{"id":44329,"date":"2023-08-04T04:32:44","date_gmt":"2023-08-04T08:32:44","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/canada-goose-sees-weak-q2-as-choppy-u-s-demand-douses-china-rebound\/"},"modified":"2023-08-04T04:32:45","modified_gmt":"2023-08-04T08:32:45","slug":"canada-goose-sees-weak-q2-as-choppy-u-s-demand-douses-china-rebound","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=44329","title":{"rendered":"Canada Goose sees weak Q2 as choppy U.S. demand douses China rebound"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The logo of Canada Goose is seen in a store in Manhattan, New York City, U.S., February 7, 2022. REUTERS\/Andrew Kelly\/File Photo<\/span>
\n<\/i>\n<\/div>\n

By Deborah Mary Sophia<\/p>\n

(Reuters) -Canada Goose Holdings forecast current-quarter sales below Wall Street estimates on Thursday due to choppy U.S. demand, taking the shine off of upbeat first-quarter results driven by a rebound in China and sending its shares down 7%.<\/p>\n

Demand for luxury goods in China has recovered sharply after the country lifted its COVID-19 restrictions.<\/p>\n

Revenue from Canada Goose’s Asia Pacific segment jumped 52.2% to C$24.5 million in the first quarter ended July 2, building on a 65.4% surge seen in the previous quarter. This was boosted by the return of tourism in China, leading to strong growth in key areas like Macau and Hong Kong.<\/p>\n

However, even as Canada Goose expects the momentum in Asia to continue, finance chief Jonathan Sinclair said the outlook reflected a “more challenged consumer backdrop” in the U.S.<\/p>\n

Luxury firms have seen their sales taper in the U.S. over the past few months, as a post-pandemic splurging spree by wealthy shoppers – which had led to stellar results in prior quarters – starts to sag amid still-high inflation, rising interest rates and worsening credit conditions. <\/p>\n

That has knocked results at many sector players, including luxury powerhouse LVMH and Ray-Ban sunglasses maker EssilorLuxottica.<\/p>\n

Canada Goose forecast second-quarter revenue of C$270 million to C$290 million, below estimates of about C$298.5 million. It sees an adjusted net loss per share of between 24 Canadian cents and 17 Canadian cents, compared with estimates for a profit of 6 Canadian cents.<\/p>\n

“I think (the forecast) is conservative and it makes sense … because of the volatility that we still have going on in the market, particularly in the U.S.,” Jessica Ram\u00edrez, senior research analyst at Jane Hali & Associates, said. <\/p>\n

First-quarter revenue rose 21% to C$84.8 million ($63.44 million), beating Refinitiv estimates of C$75.4 million. Adjusted loss of 70 Canadian cents per share was also smaller than a loss of 86 Canadian cents expected by analysts.<\/p>\n

($1 = 1.3368 Canadian dollars)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The logo of Canada Goose is seen in a store in Manhattan, New York City, U.S., February 7, 2022. REUTERS\/Andrew Kelly\/File Photo By Deborah Mary Sophia (Reuters) -Canada Goose Holdings forecast current-quarter sales below Wall Street estimates on Thursday due to choppy U.S. demand, taking the shine off of upbeat first-quarter […]<\/p>\n","protected":false},"author":1,"featured_media":2112,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-44329","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nCanada Goose sees weak Q2 as choppy U.S. demand douses China rebound | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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