Canada Goose has cut its full-year profit and revenue outlook.
In the three months to October 2, net income at the outerwear company narrowed to 5 million Canadian dollars from 9 million Canadian dollars a year earlier.
On a brighter note, revenue increased 19 percent to 277.2 million Canadian dollars.
The growth was driven by a continued strong performance in North America and through the company’s wholesale growth in EMEA.
Canada Goose cuts outlook
“We are encouraged by our performance in the second quarter of fiscal 2023, driven by top line growth of 19 percent,” said chair and CEO Dani Reiss in a statement.
But he added that the company has lowered its full-year guidance in light of Covid disruptions in Mainland China and “an uncertain global macroeconomic backdrop”.
Canada Goose now expects revenue of between 1.2 billion Canadian dollars and 1.3 billion Canadian dollars, down from its previous guidance of between 1.3 billion Canadian dollars and 1.4 billion Canadian dollars.
It expects non-IFRS adjusted net income per diluted share of between 1.31 Canadian dollars and 1.62 Canadian dollars, down from its previous estimate of between 1.6 Canadian dollars and 1.9 Canadian dollars.