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Jackets on display at the Canada Goose Inc. showroom in Toronto.Aaron Vincent Elkaim/The Canadian Press

Canada Goose Holdings Inc. shares surged to a record on Friday as growing sales in the luxury coat maker’s own stores and online channel helped double revenues and drive a surprise quarterly profit.

The Toronto-based company reported a net income of $8.1-million, or 7 cents a share, in the three months ended March 31, beating analyst expectations for a loss of 8 cents a share. It posted a loss of $23.4-million, or 23 cents, a year earlier.

Canada Goose shares surged almost 30 per cent to close at a record high of $78.01 in Toronto after touching $81.30 earlier in the day.

The maker of $900 parkas has sought to expand margins by growing its direct-to-consumer business and relying less on struggling department stores. With its luxury pedigree helping cushion it from the retail industry’s struggles, the company started opening its own stores in 2016 and is setting up operations in China and Hong Kong and manufacturing more of its goose-down coats itself.

Gross margin expanded to 62.7 per cent in the quarter from 54.4 per cent a year earlier.

Revenue from its direct-to-consumer segment jumped to $95-million from $36.5-million, while wholesale business doubled to almost $30-million in the quarter from a year earlier.

“GOOS’s better-than-expected top line and money-earning quarter in typically a smaller volume, money-losing quarter serves as another proofpoint for investors that the brand is well on its way to doubling revenues” by FY21, Brian Tunick, an analyst at RBC Capital Markets, wrote in a note.

“Despite its 60-year history, we see Canada Goose as in the early stages of its growth trajectory, particularly in the fragmented and growing premium outerwear market.”

Canada Goose said revenue grew 46 per cent to $591-million in the year ended March 31 and net income jumped to $96-million, or 86 cents a share, from $21.6-million, or 21 cents, a year earlier.

It said it expects revenue to grow at least 20 per cent and adjusted net income per share to increase least 25 per cent in fiscal 2019 and expects to sustain that pace of growth for the two subsequent years.

Separately, the company said it would open three new stores in North America, adding to its seven stores across the world. It has said it plans to have up to 20 stores globally by 2020.

The stores will be in Short Hills, N.J., Montreal and Vancouver.

The locations are expected to open ahead of the 2018 holiday shopping season.