Company News

BUZZ-Canada Goose cools off after results, CFO change

** U.S. listed shares of Canada Goose falling >18 pct from record high levels after luxury parka maker announces qtrly results and a C-suite change less than a year after going public

** Canada Goose posts 61 pct jump in profit that beat Street expectations, benefiting from investments in e-commerce and company-owned stores

** Also announces Jonathan Sinclair will succeed John Black as CFO, EVP; says Black, who informed co of intent to retire, will remain in senior role until end of year to ensure smooth transition

** RBC analyst Brian Tunick writes in note co’s positive commentary on channels, new categories and geographic strength is a testament to its growth story

** But adds, “That said, given the run in the shares, no update to the annual outlook, and a new CFO announcement, the shares could take a breather here.”

** U.S. listed shares recently down 17.3 pct at $31.54 on 4.2x the 30-DMA volume. The most they have ever fallen in any one session is 5 pct, and that happened just twice

** Today’s losses come amid broad weakness in equity markets with S&P 500 off 1 pct

** Even with today’s drop, Canada Goose is 147 pct above its Mar IPO price