Canada Goose Holdings’ (GOOS) stock is down after the retailer known for its winter parkas reported its latest financial results.
The Toronto-based company reported a net loss of $80 million, which equated to a loss of $0.70 per share. That was smaller than a loss of $0.86 a share expected by analysts who cover the company, according to Refinitiv data.
Revenue in what was the company’s fiscal first-quarter rose 21% from a year earlier to $84.8 million, which was also ahead of analyst estimates of $75.4 million.
However, the luxury parka maker issued forward guidance that was below Wall Street forecasts, noting continuing weakness in the U.S. market, sending the stock lower by as much as 7% at one point in the trading day on August 3.
Canada Goose forecast fiscal second-quarter revenue of $270 million to $290 million, which was below analyst estimates of $298.5 million.
The company added that it foresees a net loss per share of between $0.17 and $0.24 compared with forecasts for a profit of $0.06 in its fiscal Q2.
Sales of luxury goods in the U.S. have been slowing in recent months due to high inflation, rising interest rates, and worsening credit conditions.
Canada’ Goose’s stock has declined 14% over the last 12 months and currently trades at $22.19 per share.
