Shares of Canada Goose cratered more than 25% Wednesday after the high-end coat maker missed quarterly sales estimates and said it expects slower sales growth in the coming years.

Revenue rose 25% to C$156.2 million during its fiscal fourth quarter, Canada Goose said. But that was short of analysts' estimates for C$156.8 million, based on a survey by Refinitiv. It was also Canada Goose's slowest revenue growth in eight quarters.

Looking to fiscal 2020 and beyond, Canada Goose is calling for average annual sales growth of at least 20% over the next three years. But that's compared with revenue spiking 40.5% in fiscal 2019.

The retailer added it expects "materially larger losses" in adjusted operating earnings and per-share net income in its first and current quarter.

Excluding one-time items, during the fourth quarter ended March 31 Canada Goose earned 9 Canadian cents per share, ahead of analysts' estimates for 6 Canadian cents.

"We think the key challenge for investors from the ... press release is reconciling the slowing direct-to-consumer growth in the second largest direct-to-consumer quarter with the still elevated inventory," Evercore ISI analyst Omar Saad said in a research note.

Canada Goose has been making its sales of coats directly to consumers, not through wholesale channels like department stores, a bigger focus, opening up more of its own bricks-and-mortar stores. Its direct-to-consumer sales were up 29.1% during the fourth quarter. And, while impressive, that was short of expectations for 40% growth, Saad said.

As of Tuesday's market close, Canada Goose shares had climbed about 24% over the past 12 months.