Haider Ackermann’s Inaugural Collection for Canada Goose Lifts Fiscal Q3 Results

David Moin
·3-min read

Canada Goose, the luxury outerwear, apparel, footwear and accessories brand, managed to improve its bottom line in its fiscal third quarter, despite a slight dip in volume.

Net income attributable to shareholders was $139.7 million, or $1.42 per diluted share, compared with $130.6 million, or $1.29, a year earlier.

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Adjusted profits rose to $148.3 million from $138.6 million. Gross profit increased 0.5 percent to $452 million while gross margins increased to 74.4 percent of sales, up from 73.7 percent, primarily due to pricing and lower inventory provisioning, partially offset by product mix.

Total third-quarter revenue was also nearly flat at $607.9 million, versus $609.9 million in the year-ago period, on a constant currency basis.

The Toronto-based brand saw a significant lift in business during December stemming from intensified marketing beginning in late November around the Snow Goose collection designed by Haider Ackermann. The Colombian-born French designer became Canada Goose’s first creative director in May. He is based in Paris and works alongside Dani Reiss, chairman and chief executive officer of Canada Goose. The Snow Goose label was promoted through what company executives described as a 360-degree campaign with in-store activations, influencer collaborations, social media, and events in Iceland, Seoul and Toronto.

From the Snow Goose collection.
From the Snow Goose collection.

“Our third quarter results highlight the power of strong execution during a key consumer shopping period, particularly in December where we saw significant acceleration in the business,” Reiss said in a statement Thursday.

“Brand momentum was robust in the quarter, amplified by the integrated global launch of our new Snow Goose collection which drove record-setting media coverage and a three-year high in brand search,” Reiss added. “Our retail execution delivered solid results despite ongoing macro challenges and, looking ahead, our focus remains on balancing operational excellence with strategic investments and strengthening the foundations that will continue driving both brand heat and commercial momentum across all our channels.”

Carrie Baker, president, brand and commercial, said during a conference call with analysts that Canada Goose during the fiscal third quarter underwent “foundational transformation and product evolution” with light down-filled outerwear as well as apparel including cropped jackets among the bestsellers. The company is becoming “more relevant year-round,” and is improving on its full-price positioning, Baker said.

Reiss indicated that 25 percent of those who purchased the reintroduced Snow Goose label purchased other Canada Goose products. Snow Goose, he said, has been reaching both existing, loyal Canada Goose customers, as well as new customers. For Snow Goose, Ackermann created youthful silhouettes and a bold color palette, including the Rider parka which blends oversized proportions with hits of reflectivity, utilitarian pockets, a cinchable waist and side zips. It’s crafted in the brand’s heritage fabric “Arctic Tech,” which adds a distinct visual and tactile appeal.

In other statistics, direct-to-consumer revenue increased 0.7 percent to $517.8 million, but was down 1.4 percent on a constant currency basis. Wholesale revenue decreased 7.5 percent to $75.7 million, or 8.1 percent on a constant currency basis due to planned lower orders.

Reiss said, “We continue to elevate our presence within this sales channel by right-sizing our inventory position and building strong relationships with brand-aligned partners.” Third-quarter inventory was down 15 percent to $407.4 million due to a temporary reduction in production levels.

Canada Goose maintained its annual revenue forecast calling for a low-single-digit increase to a low-single-digit decline. But the company reduced its forecast for adjusted EBIT [earnings before interest and taxes] margin to flat to down 100 basis points from the previous forecast of an increase of 60 basis points to a decline of 60 basis points. Apparently, investors were not impressed by the forecast and dragged the stock price down 8 percent to $9.79.

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