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Canada Goose reports strong Q2 sales, ups FY guidance

By Huw Hughes

5 Nov 2021

Business

Image: Canada Goose, Facebook

Canada Goose has upped its full-year guidance after reporting strong sales in the second quarter of the year.

In the three months to September 26, the Canadian outerwear specialist reported a 19.6 percent increase in year-on-year sales to 232.9 million Canadian dollars.

That growth increased to 40.3 percent when excluding temporary personal protective equipment (PPE) sales of 28.8 million Canadian dollars it made in the previous year.

The company’s global e-commerce revenue increased by 33.8 percent in the quarter, driven by growth in all major existing markets.

DTC revenue soared by 80 percent to 83.2 million Canadian dollars, helped by an 85.9 percent surge in Mainland China revenue.

Meanwhile, wholesale revenue was up 24.8 percent to 147.9 million Canadian dollars linked to earlier order shipment timing relative to fiscal 2021.

Canada Goose ups outlook

“Our second-quarter results demonstrate our momentum,” said Canada Goose president and CEO Dani Reiss in a statement.

“Across all channels, we are seeing strong leading indicators of peak season demand. With accelerating DTC trends, growing lifestyle relevance and unique supply chain flexibility, we believe we have the right foundation in place for an outstanding fiscal 2022,” he said.

The company’s net income in the quarter fell to 9 million Canadian dollars from 10.4 million Canadian dollars a year earlier.

The company has upped its full-year guidance on the back of the quarterly results. It now expects revenue of 1.125 billion dollars, compared to its previous estimate of 1 billion dollars.