Shares of outerwear maker Canada Goose (NYSE:GOOS) lost 18.2% in May, according to data from S&P Global Market Intelligence. The sharpest drop of the month was a 6.5% single-day decline based on signs of a weakening economy.
On May 13, Federal Reserve Chairman Jerome Powell said that the COVID-19 pandemic had left the U.S. economy "highly uncertain and subject to significant downside risks." Many retailers' stocks tumbled on that statement, particularly on the upscale side of the tracks. It's no surprise to see Canada Goose crashing on a day like that given 29% of the company's annual sales come from the U.S. market.
The stock bounced back in a hurry in early June, thanks to gradual reopenings in many U.S. states and a solid fourth-quarter earnings report. Canada Goose's cost-saving steps helped the company crush Wall Street's bottom-line estimates despite a 10% year-over-year drop in sales. Shares are now trading 7% above their prices at the end of April, but also 29% lower on a year-to-date basis.