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Canada Goose shares soar to a record as own stores, online drive surprise profit

Canada Goose shares soar to a record as own stores, online drive surprise profit (Reuters) - Canada Goose Holdings Inc shares surged to a record on Friday as growing sales in the luxury coat maker’s own stores and online channel helped double revenues and drive a surprise quarterly profit. The Toronto-based company reported net income of C$8.1 million ($6.17 million), or 7 Canadian cents a share, in the three months ended March 31, beating analyst expectations for a loss of 8 Canadian cents a share, according to Thomson Reuters I/B/E/S. It posted a loss of C$23.4 million, or 23 cents, a year earlier. Canada Goose shares surged almost 30 percent to a record high of C$78.01 at 9:32 a.m. in Toronto (1332 GMT), compared with a 0.3 percent decline in the benchmark stock index. The maker of $900 parkas has sought to expand margins by growing its direct-to-consumer business and relying less on struggling department stores. With its luxury pedigree helping cushion it from the retail industry’s struggles, the company started opening its own stores in 2016, and is setting up operations in China and Hong Kong and manufacturing more of its goose-down coats itself. Gross margin expanded to 62.7 percent in the quarter from 54.4 percent a year earlier. Revenue from its direct-to-consumer segment jumped to C$95 million from C$36.5 million, while wholesale business doubled to almost C$30 million in the quarter from a year earlier.

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