiss said the company had seen promising signs of “a strong local rebound to date” in Mainland China.
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