Shares of apparel maker Canada Goose skyrocketed on Friday after the company reported a surprise quarterly profit.
The Toronto-based company reported adjusted fiscal fourth-quarter earnings of 9 cents Canadian per share. Analysts polled by Reuters had expected a loss of 10 cents. Canada Goose’s revenue also more than doubled in the quarter to CA$124.8 million from $51.1 million in the year-earlier period. One Canadian dollar is nearly 77 cents in US currency.
Canada Goose’s U.S.-listed shares surged 33.1 percent, notching their biggest one-day gain ever.
“These results reinforce my belief that we are still just scratching the surface of our global potential,” CEO Dani Reiss said in a statement. “As we continue to bring more Canada Goose to more of the world, we are resolutely focused on the long term and what we need to get there.”
The company also said it expects annual revenue to grow by at least 20 percent over the next three fiscal years, as well as a 25 percent increase in adjusted net income per diluted share over the same time period.
Canada Goose had already posted strong gains for the year prior to Friday’s jump. Through Thursday’s close, the stock had gained 45.3 percent.
Link to the source of information: www.cnbc.com
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