Clothing manufacturer Canada Goose (GOOS) has lowered its full-year revenue and profit
guidance as COVID-19 restrictions in China negatively impact global sales of its luxury parkas.
The Chinese government's ongoing “zero-COVID” policy has impacted foreign retailers in the
nation of 1.4 billion people.
Companies such as Canada Goose are struggling with store closures, elevated inventory levels,
and slumping consumer demand across China.
Consequently, the Toronto-based company lowered its full-year sales guidance to $1.2 billion to
$1.3 billion, compared with a previous forecast of $1.3 billion to $1.4 billion.
Canada Goose added that it now anticipates an adjusted profit of between $1.31 and $1.62 a
share this year, compared with a prior outlook of $1.60 to $1.90.
Canada Goose’s stock is down 53% this year and changing hands at $22.35 per share.
