(Reuters) -Canada Goose Holdings Inc trimmed its full-year revenue and profit forecast on Wednesday as COVID-19-related restrictions weigh down on its luxury parka sales in China.
The Chinese government’s efforts to contain the spread of COVID-19 cases with zero-COVID policy has impacted luxury fashion retailers, who have taken a hit on their revenues due to store closures, inflated inventories and fall in demand as consumers turn more cautious in the region.
The Toronto, Ontario-based company cut its fiscal 2023 sales expectation to C$1.2 billion ($882.74 million)-C$1.3 billion, compared with its prior forecast of C$1.3 billion-C$1.4 billion.
Canada Goose now expects fiscal 2023 adjusted profit to be between C$1.31 and C$1.62 per share, compared with its prior forecast of C$1.60 to C$1.90.
U.S.-listed shares of the company fell about 1% in premarket trading.
($1 = 1.3594 Canadian dollars)
(Reporting by Granth Vanaik in Bengaluru; Editing by Krishna Chandra Eluri)
