Canada Goose shares jump following strong third-quarter report

Chris So | Toronto Star | Getty Images

Canada Goose parkas hang on display at a store in Richmond Hill, Ontario.

Shares of Canada Goose jumped more than 3 percent in premarket trading after the winter clothing manufacturer reported earnings that beat Wall Street’s expectations.

The Toronto-based company reported third-quarter earnings of 96 cents Canadian per share. Analysts surveyed by Refinitiv had expected 82 cents Canadian per share.

Canada Goose posted CA$399.3 million in revenue, versus CA$361.3 million analysts expected.

For fiscal year 2019, the company expects annual revenue to grow in the mid-to-high thirties on a percentage basis, compared to at least 30 percent, Canada Goose said in a press release.

Direct-to-consumer revenue increased to CA$235.3 million from CA$131.7 million compared to the same quarter last year. The parka maker said the increase was driven by revenue from five new retail stores and one new e-commerce site. Canada Goose has expanded into China, opening new stores in Hong Kong and Beijing last year.

“We have successfully entered new markets, introduced new product, and increased capacity to meet growing demand in both channels,” President and CEO Dani Reiss said in a statement. “We remain deeply confident in the long runway we have ahead.”