News

Apr 21, 2024

Canada Goose beats quarterly sales estimates on China rebound

(Reuters) -Canada Goose Holdings beat Wall Street estimates for quarterly revenue on Thursday, bolstered by strong demand for its high-end parkas in China, as the key luxury market recovered from a

(Reuters) -Canada Goose Holdings beat Wall Street estimates for quarterly revenue on Thursday, bolstered by strong demand for its high-end parkas in China, as the key luxury market recovered from a pandemic-driven lull.

Luxury firms have seen sales in China recover sharply after the country lifted its COVID-19 restrictions, with top names like LVMH and Ray-Ban sunglasses maker EssilorLuxottica logging strong performances in the market in their recent quarterly reports.

Canada Goose said revenue from its Asia Pacific segment jumped 52.2% to C$24.5 million in the quarter ended July 2, compared with a 65.4% surge seen in the prior quarter.

Revenue from the United States also improved, rising 15.3% to C$18.1 million, in a sign that the market was recovering for the luxury parka maker after a slowdown in the previous quarter.

The Toronto, Ontario-based company’s revenue rose to C$84.8 million ($63.44 million) in the first quarter of its fiscal year, from C$69.9 million a year earlier. Analysts on average had expected revenue of C$75.4 million, according to Refinitiv data.

($1 = 1.3368 Canadian dollars)

(Reporting by Deborah Sophia in Bengaluru; Editing by Milla Nissi)