Canada Goose Holdings Inc. GOOS stock fell 8% in premarket trades after the clothing brand said its adjusted earnings fell well short of estimates. The company also cut its 2023 earnings view because of the impact of COVID-19 in China and “slowing momentum in North America set against a tough macro-economic backdrop.” Canada Goose said its third-quarter earnings fell to C$134.9 million, or C$1.28 a share, from C$151.3 million, or C$1.40 a share, in the year-ago quarter. Adjusted earnings totaled C$1.27 a share, well below the analyst estimate of C$1.60 a share. Revenue dropped by 1.6% to C$576.7 million, and missing the analyst forecast of C$621.6 million. Looking ahead, Canada Goose now expects adjusted 2023 profit of 92 cents to C$1.03 a share, compared to its earlier estimate of C$1.31 to C$1.62 a share. Analysts currently expect Canada Goose to report 2023 adjusted earnings of C1.42 a share.
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