Canada Goose posts better-than-expected Q4 results on demand recovery in China, US

canada goose posts better-than-expected q4 results on demand recovery in china, us

A Canada Goose store in the CF Toronto Eaton Centre shopping mall in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio/File Photo

(Reuters) -Canada Goose, beat market expectations for quarterly revenue and profit on Thursday, on the back of a strong recovery in demand for its pricey puffer jackets in China and the U.S. following months of slowdown.

canada goose posts better-than-expected q4 results on demand recovery in china, us

Canada Goose clothing is seen for sale in a store in Manhattan, New York City, U.S., February 7, 2022. REUTERS/Andrew Kelly/File Photo

U.S.-listed shares of the company, which in March said would trim 17% of its global corporate workforce, rose 15% in premarket trade.

Luxury brands are seeing a sturdy demand for high-end products in Asia-Pacific, defying a broader slowdown in key market China which is grappling with a property crisis and youth unemployment.

The parka maker's revenue in Asia-Pacific jumped 29.6% in the fourth quarter, compared with an about 62% rise in the prior quarter.

After months of sluggish sales for its luxury jackets, Canada Goose also saw a pick up in demand in North America, with revenue rising 24.5% in the region after a 14% decline in the previous quarter.

Canada Goose's wholesale revenue declined by only 9%, compared with a 28% drop in the previous quarter.

The Ontario based company's revenue rose to C$358 million ($262.71 million) in the fourth quarter of its fiscal year, compared with analysts' expectations of C$315.5 million, according to LSEG data.

It earned a profit of 19 Canadian cents per share, versus expectations of 7 Canadian cents.

($1 = 1.3627 Canadian dollars)

(Reporting by Granth Vanaik in Bengaluru; Editing by Krishna Chandra Eluri)

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