Canada Goose Stock Drops 28.1%
The high-flying Canada Goose Holdings Inc. is coming a little closer to the ground. But for many on Wall Street who have pushed the rapidly growing parka maker to sky-high stock multiples, sign of anything but never-ending expansion looks like a dive bomb. Shares of Canada Goose fell 28.1 percent to $32.23 in midday trading Wednesday. That’s a big nosedive following what would count as a banner year for most fashion companies. Canada Goose’s net earnings jumped 53 percent to 144.3 million Canadian dollars last year as revenues rose 40.5 percent to 830.5 million Canadian dollars. Dani Reiss, president and chief executive officer, told WWD that he’s staying the course and looking past Wall Street’s reaction. “It’s a moment in time,” Reiss said. “It does not change the fact that we’re growing as fast and as profitably as we are. How other people choose to perceive things, I can’t navigate or negotiate that. We’re really excited about the year we had. We had our biggest growth year ever. “Why would we change something that works as well as what we’re doing is working?” he said. “We just have to keep executing.” For the next three years, the company is looking for average annual gains of at least 25Follow WWD on Twitter or become a fan on Facebook.
from WWDWWD https://wwd.com/business-news/financial/canada-goose-stock-drops-dani-reiss-first-quarter-1203142626/
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