Adds background, particulars on gross sales, income forecast
Might 13 (Reuters) – Canada Goose Holdings Inc GOOS.TO, GOOS.N on Thursday beat analysts’ estimates for fourth-quarter income, helped by surging on-line gross sales and powerful demand for the attire maker’s luxurious parkas in China.
Demand in China has risen because the nation’s rich, who normally make the majority of their purchases whereas touring overseas, store extra on-line and in native shops as restrictions ease.
The posh winterwear maker is doubling down on its funding plans in China and opening new shops to cater to prosperous shoppers, who can’t journey as freely as they used to as a result of pandemic.
Canada Goose’s world e-commerce income jumped 123.2% within the quarter.
Income rose to C$208.eight million ($171.84 million) from C$140.9 million a yr earlier, beating analysts’ estimates of C$164.eight million, in accordance with IBES information from Refinitiv.
Canada Goose additionally mentioned it expects whole income to exceed C$1 billion in fiscal 2022. Analysts on common have been anticipating income to soar 30.2% to C$1.12 billion.
($1 = 1.2151 Canadian {dollars})
(Reporting by Praveen Paramasivam in Bengaluru; Enhancing by Devika Syamnath)
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