Toronto-based outerwear-maker, famed for its heavy-duty parkas, easily surpassed Wall Street’s revenue estimates in the first quarter.
Total revenue jumped 59.1 percent to 71.1 million Canadian dollars in the quarter ended June 30, compared to average estimates of 54 million Canadian dollars, according to IBES data from Refinitiv.
The company reported robust growth in every geographic region, with revenue increasing by 40.4 percent in Canada, 15.8 percent in the U.S. and 79.7 percent in Europe and rest of the world. In Asia, revenue nearly tripled to 18.1 million Canadian dollars from 6.6 million Canadian dollars.
Canada Goose’s net loss widened to 29.4 million Canadian dollars, or 27 cents per share, compared with a loss of 18.7 million Canadian dollars, or 17 cents per share, a year ago.
This was partly driven by an increase in operating loss, which was tied to higher corporate selling, general and administrative expenses, particularly relating to investments to support growth, and to a lesser degree, a larger retail store opening program.
On an adjusted basis, losses tallied 21 cents per share, narrower than the 24 cent loss analysts projected.
“Fiscal 2020 is off to a great start with a strong performance in our first quarter, which delivered growth in every geography. As we continue to invest in capacity, we are well positioned to capitalize on the strong demand we see across our business,” stated Dani Reiss, president and chief executive officer.
“The affinity and desire we have seen for our seasonally relevant lightweight offerings tells us our product expansion is working, and combined with the volume of highly engaged consumers looking to get ahead of the upcoming fall season, we believe our business has never been stronger as we report our smallest fiscal quarter.”
Read more here: