In the first quarter, Canada Goose’s total revenue surged by 21 per cent year-over-year, reaching CA $ 84.8 million, as per the company’s recent press release. However, the luxury apparel brand also revealed that its net loss grew from CA $ 63.6 million in the previous year to CA $ 85 million.
The Canada Goose stated that the growth in DTC sales was primarily attributed to brick-and-mortar retail channels
Fueled by robust in-store retail sales, the company experienced a remarkable 60 per cent growth in DTC revenue, amounting to CA $ 55.8 million. However, during the same period, wholesale revenue faced an 18 per cent decline, and the operating loss increased from CA $ 82.2 million to CA $ 99.7 million.
Canada Goose reaffirmed its full-year fiscal 2024 guidance and anticipates second-quarter total revenue to range between CA $ 270 million and CA $ 290 million.
“Strong start to the year with solid demand for our brand, especially in direct customer sales,” said Dani Reiss, CEO of Canada Goose. “Our focus on growth pillars is aimed at achieving long-term results, as we actively welcome new customers into our expansive global retail network while observing a strong resonance for our apparel and accessories.”
According to a US Securities and Exchange Commission filing, Canada Goose experienced a doubling of DTC comparable sales in the Asia Pacific region, contributing to the company’s modest e-commerce growth.
