Canada Goose shares rise after earnings beat

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Canada Goose Holdings Inc. shares rose 1.8% in Thursday premarket trading after the luxury outerwear company reported fiscal second-quarter earnings that beat expectations. Net income totaled C$12.5 million, or 9 cents per share, down from C$58.0 million, or 55 cents per share last year. Adjusted EPS, in Canadian currency, of 10 cents per share, beat the FactSet consensus for 8 cents per share. Revenue of C$194.8 million (US$148.6 million) was down from C$294.0 million (US$224.3 million) but ahead of the FactSet consensus of C$148.3 million (US$113.2 million). “Mainland China has already returned to growth and our digital business is accelerating in a meaningful way at the right time,” said Dani Reiss, chief executive of Canada Goose in a statement. “This is a strong backdrop as we head into peak Canada Goose season.” Due to uncertainties stemming from the coronavirus pandemic Canada Goose did not provide guidance. Canada Goose stock is down 9.2% for the year to date while the S&P 500 index is up 6.6% for the period.
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