Canada Goose (GOOS) - Get Canada Goose Holdings Inc. Subordinate Report shares were flying high Thursday after the luxury coat maker beat Wall Street's fiscal third-quarter sales and earnings expectations.
Shares of the Toronto company were up 25.1% to $44.00 at last check.
Canada Goose reported net income of C$107 million (US$83.5 million) or 96 cents per share, compared with $118 million (US$92.1 million) or $1.07 per share, a year ago.
Adjusted earnings came to C$1.01 per share, or $0.79. Analysts surveyed by FactSet had called for adjusted earnings of $0.67 a share.
Revenue totaled C$474 million (US$370 million) compared with C$452.1 million (US$352.7 million) a year ago. FactSet's estimate called for US$325.4 million in revenue.
The company said total revenue increased for the first time since the onset of the coronavirus pandemic.
Direct-to-consumer revenue was C$299.4 million (US$233.6 million) compared with C$301.8 million (US$235.5 million) a year ago.
This was driven by e-commerce growth and continued store expansion in Mainland China, the company said, but offset by lower retail revenue due to COVID-19 disruptions globally.
Global e-commerce revenue increased 39.3%, while direct-to-consumer sales in Mainland China rose 41.7%.
"The global strength of our brand and digital business has returned Canada Goose to growth in our biggest quarter," President and CEO Dani Reiss said in a statement. "While we remain in an uncertain world, we are very encouraged by our strong momentum as we finish the fiscal year."
The company said it is not providing an outlook for fiscal 2021 due to uncertainties and disruptions caused by the coronavirus pandemic.
Seven of the company’s 28 stores, or 25% of its network, are closed due to the pandemic.