Canada Goose cuts sales forecast, stock plunges
Yahoo Finance's Akiko Fujita and Brian Cheung discuss Canada Goose stock falling due to supply shortages and shipping delays.
Video Transcript
BRIAN CHEUNG: Shifting gears to another stock on the move this morning, it is Canada Goose, the maker of those big heavy jackets having a rough go at it, down over 15%. That's after they lowered their fiscal '22 revenue. They're now projecting revenues in the $860 to $867 million. That's in US dollars range. That's a 4% to 6% cut from its last round of forecasts.
Keep in mind that China is a huge market for them. So if you're wondering why COVID has an impact on a jacket maker, the Olympics would have been a huge boom for them. But because of the zero COVID policy, that's going to hurt the traffic to their stores. But management said on the earnings call they are hopeful that online sales will make up for it.
