New Federal firearm buyback program has cost $67M, still not collecting guns after 4 years
The federal firearm buyback program has cost taxpayers nearly $67.2 million since it was announced in 2020, but it still hasn't collected a single gun.
Canadian luxury parka maker Canada Goose Holdings Inc. has as COVID-19 restrictions in China and worries about the global economy weigh on the company.
"There is no doubt that the macroeconomic backdrop continues to present challenges," Dani Reiss, Canada Goose's chairman and CEO, told a conference call with financial analysts Wednesday.
"We are not seeing the level of improvement we had assumed in mainland China," he said. "COVID-related disruptions, including mall closures, lockdowns and travel restrictions, continue to impact traffic."
As the company heads into its most lucrative quarter, Reiss said the disruptions are beginning to affect an increasing number of cities where Canada Goose operates.
The upscale outdoor apparel maker now expects total revenue for its current financial year to be between $1.2 billion and $1.3 billion, down from earlier expectations of between $1.3 billion and $1.4 billion.
The company also reduced its guidance for adjusted net income per diluted share for the full year to between $1.31 and $1.62 compared with its original forecast of between $1.60 and $1.90.
The revised outlook came despite the company's second-quarter performance beating analysts' expectations, according to financial markets data firm Refinitiv.
Canada Goose reported a profit of $3.3 million or three cents per diluted share in its most recent quarter, down from $9.9 million or nine cents per diluted share in the same quarter last year.
Revenue for the three months ended Oct. 2 totalled $277.2 million, up from $232.9 million a year earlier.
On an adjusted basis, Canada Goose said it earned 22 cents per share in its latest quarter, up from an adjusted profit of 13 cents per diluted share a year ago.
Reiss said the headwinds Canada Goose is facing are temporary.
"Our brand remains strong in mainland China, regardless of the temporary headwinds," he said. "We saw this brand strength during the holiday period Golden Week in October and more recently leading up to Singles Day in November, where both traffic and sales trended positive across our network."
CIBC Capital Markets analyst Mark Petrie said Canada Goose's revenue in its latest quarter came in ahead of expectations driven by strength in wholesale and partially offset by softer direct-to-consumer sales.
As for the company's lowered outlook, he said the key driver is COVID restrictions in China.
"The revised outlook also factors in broader macroeconomic and political uncertainty," Petri said in a client note.
This report by The Canadian Press was first published Nov. 2, 2022
The federal firearm buyback program has cost taxpayers nearly $67.2 million since it was announced in 2020, but it still hasn't collected a single gun.
If something looks too good to be true, it might be. That's the message from Saskatchewan horticulturists after customers have come into their stores hoping to buy purple apple trees this month.
The province's public security minister said he was "shocked" Thursday amid reports that a body believed to be that of a 14-year-old boy was found this week near a Hells Angels hideout near Quebec City.
Chris Knayzeh was in a town overlooking Lebanon's capital when he heard the rumbling aftershock of the 2020 Beirut port blast. Hundreds of tons of haphazardly stored ammonium nitrates had exploded, killing and injuring thousands of people.
The Royal Canadian Mounted Police has lost 205 firearms since 2020, including more than 120 handguns and at least five fully automatic weapons like machine-guns.
For most people, dinner on a cruise ship is a time to relax. But when influencer couple Abby and Matt Howard decided to kick back with a dinner à deux, they ended up kicking up a storm.
Prime Minister Justin Trudeau tapped Treasury Board President Anita Anand to take on additional duties as Canada's minister of transport on Thursday.
B.C.'s police watchdog is investigating the death of a woman who was shot by the RCMP after allegedly barricading herself in a room with a toddler early Thursday morning.
Conservative Leader Pierre Poilievre and NDP Leader Jagmeet Singh got into a heated exchange in the House of Commons on Thursday, just minutes after Singh announced his party would not be supporting the Conservatives' first non-confidence motion against Prime Minister Justin Trudeau's government.
They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.
Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.
The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.
The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.
It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.
A Good Samaritan in New Brunswick has replaced a man's stolen bottle cart so he can continue to collect cans and bottles in his Moncton neighbourhood.
David Krumholtz, known for roles like Bernard the Elf in The Santa Clause and physicist Isidor Rabi in Oppenheimer, has spent the latter part of his summer filming horror flick Altar in Winnipeg. He says Winnipeg is the most movie-savvy town he's ever been in.
Edmontonians can count themselves lucky to ever see one tiger salamander, let alone the thousands one local woman says recently descended on her childhood home.
A daytrip to the backcountry turned into a frightening experience for a Vancouver couple this weekend.