TORONTO — Shares of Canada Goose Holdings Inc. soared nearly 20 per cent in early trading after it reported stronger-than-expected earnings and announced plans for three new stores in North America.
Canada Goose shares were up $11.56 or 19.27 per cent at $71.55 in trading on the Toronto Stock Exchange after going as high as $78.30.
The increase came as the luxury parka maker reported a fourth-quarter profit of $8.1 million or seven cents per diluted share compared with a loss of $23.4 million or 23 cents per diluted share a year ago.
Revenue for the quarter ended March 31 totalled $124.8 million, up from $51.1 million in the same quarter a year earlier.
On an adjusted basis, Canada Goose said it earned $9.9 million or nine cents per diluted share.
Economists on average had expected a loss of eight cents per share for the quarter, according to Thomson Reuters Eikon.
Canada Goose also announced Friday that it would open new stores in Short Hills, N.J., Montreal and Vancouver this fall as part of its retail expansion plan.
The locations are expected to open ahead of the 2018 holiday shopping season.
For its full financial year, Canada Goose says it earned $96.1 million or 86 per diluted share on $591.2 million in revenue. That compared with a profit of $21.0 million or 21 cents per share on $403.8 million in revenue in the previous year.
Companies in this story: (TSX:GOOS)
The Canadian Press