Canada Goose Q1 revenue up 24 percent

Canada Goose has reported a 24.3 percent increase in revenue in the first quarter of the year, which was ahead of expectation.

In the three months ended July 3, the outerwear specialist made revenue of 69.9 million Canadian dollars, up from 56.3 million Canadian dollars a year earlier.

Analysts had expected revenue of 62.6 million Canadian dollars, according to IBES data from Refinitiv.

Breaking it down by geography, revenue in Canada was up 80.8 percent, in the US was up 68.8 percent, and in EMEA was up 37.4 percent.

The company said its revenue was boosted by stores that were open in the first quarter compared to the same quarter last year when stores were shut due to lockdown restrictions.

Mainland China impacts revenue

But revenue in Asia Pacific dropped 28.1 percent as lockdown restrictions continued to impact its stores in Mainland China. As of June, however, all of those stores have reopened.

“Our first quarter fiscal 2023 results reflect strong early leading indicators for the year, and we have seen encouraging trends in store productivity,” Canada Goose chair and CEO Dani Reiss told investors.

The company’s net loss attributable to shareholders of the company widened to 62.4 million Canadian dollars from 57.5 million Canadian dollars a year earlier.

Reiss added: “This fall, we look forward to our planned store openings, in some of the most exciting cities and shopping districts around the world, as well as our upcoming collection launches, thoughtfully curated and designed to drive brand heat and capture new consumers globally.”

Canada Goose expects full-year revenue of between 1.3 billion Canadian dollars and 1.4 billion Canadian dollars, and non-IFRS adjusted net income per diluted share of between 1.6 Canadian dollars and 1.9 Canadian dollars.