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Canada Goose spikes 30% on stronger-than-expected revenue driven by online demand
Isabelle LeeFeb 5, 2021, 02:47 IST
Edward Berthelot/Getty Images
Canada Goose Holdings spiked 30% on stronger-than-expected revenue driven by a rise in online demand.
Shares of the luxury parka maker soared to $45.60 on Thursday, the highest level since 2018.
Canada Goose attributed the increase in sales to the online shopping boom brought about by the pandemic, as well as strong demand from Chinese customers.
Shares of Canada Goose Holdings spiked 30% on stronger-than-expected revenue driven by a rise in online demand. Shares of the luxury parka maker soared to $45.60 on Thursday, the highest level since 2018.
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(Reuters) - Canada Goose Holdings Inc beat estimates for third-quarter revenue and profit on Thursday, boosted by a surge in online sales and increased demand for its luxury parkas in China, sending its shares up 29%.
FILE PHOTO: A sign of Canada Goose is pictured outside its store in Beijing s Sanlitun area, China December 15, 2018. REUTERS/Jason Lee
The company is doubling down on the Chinese market to tap into an increased domestic spending as affluent consumers who made a bulk of their purchases abroad before the COVID-19 pandemic cannot travel as freely as before.
Canada Goose is opening new stores in the country and collaborating with Chinese designer Angel Chen for a new collection.