Week to date, shares of Canada Goose Holdings (NYSE: GOOS) were down 12% through Thursday's close, according to data provided by S&P Global Market Intelligence . Another quarter of growth wasn't enough to turn the stock around this time. Year to date, Canada Goose shares are down 56%, but as disruptions in China continue, it's unclear how soon the stock might recover.
Canada Goose beat Wall Street's revenue and earnings estimates in the quarter. However, weakness in China is controlling the sentiment around the stock. China's COVID-19-related restrictions and their impact on sales caused management to cut the full-year revenue outlook by $100 million. Revenue is now expected in the range of $1.2 billion to $1.3 billion, up from $1.1 billion last year.
On the bright side, demand in North America and the wholesale channel were strong. Management attributed a strong wholesale performance to its ability to fulfill orders earlier in the season and higher unit sales and price increases in Europe.
For further details see:
Why Canada Goose Stock Was Falling This Week