Canada Goose revenue slips to C$26m in lockdown quarter
Aug 14, 2020
Canada Goose has reported a revenue decline to C$26.1 million in its first quarter that ended on June 28 compared to C$71.1 million in same period last year. The company’s net loss for the quarter widened to C$50.1 million from C$29.4 million, while gross profit was just C$4.8 million after C$40.9 million a year ago.
“Adversity demands change, drives innovation and reveals winners. For Canada Goose, that has never been more true than today, as we begin to see signs of recovery around the world, heading into our most important season,” Dani Reiss, president and CEO, said.
The company’s DTC revenue during Q1 FY21 dropped to C$10.4 million from C$34.8 million because of temporary store closures and reduced store hours due to Covid-19 disruptions globally. In line with seasonality, revenue generated through e-commerce was consistent with the comparative quarter. Wholesale revenue fell to C$8.7 million from C$35.6 million.
“Where we face uncertainty, we have practiced discipline and flexibility, and where we see opportunity, we have accelerated our strategic plans,” Reiss said.
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