Canada Goose accelerates plans online and in China after Q1 result
Toronto-based outdoor brand Canada Goose has reported its results for the first quarter of its current business year, the three-month period ending June 28.
Revenues fell by more than 60% to reach 26.1 million Canadian dollars, which converts to US $19.6 million. The company said the decrease was driven by temporary store closures and reduced hours as a result of covid-19 restrictions.
Chief executive, Dani Reiss, said Canada Goose was beginning to see signs of recovery around the world heading into the cold-weather clothing brand’s most important season.
The company will increase its investment in online sales, although it will open new stores in China this year because the recovery there remains ahead of other markets, it said. It plans four new stores there this year; the first of these opened in Chengdu in June.
Canada Goose said that, with international tourism now heavily constrained, it was “increasingly crucial” to serve Chinese customers on home soil. It described China as the world’s largest luxury consumer base.
“Adversity demands change, drives innovation and reveals winners,” Mr Reiss said. “Where we face uncertainty, we have practised discipline and flexibility, and where we see opportunity, we have accelerated our strategic plans.”
