Online demand boosts revenues at Canada Goose

Canada Goose Holdings Inc. reported total revenue of 474 million Canadian dollars for the third quarter ended December 27, 2020, compared to 452.1 million Canadian dollars. The company said global e-Commerce revenue increased by 39.3 percent, while DTC revenue in Mainland China increased by 41.7 percent.

“The global strength of our brand and digital business has returned Canada Goose to growth in our biggest quarter. Through Humanature, we are also rapidly advancing our sustainability and purpose-based commitments,” said Dani Reiss, the company’s President & CEO in a statement.

The company added that total revenue increased for the first time since the onset of the pandemic. DTC revenue was 299.4 million Canadian dollars from 301.8 million Canadian dollars driven by ecommerce growth and continued store expansion in Mainland China, offset by lower retail revenue due to Covid-19 disruptions globally. Wholesale revenue for the quarter was 160.8 million Canadian dollars compared to 145.3 million Canadian dollars. Other revenue increased to 13.8 million Canadian dollars driven by PPE sales in support of Covid-19 response efforts.

Gross profit was 316.4 million Canadian dollars, while gross margin was 66.8 percent, compared to 298.4 million Canadian dollars and 66 percent due to revenue growth and 4.8 million Canadian dollars of government subsidies. The company further said that operating income was 153.3 million Canadian dollars and operating margin was 32.3 percent, compared to 161.4 million Canadian dollars and an operating margin of 35.7 percent. Net income for the quarter was 107 million Canadian dollars or 0.96 Canadian dollar per diluted share, compared to 118 million Canadian dollars or 1.07 Canadian dollars per diluted share.

Picture:Facebook/Canada Goose