Canada Goose shares fall 5% premarket after Q1 loss widens
Canada Goose Holdings Inc. shares soared more than 4% in premarket trade Wednesday before reversing course to trade lower, after the maker of luxury outdoor wear said its loss widened in the first quarter as it blew past revenue estimates. The company said it had a net loss of C$29.4 million ($22.2 million), or 27 cents a share, in the quarter to end June, wider than the loss of C$18.7 million, or 17 cents a share, posted in the year-earlier period. The company's adjusted per-share loss came to 21 cents, matching the FactSet consensus. Revenue rose to C$71.1 million from C$44.7 million, ahead of the C$53.2 million FactSet consensus. Chief Executive Dani Reiss said the company achieved growth in every geography, climbing 40.4% in its native Canada. Revenue rose 15.8% in the U.S. and 79.7% in Europe and the rest of the world. The company said it's sticking with its fiscal 2020 guidance issued on May 29, when it said it expects revenue to grow 20%. Shares have fallen 1.2% in 2019, while the S&P 500 has gained 17%.
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