You could say investors were flocking to Canada Goose Holdings Inc. (GOOS - Get Report) : The company saw its share price soar by more than 21% on Wednesday after releasing strong fiscal second-quarter earnings.
Shares of the Canadian maker of luxury coats saw its stock trading around $71, up from Tuesday's close of $58.58.
That's because investors warmed to Canada Goose's adjusted quarterly earnings of 35 cents a share (or 46 cents in Canadian currency), which knocked out the Zacks consensus estimate of 19 cents. The company also flew past its earnings per share last year of 23 cents.
Canada Goose's report offered other bright spots as well. Total revenue increased by about a third to around $174 million (or C$230.3 million). Operating income was also up to around $49 million (C$65 million) from around $36 million in the last quarter.
"With such an outstanding first half of the fiscal year, we are in a strong position ahead of our peak selling season," said Dani Reiss, chief executive of Canada Goose, in a statement.
The company's wholesale growth and direct-to-consumer sales productivity was partly responsible for the strong numbers, Reiss added, saying the increases in business offset investments, such as opening a third manufacturing facility in Winnipeg and building out business in China.
Known for its white, circular "Arctic Program" patch, Canada Goose's parka and other jackets and coats are increasingly popular and found for sale in New York, London, Paris, Tokyo and beyond. Founded in Toronto in 1957, Canada Goose now employs 3,200 people around the world.