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By Christiana Sciaudone
Investing.com -- Canada Goose slid 8% despite a record fourth quarter after company executives said they don't expect tourism to return to normal this year.
Sales of $172 million compared to the expected $129 million as the downy jacket maker pulled out a profit of 1 cent per share versus an expected loss of 10 cents, according to data compiled by Investing.com.
Meanwhile, Chief Financial Officer Jonathan Sinclair told analysts that the company's forecast assumes tourism won't return to normal this year as Canada Goose boosts investments that are not expected to be profitable in the short-term, Bloomberg reported.
The company expects revenue to exceed $1 billion in fiscal 2022 with direct-to-consumer sales approaching 70%, but fiscal first quarter sales are assumed to be less than double those from a year earlier.
“Canada Goose has shifted from recovery to growth beyond pre-pandemic levels,” said Chief Executive Officer Dani Reiss in a statement. “We achieved our largest ever fourth quarter by revenue."