Canada Goose Holdings Inc. plunged 15 per cent at market open on Wednesday and continue to descend after a revenue miss soured investors on the Canadian retailer.
The Toronto-based company’s fourth quarter earnings report fell short on analyst expectations for revenue, reporting that it brought in $156.2 million over the three months that ended on March 31, 2019. Analysts had, on average, expected the company to report $158.9 million in revenue. The earnings miss was the first the company had reported since going public.
Perhaps worse was that the luxury retailer gave disappointing guidance: Analysts had widely forecast that the company would see a 26 per cent boost in revenue over the next fiscal year, but Canada Goose pulled back on those expectations Wednesday, announcing that it only foresaw growth of 20 per cent.
The company’s Canadian-listed shares were down more than 23 per cent at $50.76 in mid-morning trading.
Copyright Postmedia Network Inc., 2019
