Canada Goose Holdings’ sales bounced back in its fiscal first quarter as digital sales continued to grow rapidly.
Revenues increased 116 percent to $56.3 million from $26.1 million a year ago, when the first rush of pandemic lockdowns kept consumers home.
Losses for the quarter — which ended June 27 and is typically a slower period time for the parka maker — expanded to $58.4 million, or 51 cents a share, from $48.1 million, or 46 cents, reflecting increased marketing and strategic spending, higher performance-based compensation and unfavorable currency changes.
Dani Reiss, president and chief executive officer, said: “Our digital business continued at a rapid pace of growth globally, alongside improving retail trends. With strong momentum in a less disrupted operating environment, and an exciting product pipeline — including our growing apparel business and footwear launch later this fall — we are well positioned for fiscal 2022.”
While Canada Goose is one of the pioneers in the luxury outerwear space, the brand has been developing other categories — such as knits — and with the launch of footwear will be positioned to better build a lifestyle positioning.
Canada Goose’s own direct-to-consumer sales tallied $29.4 million while wholesale revenue totaled $25.8 million. Global e-commerce revenues increased by 80.8 percent. The company’s direct-to-consumer operating losses narrowed while the wholesale business posted a modest operating income.
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