Canada Goose results better than expected
Toronto-based outdoor brand Canada Goose has revealed its North American market saw 75% revenue growth over the first quarter of fiscal 2023 (ie, the three-month period leading up to July 3).
Revenues were better than expected across the board, the company said, up 24.2% year on year to achieve around $54.8 million (CA$69.9 million) over the quarter.
The brand’s largest market was Europe, the Middle East and Africa (EMEA), which amounted to a 20.2% share of its revenues (up 37.4%), followed by Canada, Asia-Pacific and then the United States. EMEA’s growth was due to “significant” retail expansion, plus a reopening of owned stores that had been closed on account of covid concerns during the comparative quarter.
Meanwhile, the value of wholesale orders grew by 27.2% versus the year previous, reaching $26 million (CA$33.2 million). Canada Goose attributed this rise to pricing, in addition to customers’ requests for earlier shipments. Direct-to-consumer (DTC) revenues, on the other hand, improved by 19.2% year on year, largely based on improved in-store productivity. The figure for DTC was roughly $27.3 million (CA$34.8 million).
Canada Goose announced record-level revenues for fiscal 2022 back in May. It also commenced a joint-venture agreement with Japanese distribution partner Sazaby League earlier this year.
Image: Canada Goose.
