Canada · Delayed Price · Currency is CAD Canada Goose Holdings Earnings Call Transcripts
Fiscal Year 2026
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Fiscal 2026 saw double-digit revenue growth, strong D2C and wholesale gains, and improved inventory efficiency. Fiscal 2027 guidance calls for low single-digit revenue growth and 130-230 bps EBIT margin expansion, with a focus on margin improvement amid macro uncertainty.
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Revenue and gross margin continue to grow, driven by D2C expansion, disciplined marketing, and product innovation. U.S. and China remain strong markets, while Europe is mixed. Margin improvement is expected through operational efficiency, flat marketing spend, and selective price increases.
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Q3 saw 13% revenue growth, led by strong D2C and wholesale gains in North America and Asia Pacific. Adjusted EBIT margin contracted due to higher SG&A and product mix, but margin expansion initiatives are underway for fiscal 2027.
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D2C sales grew 10% year-over-year, with strong momentum in the U.S. and China, while overall Q2 revenue rose 2% to CAD 273 million. Gross margin expanded, but higher SG&A and planned investments led to an adjusted EBIT loss. Entering peak season, the outlook remains confident.
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Revenue rose 22% year-over-year in Q1, led by strong DTC and wholesale growth, especially in North America and China. Gross margin expanded, inventory declined, and operational improvements boosted store conversion. Management remains confident in sustaining momentum despite macro and trade uncertainties.
Fiscal Year 2025
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The company has evolved into a global luxury brand with strong D2C growth, robust margins, and a focus on product innovation and retail execution. Strategic investments in marketing and operational efficiency are driving momentum, with particular strength in China and improving North America performance.
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Shareholders were updated on strong fiscal 2025 progress, product expansion, and operational improvements. All director nominees were re-elected and Deloitte LLP was reappointed as auditor. Strategic initiatives focused on brand engagement, digital innovation, and inventory discipline.
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Revenue grew 1% to CAD 1.3B in fiscal 2025, with strong D2C expansion and positive same-store sales. Brand heat from new creative direction and product diversification is driving traffic and conversion, while investments focus on marketing, merchandising, and measured store growth.
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Fourth quarter revenue grew 7% year-over-year, led by strong DTC momentum and improved gross margin. Inventory and net debt leverage improved, while strategic investments in marketing and product innovation position the business for long-term growth amid ongoing macro and trade uncertainty.
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The company is evolving from a parka-focused brand to a diversified luxury retailer, emphasizing direct-to-consumer growth, product innovation, and operational efficiency. Gross margins remain strong, with Haider Ackermann’s creative direction set to influence future collections and category expansion.
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Q3 revenue was CAD 608M, slightly down year-over-year, with DTC growth offset by wholesale decline. Gross margin improved to 74.4%, and the Snow Goose launch drove strong brand momentum. Full-year guidance is maintained, but DTC comp sales outlook is revised lower.
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Q2 revenue declined 5% year-over-year, with DTC comparable sales down 13% and wholesale down 15%, reflecting a challenging consumer environment and strategic brand elevation. Inventory and cost management improved, and guidance was lowered, but early Q3 data shows positive momentum, especially in China and EMEA.
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Q1 FY2025 revenue grew 4% year-over-year, led by DTC sales and strong performance in Mainland China and Japan, while wholesale declined as planned. Gross margin fell due to product and channel mix, but inventory and SG&A efficiency improved. FY2025 guidance is maintained.
Fiscal Year 2024
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The company is prioritizing brand evolution, retail execution, and operational simplicity for fiscal 2025, with a focus on expanding non-heavyweight categories and improving store productivity. Despite macroeconomic pressures, strong gross margins and a vertically integrated model support steady margin expansion.
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The meeting highlighted progress in brand evolution, retail execution, and sustainability, with all director nominees re-elected and Deloitte LLP reappointed as auditors. Financial statements for FY2024 were presented, and no Q&A occurred due to lack of shareholder attendance.
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Leadership is focused on margin expansion, operational simplification, and disciplined growth, with a transformation program underway. Product innovation and brand evolution are priorities, supported by a new creative director and enhanced experiential retail. Guidance anticipates modest revenue growth and margin improvement.