Canada Goose Forecasts Upbeat Revenue for Current Quarter on China Rebound

Reuters02-01

Feb 1 (Reuters) - Canada Goose Holdings forecast fourth-quarter revenue above analysts' estimates on Thursday, as the luxury goods maker bets on a sharp rebound in crucial market China to help ride out a slowdown in the U.S.

The shares jumped 6.8% in premarket trading Thursday.

Luxury brands such as LVMH and Cartier owner Richemont have signaled a bounce back in China even as the world's second-largest economy faces a property crisis and high youth unemployment.

Canada Goose's revenue in Asia-Pacific jumped 62% to C$270.7 million in the third quarter, compared with a 13% rise in the prior quarter.

Revenue from North America fell 14% to C$252.4 million as appetite for luxury goods in the U.S. has weakened as pandemic-era savings depleted and costs remained higher.

The Ontario-based company forecast fourth quarter revenue between $310 million and $330 million, compared to expectations of $301 million, according to LSEG IBES data.

($1 = 1.3449 Canadian dollars)

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