Canada Goose FY20: revenue grows 15.4%; net income $152 mn

04 Jun '20

2 min read

Pic: Canada Goose

Canada Goose, a manufacturer of performance luxury apparel, reported 15.4 per cent revenue growth to $958.1 million (Canadian Dollars) in fiscal 2020 ended on March 29, 2020 compared to revenue of $830.5 million in previous fiscal year. Net income grew to $151.7 million (FY19: $143.6 million). Gross profit were $593.3 million (FY19: $516.8 million).

However, revenue for the fourth quarter (Q4) FY20 fell to $140.9 million (Q4 FY19: $156.2 million. Net income for the quarter were $2.5 million (Q4 FY19: $9.0 million).

“Given the underlying circumstances, I am incredibly proud of the results our team has delivered. We are actively and strategically managing through this temporary period of global uncertainty and delivering against key priorities for the business,” Dani Reiss, president & CEO, said in a press release.

Company reported that DTC revenue during the year increased to $525.0 million (FY19: $431.3 million), driven by incremental revenue from new retail stores. Wholesale revenue rose to $424.0 million (FY19: $394.7 million), driven by incremental revenue contributed by Baffin, higher pricing, and higher order values from international distributors.

Sales in Canada during FY20 remained unchanged to $293.1 million. While, sales in US jumped 10.7 per cent to $279.0 million (FY19: $251.1 million). Sales in Asia increased to $199.9 million (FY19: $112.1 million). Europe and Rest of the World sales grew 8.7 per cent to $186.1 million (FY19: $174.0 million).

In its future outlook for Q1 FY21, the company stated that the negative financial impacts of Covid-19 will be more pronounced in the first quarter ending June 28, 2020, with a negligible level of revenue expected.

Fibre2Fashion News Desk (JL)

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