Salem Radio Network News Monday, September 26, 2022

Business

Canada Goose revenue beats estimates as luxury demand defies inflation

(Reuters) -Canada Goose Holdings Inc on Thursday beat Wall Street estimates for quarterly revenue as affluent consumers undeterred by decades-high inflation snapped up its luxury parkas and jackets.

Higher-income customers are traveling and shopping in earnest after two years cooped up indoors, spending the savings they had built up during lockdowns on luxury companies from Ralph Lauren to Louis Vuitton.

Canada Goose’s revenue rose to C$69.9 million ($54.75 million) in the first quarter ended July 3, from C$56.3 million, a year earlier. Analysts had expected C$62.6 million, according to IBES data from Refinitiv.

Net loss widened to C$63.6 million, or 59 Canadian cents per share, from C$57.5 million, or 52 Canadian cents per share, a year earlier.

U.S.-listed shares of the Canadian company rose about 1% in low-volume premarket trading.

($1 = 1.2768 Canadian dollars)

(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Devika Syamnath)

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