'COVID-related disruptions, including mall closures, lockdowns and travel restrictions, continue to impact traffic,' chief executive Dani Reiss said From alicjawithaj
Canada Goose's stock fell as much as nearly 8 per cent on Wednesday after the company cut its full-year fiscal outlook due to COVID-19 closures in China and global economic uncertainty.
"COVID-related disruptions, including mall closures, lockdowns and travel restrictions, continue to impact traffic. As we head into our most meaningful quarter, we're seeing these disruptions affect an increasing number of cities in which we operate. As a result, we've updated our outlook for the year."
Canada Goose's chief financial officer Jonathan Sinclair says the company initially saw a positive shift in momentum during the Golden Week holiday period in China, but that "restrictions and other disruptions have worsened the trend." "It's unfortunate these COVID headwinds and economic headwinds that are impacting the world and China today are doing so, but we all know that these macro conditions will pass and I'm extremely confident that once they do, our brand is very well-positioned... to continue on its growth trajectory."
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