Why Winter Clothing Maker Canada Goose's Shares Are Plunging Today
Portfolio Pulse from Shivani Kumaresan
Canada Goose Holdings Inc (NYSE:GOOS) reported Q2 FY2024 sales growth of 1% YoY to C$281.1 million, missing the consensus of $279.86 million. Gross profit rose 8% YoY, but operating income fell due to higher SG&A costs. The company also announced changes in its executive team and cut its FY24 revenue guidance. Following the announcement, GOOS shares traded lower by 9.91%.
November 01, 2023 | 2:29 pm
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NEGATIVE IMPACT
Canada Goose's Q2 FY2024 sales growth missed expectations and operating income fell due to higher costs. The company also cut its FY24 revenue guidance, leading to a drop in share price.
Canada Goose's lower than expected sales growth and falling operating income indicate a potential slowdown in the company's performance. The cut in FY24 revenue guidance suggests that the company expects this trend to continue, which is likely to negatively impact investor sentiment and put downward pressure on the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100