Canada Goose Drops 14% On Lower Profit, Decreased Outlook
Shares of apparel maker Canada Goose Holdings Inc. (GOOS) are falling more than 14% Thursday morning after reporting lower profit in the third quarter. The company also reduced its full-year outlook.
Profit for the third quarter decreased to C$134.9 million or C$1.28 per share from C$151.3 million or C$1.40 per share last year. Excluding one-time items, earnings were $1.27 per share.
Quarterly revenue declined to C$576.7 million from C$586.1 million a year ago.
Looking forward, the company has lowered its full-year outlook.
Revenue for the full year is expected to be in the range of C$1.175 billion- C$1.195 billion compared to the previous guidance of C$1.200 billion-C$1.300 billion.
Adjusted EPS for the year is currently expected between C$0.92 and C$1.03 compared with the prior guidance of C$1.31-C$1.62.
GOOS, currently at $21.17, has traded in the range of $14.51-$34.45 in the last 1 year.
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