Business

Goose expects margin hit as fewer tourists flock to stores

Published

3 years ago

May 14, 2021

Canada Goose Holdings Inc said on Thursday a slow return of tourists to its stores would hit the luxury apparel retailer’s earnings in fiscal 2022.

Luxury goods makers including Estee Lauder Cos Inc and Coach handbag maker Tapestry Inc have also seen store sales at major shopping destinations take a beating as the pandemic keeps their wealthy overseas customers at home.

Tourism, which makes up a “lush percentage” of sales for Canada Goose, is not likely to reach pre-pandemic levels in fiscal 2022, Chief Executive Officer Dani Reiss said on an earnings call.

U.S.-listed shares of Canada Goose reversed earlier gains to decline about 6% in morning trade.

The company has opened new stores and doubled down on its online business in the world’s second-largest economy to cushion the hit from lower spending by wealthy Chinese travelers at its stores.

Still, a full margin recovery is dependent on the return of international traffic, Finance Chief Jonathan Sinclair said.

He noted that Canada Goose’s adjusted earnings before interest and taxes (EBIT) margin would likely be in the mid- to high-teens range.

Adjusted EBIT margin for fiscal 2020 and fiscal 2019 had come in at 21.6% and 24.9%, respectively. In the pandemic-hit fiscal 2021, it was 14.7%

However, Canada Goose forecast annual revenue above C$1 billion for the first time in fiscal 2022, as it shifts to a largely direct-to-consumer model to tap the pandemic-accelerated shift to online shopping.

In the fourth quarter ended March 28, revenue rose about 48% to C$208.8 million ($172.16 million), beating estimates, as sales more than doubled on its online channel.

Excluding items, Canada Goose earned 1 Canadian cent per share, versus estimates for a loss of 11 Canadian cents.

($1 = 1.2128 Canadian dollars)

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Devika Syamnath)

Business

Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

8 hours ago

November 5, 2024

Anne Joseph

TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

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Business

Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

8 hours ago

November 5, 2024

Anne Joseph

ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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Business

Thomson Reuters reports Q3 profit down from year ago as revenue rises

Published

8 hours ago

November 5, 2024

Anne Joseph

TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.

The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.

In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.

On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.

The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:TRI)

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