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Canada Goose reports $10.4-million Q2 profit, sales down from year ago

TORONTO — Canada Goose Holdings Inc. beat expectations and turned a profit in its latest quarter even as its sales fell compared with a year ago due to the pandemic.

The luxury parka maker says it earned net income of $10.4 million or nine cents per diluted share for the quarter ended Sept. 27 compared with a profit of $60.6 million or 55 cents per diluted share a year ago.

Revenue fell to $194.8 million from $294.0 million in the same quarter last year.

Canada Goose says e-commerce sales were up, but fewer people in its stores due to the pandemic and a decrease in wholesale orders from partners and distributors weighed on the results.

On an adjusted basis, Canada Goose says it earned $11.5 million or 10 cents per diluted share, compared with an adjusted profit of $63.6 million or 57 cents per diluted share a year ago.

Analysts on average had expected Canada Goose to post an adjusted loss of a penny per share for the quarter, according to financial data firm Refinitiv.

This report by The Canadian Press was first published Nov. 5, 2020.

Companies in this story: (TSX:GOOS)

The Canadian Press

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