Freezing shoppers can't get enough of Canada Goose Holdings Inc.'s parkas.
The Toronto-based company reported quarterly profit that beat analysts' estimates as customers snatched the made-in-Canada luxury garments at new e-commerce sites and flagship stores including London and Chicago. Sales to wholesalers fell after the
company moved some shipments forward, bringing the two sales channels almost to par.
Below-normal temperatures hit parts of Canada and the U.S. in December, followed by more cold spells that raised prospects for North American demand into the new year.
The six-decade-old company is defying the retail malaise as consumers flock to parkas that were originally designed for Far North use and cost as much as $1,495. The share price has almost tripled since Canada Goose went public in March, as its
direct-to-consumer strategy helps boost margins while it keeps adding new markets.
Profit, excluding some items, rose to 58 cents a share in the fiscal third-quarter ended Dec. 31, more than the highest analyst estimate. Direct-to-consumer revenue jumped to C$131.6 million ($105.6 million) from C$72 million a year earlier as the
company added seven e-commerce channels and five stores to its network. Overall revenue jumped 27 percent to C$265.8 million, the company said in a statement Thursday.