Canada Goose predicts 'negligible' revenue after coronavirus shutdown
Online sales generally reach a yearly low point in the spring and early summer
Canada Goose Holdings Inc. on Wednesday said it expects a more significant impact from the Covid-19 pandemic in its first fiscal quarter after reporting fourth-quarter revenue that topped analysts' expectations.
It expects a negligible level of revenue for the first quarter, which ends June 28.
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For the first seven weeks of the quarter, 15 of the company's 20 direct-to-consumer retail stores were closed, while two more, in Hong Kong, were affected by tourism restrictions, the Toronto-based apparel seller said. Stores in Paris, Milan and Montreal have since reopened, the company said.
Jackets hang in the showroom of the Canada Goose factory in Toronto, Ontario, Canada. REUTERS/Mark Blinch
Online sales generally reach an annual low point during this time of year, and shipments to wholesale customers have been disrupted by the pandemic, Canada Goose said.
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Canada Goose declined to provide financial guidance for the fiscal 2021 year, citing uncertainty from the pandemic.