"The first cold snap prompts business," chief financial officer
"It sort of reminds the consumer that this is the time that they should go and buy cold weather gear, so the longer you wait for that, the later (the sales period) starts, and I think that is what we've experienced this year."
Sinclair's comments allude to just one of the headwinds facing the
Inflation has remained high, pushing many consumers to rethink their spending and perhaps, put off or nix any plans to purchase pricey coats. At the same time, geopolitical tensions are flaring between
Canada Goose has 21 stores in the region and celebrated the fifth anniversary of its Chinese presence recently with a big bash, which coincided with rising sales there as COVID-19 restrictions lifted and led to a rebound in domestic spending.
Despite the increased spending, the company still warned its woes in the Chinese market have not completely cleared.
"When it comes to
As a result, Canada Goose now expects total revenue for its 2024 financial year between
The company also said it expects adjusted net income per diluted share between
Canada Goose arrived at that guidance because it saw momentum around its business slow noticeably in September.
"While we began to see some improvement in late October, visibility remains reduced to reflect the increased uncertainty in the macro environment," Sinclair said.
Canada Goose's reduced financial guidance comes after the company's stock fell to a record low last month as analysts downgraded the business over concerns that warm weather and high inflation would weigh on sales.
The stock price fell
To counter some of the headwinds, chief executive officer
In recent months, it noticed rainwear was among its fastest-growing category, though knit jackets were its most popular pieces of apparel, and sneakers — a rather new category for Canada Goose — were performing well.
Those successes helped the company report a second-quarter profit attributable to shareholders of
Canada Goose earned
Revenue for the quarter totalled
On an adjusted basis, the company said it earned
This report by The Canadian Press was first published
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