(Reuters) -Canada Goose Holdings Inc on Thursday beat analysts’ estimates for fourth-quarter revenue, helped by surging online sales and strong demand for the apparel maker’s luxury parkas in China.
Demand in China has risen as the country’s wealthy, who usually make the bulk of their purchases while traveling abroad, shop more online and in local stores as restrictions ease.
The luxury winterwear maker is doubling down on its investment plans in China and opening new stores to cater to affluent consumers, who cannot travel as freely as they used to due to the pandemic.
Canada Goose’s global e-commerce revenue jumped 123.2% in the quarter.
Revenue rose to C$208.8 million ($171.84 million) from C$140.9 million a year earlier, beating analysts’ estimates of C$164.8 million, according to IBES data from Refinitiv.
Canada Goose also said it expects total revenue to exceed C$1 billion in fiscal 2022. Analysts on average were expecting revenue to soar 30.2% to C$1.12 billion.
($1 = 1.2151 Canadian dollars)
(Reporting by Praveen Paramasivam in Bengaluru; Editing by Devika Syamnath)
