Canada Goose Q1 FY21 revenue slips to $26 mn

14 Aug '20

1 min read

Pic: Shutterstock

Canada Goose, a manufacturer of performance luxury apparel, has reported revenue decline to $26.1 million (Canadian dollars) in its first quarter (Q1) FY21 ended on June 28, 2020 compared to $71.1 million in same period last year. Company’s net loss for the quarter were $50.1 million (Q1 FY20: $29.4 million). Gross profit was $4.8 million ($40.9 million).

“Adversity demands change, drives innovation and reveals winners. For Canada Goose, that has never been more true than today, as we begin to see signs of recovery around the world, heading into our most important season,” Dani Reiss, president & CEO at Canada Goose, said in a press release.

Operating loss during the quarter was $59.3 million ($27.5 million). Selling, general and administrative expenses were $48.6 million ($57.5 million).

Company’s DTC revenue during Q1 FY21 dropped to $10.4 million ($34.8 million) due to temporary store closures and reduced store hours due to Covid-19 disruptions globally. In line with seasonality, revenue generated through e-commerce was consistent with the comparative quarter. While wholesale revenue fell to $8.7 million ($35.6 million).

“Where we face uncertainty, we have practiced discipline and flexibility, and where we see opportunity, we have accelerated our strategic plans,” Reiss said.

Fibre2Fashion News Desk (JL)

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