Down-filled luxury winter parka maker Canada Goose (GOOS) - Get Report on Wednesday posted strong fiscal first-quarter sales but a wider adjusted loss that came in below analysts' forecasts as the company booked extra costs related to the refinancing of one of its term loans.
Shares of Canada Goose were down nearly 9% at $39.36 on the New York Stock Exchange.
The Canadian coat and clothing maker said it lost an adjusted $22.8 million, or 21 cents a share, vs. an adjusted loss of $16.7 million, or 15 cents a share, in the comparable year-ago period. Analysts polled by FactSet had been expecting a first-quarter loss of 18 cents a share.
Sales came in at $71.1 million, a jump of nearly 60% from $44.7 million in sales a year earlier and above analysts' forecasts of $41.1 million, amid "robust growth in every geographic region," particularly Asia, where revenue nearly tripled to $18.1 million from $6.6 million.
However, its revolving facility, a term on the balance sheet to describe the amount owing on the company's revolving line of credit, rose to $156.9 million from $76.9 million a year ago, putting a dent in overall earnings.
The company noted that alongside strong pent-up demand for its sought-after fall and winter icon coats, its non-parka revenue nearly doubled.
"The affinity and desire we have seen for our seasonally relevant lightweight offerings tells us our product expansion is working, and combined with the volume of highly engaged consumers looking to get ahead of the upcoming fall / winter season, we believe our business has never been stronger as we report our smallest fiscal quarter," CEO Dani Reiss said in a statement.