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Canada Goose (GOOS.TO) (GOOS) saw total sales increase 116% to $ 56.3 million in the first quarter of the year as the global retail environment improves and that production was normalizing thanks to the COVID-19 pandemic.
The Toronto-based luxury parka maker reported a net loss in the three-month period ending June 27 of $ 56.7 million, or 51 cents per diluted share, compared to a net loss of 50, $ 1 million, or 46 cents per diluted share, in 2020. The first quarter of the year is typically the smallest in the business in terms of profitability.
Overall sales were driven by continued growth in e-commerce, which grew 80.8% globally. Despite a few store closures in Canada, revenues increased 126.1 percent nationally from the previous quarter.
“Our first quarter results demonstrate the global demand for our products and our ability to operate in an improving but still evolving retail environment,” CEO Dani Reiss said on a conference call. with analysts on Wednesday morning.
“Our business has gone from recovery to growth, and that has continued into this quarter.”
Despite positive growth, the company reiterated its fiscal outlook for the year, a prospect one analyst previously described as “lackluster.” The company predicts it expects revenue in 2021 to exceed $ 1 billion, with direct-to-consumer sales accounting for 70% of that figure.
Canada Goose stock was down nearly 14 percent on Wednesday at 10 a.m. ET.
More soon.
Alicja Siekierska is a senior reporter at Yahoo Finance Canada. Follow her on Twitter @alicjawithaj.
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