A Canada Goose sign at a store in Beijing, on Dec. 31, 2018.MARTIN POLLARD/Reuters
Canada Goose Holdings Inc. reported its highest-ever fourth quarter revenue, as online sales and strong store performance in countries such as China offset declines from restrictions on store operations elsewhere, including in Canada.
The Toronto-based outerwear retailer reported revenue growth of 33.7 per cent, to $208.8-million in the quarter ended March 28. While many stores in Canada were forced to close, revenue in the company’s home market decreased by 6.9 per cent. Canada Goose’s online sales more than doubled, growing by 123.2 per cent in the quarter. Currently, six out of Canada Goose’s 28 stores remain closed.
Both direct-to-consumer sales and wholesale revenue from sales to other retailers rose in the quarter. In addition to expanding its online sales, Canada Goose is continuing to expand its store presence in China, where sales recovered from disruptions due to COVID-19, which hit that market earlier last year.
“Canada Goose has shifted from recovery to growth beyond pre-pandemic levels,” president and CEO Dani Reiss said in a statement on Thursday. “ … Recognizing pandemic uncertainties remain, we are highly confident in our potential for meaningful growth as we move into fiscal 2022.”
The company reported net income of $2.9-million or 3 cents per share, compared to $2.5-million or 2 cents a share in the same period the prior year.
For the full year ended March 28, Canada Goose reported that revenue fell by 5.7 per cent to $903.7-million. Net income fell to $70.2-million or 64 cents per share, compared to $151.7-million or $1.38 per share the year before. The company said on Thursday that in the coming year it expects sales to exceed $1-billion.
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Susan Krashinsky Robertson