The stock of Canada Goose (GOOS) is up 15% after the maker of winter parkas beat analyst expectations for its financial results.
The Toronto-based company beat Wall Street forecasts for both its revenue and profits as sales recovered in the key markets of China and the U.S. following months of declines.
Canada Goose reported earnings per share of $0.19 versus $0.07 that was forecast among analysts who track the company’s progress.
Revenue in what was the company’s fiscal fourth quarter totaled $358 million, beating Wall Street expectations of $315.5 million, according to data from LSEG.
The luxury parka maker's revenue in the entire Asia-Pacific region rose 29.6% in the quarter. In North America, sales grew 24.5% year over year after a 14% decline in the previous quarter.
Management at Canada Goose singled out China as a bright spot in the quarter, noting that luxury brands are making a comeback in the nation of 1.4 billion people.
The latest financial results come after Canada Goose announced in March of this year plans to cut 17% of its global workforce amid a prolonged slowdown in sales of luxury goods.
Prior to today (May 16), the stock of Canada Goose had declined 43% over the last 12 months and was down 76% through five years. The shares were changing hands at $11.42 U.S.
