TORONTO — Canada Goose Holdings Inc. reported its third-quarter profit fell compared with a year ago as it lowered its financial guidance for the year due to what it says was worse-than-expected COVID-19 related disruptions in China and slowing momentum in North America.
The luxury parka company says its net income attributable to shareholders was $134.9 million or $1.28 per diluted share for the quarter ended Jan. 1, down from $151.3 million or $1.40 per diluted share a year earlier.
Revenue in what was the third-quarter of the company’s 2023 financial year totalled $576.7 million, down from $586.1 million.
On an adjusted basis, Canada Goose says it earned $1.27 per diluted share in its latest quarter compared with an adjusted profit of $1.40 per diluted share a year earlier.
In its outlook for its full year, the company says it now expects total revenue between $1.175 billion and $1.195 billion, down from its earlier guidance for between $1.2 billion and $1.3 billion.
Canada Goose also says it now expects adjusted net income per diluted share for the full year between 92 cents and $1.03, down from its earlier guidance for between $1.31 and $1.62.
This report by The Canadian Press was first published Feb. 2, 2023.
Companies in this story: (TSX:GOOS)