Canada Goose Falls Short of Revenue Estimates, Shares Drop
Canada Goose Holdings reported lower-than-expected quarterly revenue, sparking concerns about the luxury goods market in China. The company attributed the decline to weaker consumer spending in China, a key market for luxury brands.
Shares of Canada Goose fell 6% in premarket trading after the announcement. The company's revenue fell to C$607.9 million, compared to C$609.9 million in the same period last year. Analysts had estimated revenue of C$620.9 million.
The weak consumer spending in China has raised concerns for the luxury goods industry, as it has slowed demand recovery in the region. Brands like Canada Goose have been significantly impacted by this decline.