Canada Goose sees double-digit growth, lifts full year guidance
Nov 13, 2017
Canada Goose Holdings raised its full year guidance on Thursday as it reported strong second quarter revenue growth.
The Canadian high-end down jackets and parkas specialist saw revenue rise 34.7 percent from $127.9 million to $172.3 million in the second quarter, ended September 30, 2017.
Wholesale revenue was $152.1 million as compared to $122.4 million in the second quarter, while direct-to-consumer revenue was $20.3 million as compared to $5.5 million.
Direct-to-consumer revenue was primarily driven by strong growth in their North American e-commerce business and incremental revenue from new retail stores and e-commerce sites which were not operating in the same period last year.
Gross profit increased to $87.1 million from $59.3 million in the second quarter of fiscal 2017.
“We have opened e-commerce sites in all seven of the new markets planned for fiscal 2018 and we remain on-track to have seven world-class retail destinations in operation in the third quarter of fiscal 2018, including our recently opened stores in Chicago and Tokyo. I am also encouraged by the response to our first knitwear collection which embodies our function-first design philosophy and stays true to our authentic utilitarian aesthetic,” said Dani Reiss, President & Chief Executive Officer, in a news statement.
In its revised outlook, Canada Goose said it now expects full year revenue growth on a percentage basis of at least 25 percent compared to the previous expectation of mid-to-high teens.
Annual growth in adjusted net income per diluted share is also now expected to climb at least 35 percent versus the previous expectation of approximately 20 percent.
Copyright © 2020 FashionNetwork.com All rights reserved.