International Council of Shopping Centers CEO Tom McGee discusses how the coronavirus affects the retail landscape.
Canada Goose Holdings Inc. has prioritized e-commerce after its loss in the three months through June widened as COVID-19 stores closed and business hours expired.
The Toronto-based outerwear manufacturer lost C $ 50.1 million ($ 37.7 million), as an adjusted 35 cents per share, as revenues fell 63% from a year ago to C $ 26.1 million in the year. first quarter of its fiscal year 2021. Wall Street analysts surveyed by Refinitiv expect a loss of 40 cents per share on revenue of C $ 21.9 million.
| Ticker | Security | Last | Change | Change% |
|---|---|---|---|---|
| GOOS | CANADA GOOSE HLDGS | 24.81 | +0.88 | + 3.68% |
“Adversity demands change, drives innovation and reveals winners. For Canada Goose, that has never been more true than it is today, as we begin to see signs of recovery around the world, after our most important season, “said CEO Dani Reiss in a statement.” Where we have to go with uncertainty, we have exercised discipline and flexibility, and where we see opportunity, we have accelerated our strategic plans. “
The company is strengthening its direct-to-consumer strategy, increasing its investment in e-commerce, and will concentrate its store sales on mainland China, where companies appear to be recovering at a faster pace from COVID-19-induced shutdowns. Four new stores that opened in Chengdu in June have outpaced business expectations.
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Canada Goose’s signature jacket production has resumed for the fall / winter season on a limited basis and is expected to be one-third of last year. The company will work to greatly reduce inventory per year. Canada Goose will continue to produce personal protective equipment to support frontline workers.
The company did not provide a prospect due to the uncertainty caused by COVID-19, but warned that it expects lower wholesale revenue and a later shipment. The current quarter year is expected to be the low point for online purchases due to seasonality, but preparations for the holiday season are on track.
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Canada Goose shares fell 32% this year on Monday, hitting S&P 500s’ gains 4.01%.
