Canada Goose’s Q1 2022 revenue grew over 100% To $56.3 million

Canada Goose Holdings Inc. (NYSE: GOOS) has announced its fiscal Q1 2022 financial results for the quarter ending June 27, 2021. The company reported a global eCommerce revenue increase of 80.8% YoY during the quarter, with revenue increasing significantly across all regions. For example, mainland China's DTC revenue was up 188.7%. In Canada, despite the retail closures, revenue was up 126.1% YoY without including the temporary $7 million of PPE sales compared to a year ago.

Canada Goose posted revenue of $56.3 million in Q1 2021

The company reported total revenue of $56.3 million during the quarter compared to $26.1 million in fiscal Q1 2021. DTC revenue was up from $10.4 million to $29.4 million attributed to eCommerce growth, reduced COVID-19 disruptions, and retail expansion but partially offset by the loss of around 20% of the total trading days due to temporary closures.

Equally, wholesale revenue increased to $25.8 million thanks to high shipments volume to international and wholesale distribution partners and low levels of pandemic-related disruptions. Other revenue dropped from $7 million to $1.1 million primarily due to PPE sales in Q1 2021. Canada Goose CEO Dani Reiss stated:

The company posted a net loss of $56.7 million or $0.51 per share and ended the quarter with $305.9 million in cash plus an undrawn revolving facility of $313.7 million. Additionally, Canada Goose's inventory dropped from $428.6 million YoY to $404.5 million due to a finished goods reduction of $22.4 million supported by reduced production and sales growth in fiscal 2021.

Canada Goose reiterates early fiscal 2022 guidance

Based on the continuous and ongoing improvement in the COVID-19 situation, the company reiterated its fiscal 2022 outlook, which was announced on May 13, 2021, when it announced fiscal 2021 results. This forecast expects wholesale sales growth in Q2 2022 to be below double-digit, with DTC revenue expected to be around one-and-a-half times Q2 2021’s levels. Actual results may differ considerably from those projected due to various factors, including the dangers and uncertainty that come with retail closures. And retail traffic disruptions because of COVID-19.