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Canada Goose Holdings Inc beat Wall Street estimates for quarterly revenue on Thursday, boosted by a surge in online sales and demand for the company’s luxury parkas in China, sending its US-listed shares up 14.5 percent.
The luxury parka maker is doubling down on the Chinese market, opening new stores and collaborating with Chinese designer Angel Chen for a new collection, to tap into the pockets of affluent consumers who cannot travel as freely as they once used to.
Global e-commerce revenue jumped 39.3 percent in the reported quarter, helping the company post revenue growth for the first time since the onset of the pandemic.
Toronto, Ontario-based Canada Goose also said net income fell to C$107.0 million, or 96 Canadian cents per share, from C$118 million, or C$1.07 per share, a year earlier.
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Revenue rose to C$474.0 million ($369.97 million) from C$452.1 million a year earlier, beating the average analyst estimate of C$415.27 million, according to IBES data from Refinitiv.
Reporting by Aditi Sebastian; Editing by Shinjini Ganguli.
