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Canada Goose’s Sales Surge With Triple-Digit eCommerce Growth

Canada Goose’s Sales Surge, With Triple-Digit eCommerce Growth

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PYMNTS.com
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https://www.pymnts.com/news/retail/2021/canada-goose-sales-soar-triple-digit-ecommerce-growth/
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Canada Goose, a performance luxury apparel maker, reported that total revenue surged by roughly 48 percent from $140.9 million in Q4 fiscal 2020, reaching $208.8 million in Q4 fiscal 2021.

In announcing its financial results, Canada Goose reported that direct-to-consumer (D2C) revenue soared by approximately 51 percent from $114.2 million in Q4 fiscal 2020 to $172.2 million in Q4 fiscal 2021. The company also reported that wholesale revenue climbed by about 33 percent from $25 million to $33.3 million. Canada Goose also reported that global eCommerce revenue soared by 123.2 percent from Q4 fiscal 2020 to Q4 fiscal 2021.

“We achieved our largest ever fourth quarter by revenue. With triple-digit eCommerce growth and a resilient retail performance despite disruptions, we served our global consumer base through agile and flexible D2C distribution,” President and CEO Dani Reiss said in the earnings announcement.

Canada Goose also reported that its D2C operating margin climbed by approximately 16 percent, from 38.2 percent in Q4 fiscal 2020 to 44.4 percent in Q4 fiscal 2021. Moreover, the retailer reported $342.3 million in inventory at year-end fiscal 2021, down from $412.3 million at year-end fiscal 2020.

In terms of outlook, Canada Goose anticipates “total revenue to exceed $1 billion in fiscal 2022” based on “existing economic and operating conditions.”

“Recognizing [that] pandemic uncertainties remain, we are highly confident in our potential for meaningful growth as we move into fiscal 2022,” Reiss said in the earnings announcement.

As of Thursday (May 13), six of Canada Goose’s 28 retail stores are closed, representing 21 percent of the network. As reported last July, Canada Goose opened an experiential store in Toronto, which its chief executive said was perfect for anyone ready to brave the pandemic. “Naturally, it is socially distanced,” Reiss told CNBC about the location. “There are not a lot of people shopping at once. It is an experience in a controlled way.”

Canada Goose, which was established in the 1950s in a small Toronto warehouse, said that all of its collections are “informed by the rugged demands of the Arctic.”

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May 13, 2021 at 03:59PM
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