Canada Goose -10% pre market said due to coronavirus
(Reprinted from above link)
Canada Goose -10% after hacking guidance due to coronavirus
Feb. 7, 2020 7:02 AM ET|About: Canada Goose Holdings Inc. (GOOS)|By: Clark Schultz, SA News Editor
Canada Goose (NYSE:GOOS) sinks after warning that the coronavirus outbreak is having a material negative impact on results.
The warning is taking the shine off the retailer's FQ3 earnings beat of 13% revenue growth. Gross margin arrived in at 66.0% of sales for the quarter vs. 66.9% consensus and 64.4% a year ago. Wholesale gross margin was level from a year ago at 47.7%.
Looking ahead, Canada Goose anticipates full-year revenue growth of 13.8% to 15.0% after originally guiding for 20% growth. Canada Goose says the health crisis has resulted in a sharp decline in customer traffic and purchasing activity, adding that retail stores and e-commerce across Greater China have and continue to experience significant reductions in revenue. In addition, due to global travel disruptions, retail stores in international shopping destinations in North America and Europe are also being affected.
Shares of Canada Goose are down 10.09% premarket to $29.94.