Canada Goose Holdings Inc. said fourth quarter revenue increased 31.4 percent on a reported basis and 30.1 percent on a constant currency revenue basis to 293.3 million Canadian dollars.
“I am pleased with our fourth quarter results, particularly the strong revenue results generated in Greater China and EMEA. This is a testament to the strength of the brand and this momentum has continued alongside early encouraging results in North America in fiscal 2024 year to date,” said Dani Reiss, the company’s chairman and CEO in a statement.
Review of Q4 results at Canada Goose
The company added that DTC revenue during the quarter grew 22.6 percent largely due to continued retail store expansion and improved growth and performance within our existing store network. Canada Goose ended the quarter with 51 permanent stores compared to 41 permanent stores at the end of the comparative quarter. DTC comparable sales grew 6.9 percent.
The company’s wholesale revenue increased 30.4 percent due to an increase in order value globally and an increased volume of shipments from prior quarters being realised in the fourth quarter of 2023 relative to the comparative quarter. Other revenue increased to 20.2 million Canadian dollars.
Revenue increased in Canada, EMEA and Asia Pacific resulting from an increase in DTC revenue. The company said, re-opening in Asia Pacific after lifting of Covid-19 restrictions and strong growth in both channels in EMEA positively impacted results. The revenue decline in the United States, amid a challenging macroeconomic backdrop, which was partially offset by retail expansion and consumers returning to experiential shopping.
Gross profit increased 36.2 million Canadian dollars primarily due to higher revenue, partially offset by lower gross margins.
Canada Goose reveals FY24 outlook
For fiscal 2024, the company expects total revenue to reach 1.400 billion Canadian dollars to 1.500 billion Canadian dollars.
The company forecasts adjusted EBIT between 210 million Canadian dollars to 240 million Canadian dollars, representing a margin of 15 percent to 16 percent. Adjusted net income per diluted share is expected to range between 1.20 dollars to 1.48 dollars.
For the first quarter of fiscal 2024, the company currently expects total revenue to range between 70 million dollars to 80 million dollars, adjusted EBIT loss between 115 million Canadian dollars to 105 million Canadian dollars and adjusted net loss per basic share in the range of 0.89 Canadian dollar to 0.82 Canadian dollar.