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