Canada Goose Holdings Inc slashed its full-year revenue forecast on Thursday as restrictions on the Omicron variant weigh on demand for the company’s luxury parkas and shoes, sending its U.S. shares tumbling from nearly 6% in pre-market exchanges.
The luxury parkas maker’s sales were dampened by an upsurge in COVID-19 cases from the Omicron variant in key markets including China and Europe, which kept shoppers from returning home during the very busy quarter. important to the holidays.
The company said it now expects revenue for fiscal 2022 to be between C$1.090 billion and C$1.105 billion, down from its previous estimate of C$1.125 billion to C$1.175 billion.
The company’s third-quarter revenue rose to C$586.1 million ($462.59 million), from C$474 million a year earlier, beating analysts’ average estimate of C$583.2 million, according to IBES data from Refinitiv. ($1 = 1.27 Canadian dollars) (Reporting by Aditi Sebastian Bengaluru; Editing by Maju Samuel)