Canada Goose Holdings Inc (NYSE:GOOS, TSX:GOOS) shares slid 11% to $13.74 in early trading on Wednesday after the luxury apparel retailer cut its full year fiscal 2024 revenue forecast to between $1.2 billion and $1.4 billion, compared with its previously guidance of between $1.4 billion and $1.5 billion, as the company continues operating in "a challenging retail environment".
As well, the company said it expects 2024 adjusted earnings per share (EPS) of between $0.60 and $1.40, compared with its earlier guidance for between $1.20 and $1.48.
During 2Q 2024, Canada Goose saw its revenue rise just 1% year over year to $281.1 million as its sales in China slowed during the quarter.
Its adjusted EPS for the period, meanwhile, fell to $0.16 from $0.19 a year earlier, although the company said the bottom-line results exceeded expectations.
"The quarter saw us advance each of our priorities, including a favorable response to our investments in emerging categories such as rain wear, apparel and footwear; a new channel launch with the opening of our first travel luxury location; the broadening of our customer base with high impact marketing collaborations and continued operational discipline," Canada Goose CEO Dani Reiss said in a statement.
Shares of Canada Goose have fallen 43% year to date.
Contact Sean at sean@proactiveinvestors.com