COAT maker Canada Goose and make-up seller
It comes as Chinese authorities have set out a seven-day lockdown in
Canada Goose said yesterday that it was slashing its full-year revenue forecast due to pandemic-linked measures impacting luxury parka sales in
It cut its fiscal 2023 sales expectation to a range of CA$1.2-1.3bn, down from CA$1.3-1.4bn.
However, demand for luxury products had continued to remain strong ahead of the holiday season outside of
This was despite historic levels of inflation.
Elsewhere,
"Covid-19 restrictions in
It also said it expected a decrease in net sales in the current quarter of between 17 and 19 per cent.
Bosses of the cosmetics giant told analysts yesterday that prices on makeup products would continue to be lifted due to inflation.
Executives said they were looking at hiking prices in January or February by a larger than anticipated percentage.
Analysts said the company would be impacted by shoppers trading down and opting for cheaper make-up products, placing it in a vulnerable position.
(c) 2022 City A.M., source