Canada Goose Q1 revenues rise 24.2%
Canada Goose has released its financial results for the first quarter ending 3 July 2022, revealing a 24.2% increase in revenue to £45 million (C$69.9 million).
EMEA revenue grew 37.4% to £13 million (C$20.2 million), driven by retail network expansion and stores that were open in Q1 2023 but had experienced closures due to COVID-19 restrictions in the comparative quarter.
DTC revenue increased 19.6% to £22.4 million (C$34.8 million), whilst wholesale revenue was up 27.2% to £21.3 million (C$33.2 million) due to pricing and customer requests for earlier shipments.
Gross profit increased 39.1% to £27.5 million (C$42.7 million), driven by higher revenue and gross margin expansion.
Adjusted EBIT decreased 23.3%, primarily due to higher costs related to opening new stores and running stores at full capacity, investment in strategic initiatives and the timing of £8.1 million (C$12.6 million) in marketing investments, which occurred earlier in the year compared to FY22.
Looking ahead, Canada Goose expects FY23 revenue between £837 million (C$1.3 billion) to £901 million (C$1.4 billion). This is based on a number of assumptions for the year including improved traffic and lower levels of operating disruptions globally.
Dani Reiss, Chairman and CEO of Canada Goose, said: “Our first quarter fiscal 2023 results reflect strong early leading indicators for the year, and we have seen encouraging trends in store productivity. This autumn, 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.”