Canada Goose Additional Insulation | Reuters


Jackets hang in the showroom of the Canada Goose factory in Toronto, Ontario, Canada, February 23, 2018.

TORONTO, Nov. 5 (Reuters Breakingviews) – Canada Goose (GOOS.TO) still has room to fly. The Toronto-based winter jacket company said non-recurring sales revenue rose 40% in the second quarter. The parka maker also raised its outlook for total revenue for fiscal 2022, pushing shares up more than 16% on Friday.

It’s a welcome relief for shareholders: the stock has fallen more than 20% in the past three years, as peer Moncler (MONC.MI) more than doubled and specialty retailer Lululemon Athletica (LULU .O) tripled. Growth was strong in mainland China, where direct income to consumers rose 86%. And the success could continue. Consultant Bain recently said that China’s luxury market is on track to become the world’s largest by 2025.

The company has been the target of anti-fur activist campaigns, has been fined by regulators for false advertising, and is not immune to fads. Still, Canada Goose is trading at just over 4 times the company’s futures value relative to futures sales, compared to other suppliers of Moncler and Lululemon puffer jackets, which are roughly twice as high. This suggests that even with Friday’s rise, its valuation still has a lot of cushion.

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