Canada Goose posts revenue surge of 6% in Q3 FY24

DTC channels now constitute 84 per cent of the total revenue mix, up from 78 per cent in the previous year, although DTC comparable sales saw a slight decline of 1.6 per cent year-over-year (YoY). Wholesale revenue experienced a downturn, dropping by 28 per cent (or 30 per cent on a constant currency basis) compared to the prior year, the company said in a press release.

The Asia Pacific region emerged as a standout performer, with revenue soaring by 62 per cent YoY across all channels, showcasing the brand's expanding footprint in this vital market. However, sales in the Europe, Middle East, and Africa (EMEA) and North America regions faced challenges, decreasing by 26 per cent and 14 per cent, respectively.

The luxury outerwear maker also reported an 8 per cent increase in gross profit, reaching $449.7 million, with the gross margin for the quarter expanding to 73.7 per cent from 72.2 per cent in the third quarter of fiscal 2023. Selling, general, and administrative expenses rose to $250.9 million from $225.7 million in the prior year period.

Operating income for the quarter was $198.8 million, up from $190.7 million in the prior year, while adjusted EBIT increased to $207.2 million from $197.1 million. Net income attributable to shareholders was slightly lower at $130.6 million, or $1.29 per diluted share, compared to $134.9 million, or $1.28 per diluted share in the prior year. Adjusted net income to shareholders improved to $138.6 million, or $1.37 per diluted share, from $134.5 million, or $1.27 per diluted share.

Inventory levels remained stable, with $478.4 million reported for the quarter ending December 31, 2023, showcasing efficient inventory management amidst fluctuating market conditions.

Fibre2Fashion News Desk (DP)