Why Canada Goose Holdings Stock Was Falling Today
With the broader market continuing its streak of recent gains, shares of Canada Goose Holdings (NYSE: GOOS) were down 18% as of 10:55 a.m. ET on Thursday. The company delivered satisfactory results for the holiday quarter, but management noted disruptions in mainland China due to COVID-19 and weakening sales trends in North America due to macroeconomic headwinds.
The stock was rallying to start the year, but investors are now having to readjust expectations given management's updated guidance.
For the fiscal third quarter, revenue fell 1.6% year over year to $577 million. However, leaving off the extra week from last year's sales, adjusted revenue would have increased 2.5% year over year, which is not bad considering that total retail sector sales in the U.S. were down 1% in November and 1.1% in December.
Source Fool.com
