Employees work with Canada Goose jackets at the Canada Goose factory in Toronto on April 2, 2015. THE CANADIAN PRESS/Nathan Denette
Republished August 11, 2021 - 6:21 AM
Original Publication Date August 11, 2021 - 5:06 AM
TORONTO - Canada Goose Holdings Inc. more than doubled its revenue in its latest quarter amid strong sales in Canada and China, even as it reported a higher net loss.
The maker of luxury winter parkas said Wednesday its revenue grew by 126.1 per cent in Canada despite elevated retail store closures, while its direct-to-consumer revenue in China soared 188.7 per cent.
The Toronto-based company also recorded an 80.8 per cent increase in its global e-commerce revenue.
“Our digital business continued at a rapid pace of growth globally, alongside improving retail trends," Canada Goose president and CEO Dani Reiss said in a statement.
"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.”
The company posted a net loss of $56.7 million amounting to 51 cents per diluted share for the quarter ended June 27, compared with a loss of $50.1 million or 46 cents per diluted share in the same quarter last year.
Revenue in Canada Goose's first quarter totalled $56.3 million, up from $26.1 million a year ago.
On an adjusted basis, the company said it lost 45 cents per diluted share, compared an adjusted loss of 35 cents per diluted share in the same quarter last year.
Analysts on average had expected an adjusted loss of 54 cents per share and $49.7 million in revenue, according to financial market data firm Refinitiv.
This report by The Canadian Press was first published Aug. 11, 2021.
Companies in this story: (TSX:GOOS)
News from © The Canadian Press, 2021