Canada Goose shares plunge on slower revenue growth guidance

The luxury parka company's shares fell $15.30 or 22.96 per cent to 51.33 on the Toronto Stock Exchange and dropped US$11.04 or 22.54 per cent to US$37.95 on the New York Stock Exchange in early Wednesday trading.

Colin Cieszynski, chief market strategist for SIA Wealth Management, says in a note the drop came after management forecast revenue growth of 20 per cent for the new fiscal year, which would be a slowdown from the 25 per cent it achieved in the year that just ended. The luxury parka company says it earned C$9 million in its fourth quarter ended March 31 -- up from $8.1 million in the same quarter last year.

The profit for the quarter amounted to eight cents per diluted share, up from seven cents per diluted share a year earlier.On an adjusted basis, Canada Goose says it earned nine cents per diluted share in the quarter, the same as a year ago. Analysts on average had expected a profit of six cents per share for the quarter, according to Thomson Reuters Eikon.

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