Canada Goose Holdings Inc. (NYSE: GOOS) on Wednesday reported a wider-than-expected loss on revenues that were higher than the street consensus for the first quarter of 2020. Net revenue rose 59.1% to CAD 71.1 million (approx. $53.6 million), above the average analysts’ expectation of $50.3 million.
Revenue rose by 40.4% in Canada, 15.8% in the United States and 79.7% in Europe and Rest of World.
Adjusted net loss for the quarter widened by 6 cents to CAD 0.21 (approx. $0.16) per share, even as analysts were expecting a loss of just $0.07 per share shares.
GOOS shares fell 1.4% during pre-market trading hours on Thursday. The stock is trading almost flat in the year-to-date period.
CEO Dani Reiss said, “The affinity and desire we have seen for our seasonally relevant lightweight offerings tells us our product expansion is working, and combined with the volume of highly engaged consumers looking to get ahead of the upcoming Fall / Winter season, we believe our business has never been stronger as we report our smallest fiscal quarter.”
The company reiterated its outlook for fiscal 2020. For this period, Canada Goose expects annual revenue growth of at least 20% along with annual growth in adjusted EPS of at least 25%.