Luxury parka maker Canada Goose (GOOS) has announced the appointment of a new chief financial officer (CFO) as its share price languishes at an all-time low.
The Toronto-based retailer has named Neil Bowden, its current Deputy Finance Chief, as the new CFO. Bowden succeeds previous CFO Jonathan Sinclair.
The executive change was announced at the same time as Canada Goose lowered its annual sales forecast, citing continued weakness in the key markets of China and America as the reason.
The company said that while demand in China bounced back in the previous two quarters, hopes for a sustained recovery in the nation of 1.4 billion people remains uncertain.
Canada Goose said that it now forecasts fiscal 2024 revenue of $1.20 billion to $1.40 billion, down from previous guidance of $1.40 billion to $1.50 billion.
The company’s stock fell 8% in premarket trading on news of the lowered guidance.
Prior to today (Nov. 1), Canada Goose’s stock had declined 31% over the last 12 months to trade at $15.38 per share, right around its all-time low.
Canada Goose’s stock is now down 80% over the last five years.
