Canada Goose reports fourth quarter fiscal 2019 earnings

Shares of Canada Goose cratered more than 21% Wednesday morning after the high-end coat maker missed quarterly sales estimates and said it expects slower sales growth in the coming years.

Revenue rose 25% to C$156.2 million during its fiscal fourth quarter, Canada Goose said. But that was short of analysts’ estimates for C$156.8 million, based on a survey by Refinitiv. It was also Canada Goose’s slowest revenue growth in eight quarters.

Looking to fiscal 2020 and beyond, Canada Goose is calling for average annual sales growth of at least 20% over the next three years. But that’s compared with revenue spiking 40.5% in fiscal 2019.

The retailer added it expects “materially larger losses” in adjusted operating earnings and per-share net income in its first and current quarter.

Excluding one-time items, during the fourth quarter ended March 31 Canada Goose earned 9 Canadian cents per share, ahead of analysts’ estimates for 6 Canadian cents.

As of Tuesday’s market close, Canada Goose shares had climbed about 24% over the past 12 months.