Canada Goose cuts outlook after COVID disruption hits China sales

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Canada Goose cuts outlook after COVID disruption hits China sales
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Canada Goose Holdings cut its outlook again after COVID\u002Drelated disruptions in China hampered sales. Read on

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“We did face challenges during a seasonally significant third quarter, the largest being mainland China, where disruptions were worse than we had anticipated, impacting our performance significantly,” he told analysts on the earnings call. “These short-term pressures will not change how we think about our business. We are and have always been building this brand for the long term.

The disruptions led to an estimated $60 million in lost revenue. Overall sales for the company came in below previous expectations of between $580 million and $660 million because of the slump in China, the retailer said.Article content

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Canada Goose cuts forecasts after spike in China's COVID infections hit salesCanada Goose cuts forecasts after spike in China's COVID infections hit sales(Reuters) -Canada Goose Holdings Inc cut annual forecasts on Thursday after a spike in COVID-19 infections in China dulled store traffic and inflation bit into spending power in North America. Businesses of luxury goods companies in China have suffered for the last three years from intermittent lockdowns, but Canada Goose said Beijing's decision to dismantle its zero-COVID policy late last year only added to the company's headaches. 'We did not anticipate the sudden reopening in early December,' said Chief Executive Dani Reiss on an earnings call.
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