Canada Goose, the popular outerwear brand, faced a decline in revenue in the first quarter ending on June 28. The company reported a revenue of C$26.1 million during this period, compared to C$71.1 million in the same period last year. The net loss for the quarter also widened to C$50.1 million from C$29.4 million, and the gross profit decreased to C$4.8 million from C$40.9 million.

The decrease in revenue can primarily be attributed to the impact of the COVID-19 pandemic, which resulted in temporary store closures and reduced store hours worldwide. As a consequence, the company’s direct-to-consumer (DTC) revenue for Q1 FY21 dropped to C$10.4 million from C$34.8 million. However, their e-commerce revenue remained consistent with the previous year’s comparative quarter, indicating that it followed seasonal trends. On the other hand, wholesale revenue experienced a significant decline, falling to C$8.7 million from C$35.6 million.

Despite the challenges imposed by the pandemic, Canada Goose remains positive about the future. Dani Reiss, the president and CEO, expressed that adversity fuels innovation and uncovers winners. He also emphasized the company’s commitment to practicing discipline and flexibility in uncertain times while seizing opportunities to expedite their strategic plans.

As the world gradually recovers from the pandemic, Canada Goose is hopeful that their crucial season will bring signs of improvement. Known for its high-quality, cold-weather clothing, the company boasts a loyal customer base. With their focus on innovation and adaptability, Canada Goose is well-prepared to navigate the evolving retail landscape and emerge as a leading player in the post-pandemic era.

Links:

1. Canada Goose Official Website
2. Forbes Article on Canada Goose