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Canada Goose beats Q4 sales estimate on steady demand recovery in China
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Canada Goose beats Q4 sales estimate on steady demand recovery in China
May 16, 2024 4:45 AM

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 5% in premarket

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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