(MENAFN- Baystreet.ca)
Should You Buy Canada Goose Stock Today?
Canada Goose (TSX:GOOS)(NYSE:GOOS) is a top winter clothing manufacturer. The stock debuted on the TSX all the way back in March 2017. Canada Goose had a hot start after its launch, but it has since been subject to volatility. Its shares have climbed 30% in 2021 as of close on October 19. The stock is down 2.3% over the past six months. Is it a good time to snatch up Canada Goose stock right now?
On November 12, Canada Goose is set to launch its very first footwear line. This should further broaden its brand beyond winter jacket. Moreover, the timing is good as it hopes to boost its products ahead of the 2022 Winter Olympics in China. With luck, political friction will not derail Canada Goose's commercial hopes once again.
The company unveiled its first quarter fiscal 2022 earnings on August 11. Its total revenue more than doubled in the year-over-year period to $56.3 million. Meanwhile, e-commerce growth powered DTC consumer revenue to hit $29.4 million over $10.4 million in the first quarter of fiscal 2021.
There were concerns that political tension between China and Canada would torpedo Canada Goose's store opening in Beijing. Fortunately, politics have failed to cool its strong sales on the Chinese mainland. This is good news for the company going forward.
Shares of Canada Goose are trading in attractive territory relative to its competitors in the clothing retail space. Moreover, the company boasts an excellent balance sheet. I'm looking to snatch up Canada Goose stock ahead of its historically busy season.
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