(Adds CEO, analyst comments, background; updates share movement)
Feb 7 (Reuters) - Canada Goose Holdings Inc on Friday forecast a hit to its annual profit and revenue as the coronavirus outbreak in China hurt store traffic, sending shares of the luxury apparel maker down 7%.
The virus outbreak has hurt global luxury brands that have been betting on the spending power of Chinese shoppers by investing heavily to open new stores and beef up their online presence.
But many retailers, including Coach handbag maker Tapestry and Ralph Lauren, have shut stores following the health emergency, forcing them to cut their forecasts.
Canada Goose, which generates about a fifth of its revenue from Asia and sells $1,000 parkas and hoodies, said the travel restrictions imposed in Europe and North America have hurt demand from tourists.
"We are now navigating a period of heightened uncertainty due to the coronavirus health crisis," Chief Executive Officer Dani Reiss said in a statement.
In the third quarter that ended before the virus outbreak, Canada Goose nearly doubled its revenue from Asia, helping overall revenue rise 13.2% to C$452.1 million ($340 million), beating Wall Street estimates of C$448.18 million.
However, the company now expects revenue growth to slow to between 13.8% and 15% for fiscal 2020, compared with its prior forecast of at least 20% growth.
That translates to C$945 million to C$955 million, a hit of up to C$51.6 million. Analysts were expecting C$1.03 billion, according to IBES data from Refinitiv.
"(The impact is) all around right now... The apparel space has global exposure, specifically to China," CFRA Research analyst Camilla Yanushevsky said.
It forecast full-year adjusted profit growth to be in the range of 2.2% decline to 0.7% rise from a year earlier, much lower than its previous forecast of at least 25% growth.
The forecast of C$1.33 per share to C$1.37 per share was below the average analysts' estimate of C$1.68. ($1 = 1.3297 Canadian dollars) (Reporting by Praveen Paramasivam and Nivedita Balu in Bengaluru; Editing by Arun Koyyur)