1. News
May 20, 2022

Canada Goose posts $174.5m revenue in fourth quarter of FY22

The company expects its revenue for FY23 to be between $1.01bn and $1.09bn.

Canadian luxury apparel retailer Canada Goose has recorded full-year revenue of C$1.09bn ($852.4m) for the fiscal year 2022 (FY22), up from C$903.7m ($706.9m) in FY21.

The company’s operating income for the year was C$156.7m, while its operating margin increased to 14.3% from 12.9% a year previous.

Canada Goose’s full-year net income was C$94.6m and its earnings per share (EPS) amounted to C$0.87.

For the quarter ending on 3 April, the company’s revenue was C$223.1m, up by 6.8% compared with the corresponding period of the prior year.

During the quarter, Canada Goose’s direct to customer (DTC) revenue grew by 8.0% to C$185.4m from last year.

The company’s wholesale revenue increased by 3.5% to C$35.1m in Q1 2022, against C$33.9m in the same period of FY21.

Canada Goose’s e-commerce revenue declined by 12.3% in the first quarter.

The company’s operating income declined to C$0.9m from C$7.2m a year earlier, while its operating margin dropped by 0.4% against 3.4% in the prior year due to higher operating costs, lease impairment costs and other factors.

Its net loss was C$9.1m against net earnings of C$2.5m in FY21, while it recorded a loss of C$0.09 for each share.

Canada Goose CEO Dani Reiss said: “We closed fiscal 2022 with record sales for the year and confidence in our ability to accelerate earnings growth in Fiscal 2023 and beyond.

“We are expanding to new markets with new partnerships and stores complemented by a laser focus on customer experience.

“At the same time, we are leveraging our successful playbook to continue to expand product categories and year-round product relevance.

“Our brand momentum, team and track record of execution gives us the ultimate conviction in the road ahead.”

For the fiscal year 2023 (FY23), Canada Goose expects revenue of between C$1.300bn and C$1.400bn.