×
3 649
Fashion Jobs
HOMESENSE
Homesense Altrincham Loss Prevention Security Officer Part Time 20 Hours
Permanent · Altrincham
ABERCROMBIE AND FITCH CO.
Asset Protection Investigator
Permanent · London
ABERCROMBIE AND FITCH CO.
Asset Protection Agent
Permanent · London
NGG
Revenue Operations Manager
Permanent · LONDON
DEBENHAMS
Key Account Manager
Permanent · LONDON
BOOHOO
SEO Assistant & Copywriter
Permanent · MANCHESTER
EVERLAST GYMS
General Assistant - Everlast Fitness
Permanent · INVERNESS
FRASERS GROUP
General Kitchen Manager
Permanent · SHIREBROOK
URBN
Free People Keyholder - Duke of York, London (16hrs)
Permanent · LONDON
URBN
Free People Keyholder - Duke of York, London (32hrs)
Permanent · LONDON
HARVEY NICHOLS KNIGHTSBRIDGE
Security Officer
Permanent · LONDON
AESOP
Retail Consultant | Aesop Harrods Counter London | Full Time
Permanent · London
VF INTERNATIONAL
Credit Controller - German Speaking
Permanent · CALVERTON
NEW BALANCE
Associate Trade Marketing Manager, Lifestyle
Permanent · Warrington
MATCHES FASHION
Accounts Payable Assistant
Permanent · LONDON
SCHUH
Accounts Payable Specialist
Permanent · LIVINGSTON
I SAW IT FIRST
Head of Creative - i Saw IT First & Missguided
Permanent · STRETFORD
HOUSE OF FRASER
Loss Prevention Supervisor - House of Fraser
Permanent · DARTFORD
EVERLAST GYMS
General Manager - Everlast Gyms
Permanent · SELBY
MULBERRY
Customs Entry Coordinator
Permanent · SHEPTON MALLET
SELFRIDGES
Finance Manager - Stock
Permanent · LONDON
NEXT
Sales Manager - Stockton Teesside Retail Park
Permanent · THORNABY
Ads
By
Reuters API Fashion
Published
Feb 2, 2023
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Canada Goose cuts forecasts as COVID disruptions weigh on China sales

By
Reuters API Fashion
Published
Feb 2, 2023

Canada Goose Holdings Inc 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.


Canada Goose - Canada Goose


U.S.-listed shares of the Canadian company fell about 8% in premarket trading to $22.60, after the company also said it faced a slowing momentum in North America.

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.

European peers like Cartier jewellery maker Richemont also missed market expectations in January after a resurgence of COVID-19 in China hampered sales growth, while British luxury brand Burberry saw the disruptions offset a stronger performance in Europe.

The Toronto, Ontario-based company cut its fiscal 2023 sales expectations to about C$1.18 billion to C$1.20 billion, compared with its prior forecast of C$1.2 billion to C$1.3 billion. It forecast adjusted profit of between 92 Canadian cents and C$1.03 per share for fiscal 2023, against a prior target of C$1.31 to C$1.62.

Still, chief executive Dani Reiss said the company had seen promising signs of "a strong local rebound to date" in Mainland China.

Analysts predict luxury and beauty companies to be among the biggest gainers from China's easing of COVID protocols in 2023, which is expected to boost their sales in the region.

The luxury parka maker's revenue fell to C$576.7 million in the third-quarter ended January 1, compared to analysts' average forecast of about C$623.6 million in Refinitiv IBES data.

© Thomson Reuters 2023 All rights reserved.