Canada Goose's revenue soars 10% in FY24

The DTC segment saw an impressive 18 per cent rise to $950.7 million, with a 17 per cent increase on a constant currency basis. DTC comparable sales edged up by 0.3 per cent compared to the same period last year. Conversely, wholesale revenue declined by 16 per cent, or 19 per cent on a constant currency basis. There was a substantial 97.2 per cent surge in other revenue, totalling $70.8 million, the company said in a press release.

Gross profit increased by 12.5 per cent to $917.4 million, with the gross margin expanding to 68.8 per cent from 67 per cent in fiscal 2023. Selling, general, and administrative expenses rose to $792.9 million, up from $667.6 million in the prior year. Operating income was recorded at $124.5 million, a slight decrease from $147.6 million in the previous year. Adjusted EBIT stood at $171.8 million, compared to $174.1 million in the prior year.

In the fourth quarter of FY24 (Q4 FY24), total revenue surged by 22 per cent to $358.0 million, marking a 23 per cent increase on a constant currency basis. DTC revenue for the quarter grew by 19 per cent to $271.5 million, with a 21 per cent increase on a constant currency basis. Wholesale revenue experienced a 9 per cent decline to $41.4 million, or 8 per cent on a constant currency basis.

Other revenue in the fourth quarter saw a remarkable 123 per cent increase to $45.1 million, with a 124 per cent rise on a constant currency basis. The company’s gross profit for Q4 FY24 grew by 22 per cent to $233 million, with a gross margin of 65.1 per cent, up slightly from 64.9 per cent in the same quarter of fiscal 2023.

Selling, general, and administrative expenses for the quarter were $209.9 million, up from $172.7 million in the prior year period. Operating income for Q4 FY24 was $23.1 million, compared to $17.6 million in the previous year. Adjusted EBIT was $40.1 million, a significant increase from $26.6 million in the prior year.

“Our fourth quarter results came in ahead of guidance, reflecting the power of our iconic brand and the disciplined execution of our strategy by our team,” said Dani Reiss, chairman and CEO of Canada Goose. “During the period, we increased revenue and gross profit, underpinned by positive comparable sales growth, and expanded our adjusted EBIT margin, while navigating a difficult environment.”

Fibre2Fashion News Desk (DP)