- Prachi Singh |
Canada Goose Holdings Inc., for its first quarter ended June 30, 2018 reported total revenue increase of 58.5 percent to 44.7 million Canadian dollars (34.3 million dollars). The company said, direct-to-consumer (DTC) revenue increased to 23.2 million Canadian dollars (17.8 million dollars) from 8.3 million Canadian dollars (6.3 million dollars), primarily due to the strong performance of all existing and new retail stores and positive impact of ecommerce. Wholesale revenue increased to 21.5 million Canadian dollars (16.5 million dollars) from 19.9 million Canadian dollars (15.2 million dollars), which the company added, were driven by higher order volumes from existing retail partners.
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“Our strong start to the year, in our smallest fiscal quarter, is a great leading indicator. Productivity across our retail store network in this off-peak period was exceptional, reducing the loss impact of our strategic growth investments and giving us a favourable tailwind for the rest of the year,” said Dani Reiss, President & Chief Executive Officer of the company is a statement.
Canada Goose Q1 net loss widens
Gross profit increased to 28.6 million Canadian dollars (21.9 million dollars), a gross margin of 64 percent, compared to 13.2 million Canadian dollars (10.1 million dollars), a gross margin of 46.8 percent. Operating loss for the quarter was 19.9 million Canadian dollars (15.2 million dollars), compared to 14.8 million Canadian dollars (11.3 million dollars).
Net loss was 18.7 million Canadian dollars (14.3 million dollars), or 0.17 Canadian dollar per basic and diluted share, compared to 12.1 million Canadian dollars (92 million dollars) or 0.11 Canadian dollar per basic and diluted share. Adjusted EBITDA was 13.5 million Canadian dollars (10.3 million dollars) and adjusted net loss was 17.1 million Canadian dollars or 0.16 Canadian dollar per basic and diluted share.
Canada Goose reiterates fiscal 2019 outlook
For fiscal 2019, reiterating its financial outlook, the company said, annual revenue growth is expected to be at least 20 percent, adjusted EBITDA margin expansion of at least 50 basis points and annual growth in adjusted net income per diluted share of at least 25 percent.