Luxury parka maker Canada Goose says coronavirus is having a huge impact on sales
Contentious Toronto-based luxury outerwear brand Canada Goose has altered its financial forecasts in light of the coronavirus, citing falling sales in China — because shopping isn't exactly the first thing on people's minds amid a global emergency of near-pandemic proportions.
Canada Goose Holdings Inc. said in a statement about its third-quarter sales numbers that the coronavirus has led to "material negative impact" and "a sharp decline in customer traffic" in China, where more than 22,000 people have fallen ill with the novel virus and 636 have died.
As a result, Canada Goose — which has locations in Hong Kong, Beijing, Shanghai and Shenyang — has changed the forecast for its 2020 financial year to reflect 13.8 per cent to 15 per cent growth, dropped from a previously expected 20 per cent.
Thoughts and prayers to Canada Goose in these troubling times. https://t.co/74tDZtYZ8L— Ramiro Galván (@ramirogalvan_) February 7, 2020
This still equates to a revenue of around $955 million despite lower sales and profit — not exactly tragic, especially given the fact that people are, you know, fearing for their health and safety and dying and whatnot. Eyeroll.
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