Canada Goose Beats Q4 Sales Estimate on Steady Demand Recovery in China

Reuters05-16

May 16 (Reuters) - Canada Goose beat market expectations for quarterly revenue on Thursday, backed by a strong recovery in demand for its pricey puffer jackets in China even as spending on luxury goods remained weak in the U.S.

U.S.-listed shares of the company, which in March said would trim 17% of global corporate workforce, rose 21% in morning trading.

The company joins peers such as Birkin bag maker Hermes and Italy's Prada in seeing a sturdy demand for high end products and in defying a broader slowdown in key market China, which is grappling with a property crisis and youth unemployment.

The parka maker's revenue in Asia-Pacific jumped 29.6% in the fourth quarter, compared with an about 62% rise in the prior quarter.

Revenue in North America rose 24.5%, having declined 14% in the previous quarter.

The Ontario based company's revenue rose to C$358 million ($262.71 million) in the fourth quarter of its fiscal year, compared with analysts' expectations of C$315.5 million, according to LSEG data.

($1 = 1.3627 Canadian dollars)

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