UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 6-K
 
 
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the month of November, 2023
 
Commission File Number: 001-38027
 
CANADA GOOSE HOLDINGS INC.
(Translation of registrant’s name into English)
 
100 Queen’s Quay East, 22nd Floor
Toronto, Ontario, Canada
(Address of principal executive office)
 
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F Form 40-F
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):                   
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):                     



EXHIBIT INDEX

Exhibits 99.1 and 99.2 to this report of a Foreign Private Issuer on Form 6-K are deemed filed for all purposes under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended.  
 
 




SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Canada Goose Holdings Inc.
 
   
 By: /s/ Jonathan Sinclair
 Name:Jonathan Sinclair
 Title: Executive Vice President and Chief Financial Officer
Date: November 1, 2023  
 











Canada Goose Holdings Inc.
Condensed Consolidated Interim Financial Statements
As at and for the second and two quarters ended
October 1, 2023 and October 2, 2022
(Unaudited)






Condensed Consolidated Interim Statements of Income (Loss)
(unaudited)
(in millions of Canadian dollars, except per share amounts)
Second quarter endedTwo quarters ended
 NotesOctober 1,
2023		October 2,
2022		October 1,
2023		October 2,
2022
ReclassifiedReclassified
$$$$
Revenue3281.1 277.2 365.9 347.1 
Cost of sales6101.6 111.4 131.2 138.6 
Gross profit179.5 165.8 234.7 208.5 
Selling, general & administrative expenses177.2 144.3 332.1 269.2 
Operating income (loss)2.3 21.5 (97.4)(60.7)
Net interest, finance and other costs1013.6 23.6 28.1 29.5 
Loss before income taxes(11.3)(2.1)(125.5)(90.2)
Income tax recovery(15.4)(7.1)(44.6)(31.6)
Net income (loss)4.1 5.0 (80.9)(58.6)
Attributable to:
Shareholders of the Company3.9 3.3 (77.2)(59.1)
Non-controlling interest0.2 1.7 (3.7)0.5 
Net income (loss)4.1 5.0 (80.9)(58.6)
Earnings (loss) per share attributable to shareholders of the Company
Basic4$0.04 $0.03 $(0.75)$(0.56)
Diluted4$0.04 $0.03 $(0.75)$(0.56)
The accompanying notes to the condensed consolidated interim financial statements are an integral part of these financial statements.

Canada Goose Holdings Inc.
Page 1 of 33

Condensed Consolidated Interim Statements of Comprehensive (Loss) Income
(unaudited)
(in millions of Canadian dollars, except per share amounts)
Second quarter endedTwo quarters ended
 NotesOctober 1,
2023		October 2,
2022		October 1,
2023		October 2,
2022
$$$$
Net income (loss)4.1 5.0 (80.9)(58.6)
Other comprehensive (loss) income
Items that will not be reclassified to earnings, net of tax:
Actuarial (loss) gain on post-employment obligation(0.2)1.0 (0.2)1.0 
Items that may be reclassified to earnings, net of tax:
Cumulative translation adjustment loss(4.1)(3.7)(6.5)(11.8)
Net (loss) gain on derivatives designated as cash flow hedges15(3.8)7.8 6.0 9.1 
Reclassification of net (gain) loss on cash flow hedges to income15(0.5)(0.1)(1.0)1.5 
Other comprehensive (loss) income(8.6)5.0 (1.7)(0.2)
Comprehensive (loss) income(4.5)10.0 (82.6)(58.8)
Attributable to:
Shareholders of the Company(4.3)7.8 (78.1)(59.7)
Non-controlling interest(0.2)2.2 (4.5)0.9 
Comprehensive (loss) income(4.5)10.0 (82.6)(58.8)
The accompanying notes to the condensed consolidated interim financial statements are an integral part of these financial statements.

Canada Goose Holdings Inc.
Page 2 of 33

Condensed Consolidated Interim Statements of Financial Position
(unaudited)
(in millions of Canadian dollars)
NotesOctober 1,
2023		October 2,
2022		April 2,
2023
Assets $$ $
Current assets
Cash37.5 97.1 286.5 
Trade receivables5146.5 150.0 50.9 
Inventories6519.7 511.5 472.6 
Income taxes receivable17.2 10.5 0.9 
Other current assets1482.6 63.4 52.3 
Total current assets803.5 832.5 863.2 
Deferred income taxes119.2 90.0 67.5 
Property, plant and equipment179.3 122.4 156.0 
Intangible assets132.4 133.3 135.1 
Right-of-use assets7280.0 274.3 291.8 
Goodwill62.7 64.1 63.9 
Other long-term assets1412.2 26.9 12.5 
Total assets1,589.3 1,543.5 1,590.0 
Liabilities
Current liabilities
Accounts payable and accrued liabilities8, 14210.2 218.4 195.6 
Provisions920.5 21.7 21.6 
Income taxes payable7.7 12.9 31.5 
Short-term borrowings1080.7 57.3 27.6 
Current portion of lease liabilities777.1 65.4 76.1 
Total current liabilities396.2 375.7 352.4 
Provisions935.8 31.7 36.5 
Deferred income taxes15.5 23.2 16.4 
Revolving Facility1085.0 55.1 — 
Term Loan10391.4 402.7 391.6 
Lease liabilities7253.2 250.1 258.7 
Other long-term liabilities1456.5 38.5 56.9 
Total liabilities1,233.6 1,177.0 1,112.5 
Equity11
Equity attributable to shareholders of the Company352.2 355.4 469.5 
Non-controlling interests3.5 11.1 8.0 
Total equity355.7 366.5 477.5 
Total liabilities and equity1,589.3 1,543.5 1,590.0 
The accompanying notes to the condensed consolidated interim financial statements are an integral part of these financial statements.

Canada Goose Holdings Inc.
Page 3 of 33

Condensed Consolidated Interim Statements of Changes in Equity
(unaudited)    
(in millions of Canadian dollars)
Share capitalContributed surplusRetained earningsAccumulated other comprehensive income (loss) Total attributable to shareholders Non-controlling interestTotal
NotesMultiple voting sharesSubordinate voting sharesTotal
 $ $ $ $ $ $$$ $
Balance at April 2, 20231.4 117.3 118.7 28.5 316.5 5.8 469.5 8.0 477.5 
Normal course issuer bid purchase of subordinate voting shares11— (5.7)(5.7)— (50.5)— (56.2)— (56.2)
Liability to broker under automatic share purchase plan11— — — 10.0 — — 10.0 — 10.0 
Issuance of shares11— 3.9 3.9 (3.8)— — 0.1 — 0.1 
Net loss— — — — (77.2)— (77.2)(3.7)(80.9)
Other comprehensive loss— — — — — (0.9)(0.9)(0.8)(1.7)
Share-based payment12— — — 6.9 — — 6.9 — 6.9 
Balance at October 1, 20231.4 115.5 116.9 41.6 188.8 4.9 352.2 3.5 355.7 
Balance at April 3, 20221.4 117.1 118.5 36.2 290.4 (17.2)427.9 — 427.9 
Initial recognition of non-controlling interest on business combination— — — — — — — 10.2 10.2 
Put option for non-controlling interest— — — — (19.8)— (19.8)— (19.8)
Issuance of shares11— 2.7 2.7 (2.7)— — — — — 
Net (loss) income— — — — (59.1)— (59.1)0.5 (58.6)
Other comprehensive (loss) income— — — — — (0.6)(0.6)0.4 (0.2)
Share-based payment12— — — 7.0 — — 7.0 — 7.0 
Balance at October 2, 20221.4 119.8 121.2 40.5 211.5 (17.8)355.4 11.1 366.5 
The accompanying notes to the condensed consolidated interim financial statements are an integral part of these financial statements.

Canada Goose Holdings Inc.
Page 4 of 33

Condensed Consolidated Interim Statements of Cash Flows
(unaudited)
(in millions of Canadian dollars)
Second quarter endedTwo quarters ended
NotesOctober 1,
2023		October 2,
2022		October 1,
2023		October 2,
2022
Reclassified
Reclassified
 $ $ $ $
Operating activities
Net income (loss)4.1 5.0 (80.9)(58.6)
Items not affecting cash:
Depreciation and amortization30.6 26.4 59.8 52.2 
Income tax recovery(15.4)(7.1)(44.6)(31.6)
Interest expense1012.9 9.2 20.3 16.2 
Foreign exchange loss (gain) 4.2 17.1 (0.5)19.2 
Loss (gain) on disposal of assets0.1 (0.1)— (0.1)
Share-based payment124.7 4.3 7.2 7.0 
Remeasurement of put option 142.7 1.7 10.8 1.7 
Remeasurement of contingent consideration 14(2.0)(3.7)(3.0)(3.7)
41.9 52.8 (30.9)2.3 
Changes in non-cash operating items16(67.3)(79.2)(166.2)(202.7)
Income taxes paid(18.9)(10.1)(49.0)(26.3)
Interest paid(12.9)(8.3)(20.4)(15.0)
Net cash used in operating activities(57.2)(44.8)(266.5)(241.7)
Investing activities
Purchase of property, plant and equipment(26.0)(7.8)(31.2)(10.3)
Investment in intangible assets(0.3)0.4 (0.5)(0.7)
Initial direct costs of right-of-use assets7(0.1)(0.3)(0.4)(0.4)
Net cash inflow from business combination— — — 2.8 
Net cash used in investing activities(26.4)(7.7)(32.1)(8.6)
Financing activities
Mainland China Facilities borrowings1025.1 19.5 37.7 24.1 
Japan Facility borrowings107.1 5.8 15.4 9.7 
Term Loan repayments10(1.0)(1.0)(2.0)(2.0)
Revolving Facility borrowings 1086.3 55.4 86.3 55.4 
Transaction costs on financing activities10(0.3)— (0.3)— 
Subordinate voting shares purchased and cancelled under NCIB11(29.9)— (57.4)— 
Principal payments on lease liabilities7(15.3)(13.5)(28.7)(27.3)
Issuance of shares120.1 — 0.1 — 
Net cash from financing activities72.1 66.2 51.1 59.9 
Effects of foreign currency exchange rate changes on cash1.0 1.6 (1.5)(0.2)
(Decrease) increase in cash(10.5)15.3 (249.0)(190.6)
Cash, beginning of period48.0 81.8 286.5 287.7 
Cash, end of period37.5 97.1 37.5 97.1 
The accompanying notes to the condensed consolidated interim financial statements are an integral part of these financial statements.

Canada Goose Holdings Inc.
Page 5 of 33

Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
Note 1.     The Company
Organization
Canada Goose Holdings Inc. and its subsidiaries (the “Company”) design, manufacture, and sell performance luxury apparel for men, women, youth, children, and babies. The Company’s product offerings include various styles of parkas, lightweight down jackets, rainwear, windwear, apparel, fleece, footwear, and accessories for the fall, winter, and spring seasons. The Company’s head office is located at 100 Queens Quay East, Toronto, Canada, M5E 1V3. The use of the terms “Canada Goose”, “we”, and “our” throughout these notes to the condensed consolidated interim financial statements ("Interim Financial Statements") refer to the Company.
Canada Goose is a public company listed on the Toronto Stock Exchange and the New York Stock Exchange under the trading symbol “GOOS”. The principal shareholders of the Company are investment funds advised by Bain Capital LP and its affiliates (“Bain Capital”), and DTR LLC ("DTR"), an entity indirectly controlled by the Chairman and Chief Executive Officer of the Company. The principal shareholders hold multiple voting shares representing 50.1% of the total shares outstanding as at October 1, 2023, or 90.9% of the combined voting power of the total voting shares outstanding. Subordinate voting shares that trade on public markets represent 49.9% of the total shares outstanding as at October 1, 2023, or 9.1% of the combined voting power of the total voting shares outstanding.
Statement of compliance
The Interim Financial Statements are prepared in accordance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (“IASB”). Certain information, which is considered material to the understanding of the Interim Financial Statements and is normally included in the audited annual consolidated financial statements prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the IASB, is not provided in these notes. These Interim Financial Statements should be read in conjunction with the Company's audited annual consolidated financial statements for the year ended April 2, 2023.
The Interim Financial Statements were authorized for issuance in accordance with a resolution of the Company’s Board of Directors on October 31, 2023.
Fiscal year
The Company's fiscal year is a 52 or 53-week reporting cycle with the fiscal year ending on the Sunday closest to March 31. Each fiscal quarter is 13 weeks for a 52-week fiscal year. Fiscal 2024 is a 52-week fiscal year.
Operating segments
The Company classifies its business in three operating and reportable segments: Direct-to-Consumer ("DTC"), Wholesale, and Other. The DTC segment comprises sales through country-specific e-Commerce platforms available across numerous markets, which includes the newly launched recommerce platform Canada Goose Generations, currently available in the United States and Canada, and our Company-owned retail stores located in luxury shopping locations.
The Wholesale segment comprises sales made to a mix of retailers and international distributors, who are partners that have exclusive rights to an entire market. The Wholesale segment includes the introduction of travel retail with the opening of a location in Frankfurt, Germany this quarter.

Canada Goose Holdings Inc.
Page 6 of 33

Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
The Other segment comprises sales and costs that do not occur through the DTC or Wholesale segments, such as sales to employees, friends and family sales, and selling, general, and administrative (“SG&A”) expenses. The Other segment includes the cost of marketing expenditures to build brand awareness across all segments, management overhead costs in support of manufacturing operations, other corporate costs, and foreign exchange gains and losses not specifically associated with DTC or Wholesale segment operations.
Seasonality
Our business is seasonal, and we have historically realized a significant portion of our Wholesale revenue and operating income in the second and third quarters of the fiscal year and DTC revenue and operating income in the third and fourth quarters of the fiscal year. Thus, lower-than-expected revenue in these periods could have an adverse impact on our annual operating results.
Cash flows from operating activities are typically highest in the third and fourth quarters of the fiscal year due to revenue from the DTC segment and the collection of trade receivables from Wholesale revenue earlier in the year. Working capital requirements typically increase as inventory builds. Borrowings have historically increased in the first and second quarters and been repaid in the third quarter of the fiscal year.
Note 2.    Material accounting policy information and critical accounting estimates and judgments
Basis of presentation
The accounting policies and critical accounting estimates and judgments as disclosed in the Company's audited annual financial statements for the year ended April 2, 2023 have been applied consistently in the preparation of these Interim Financial Statements except as noted below. The Interim Financial Statements are presented in Canadian dollars, the Company’s functional and presentation currency.
Certain comparative figures have been reclassified to conform with the current year presentation, where foreign exchange gains and losses related to the outstanding principal balance on the Term Loan, net of hedging, are reflected in the presentation of net interest, finance and other costs as outlined below (see "Note 10. Borrowings" for details and definitions); previously this was presented in SG&A expenses. This change was made to present all financing costs related to the Term Loan within the same financial statement caption in the consolidated interim statements of income (loss). For the second and two quarters ended October 2, 2022, we reclassified foreign exchange gains of $16.8m and $15.3m, respectively. This reclassification did not impact net loss, loss per share, or the consolidated interim statement of financial position in the comparative quarter.
In the prior year, management identified an immaterial reclassification in the interim statement of cash flows and related note disclosure for the second and two quarters ended October 2, 2022 decreasing cash outflows from investing activities and increasing cash outflows from operating activities of $7.0m due to translation of foreign currency. Certain comparative figures have been reclassified in the interim statement of cash flows and related note disclosure related to this reclassification. The reclassification has been appropriately reflected in the interim statement of cash flows and related note disclosure for the second and two quarters ended October 1, 2023.

Canada Goose Holdings Inc.
Page 7 of 33

Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
Principles of consolidation
The Interim Financial Statements include the accounts of the Company and its subsidiaries and those investments over which the Company has control. All intercompany transactions and balances have been eliminated.
Standards issued and not yet adopted
Certain new standards, amendments, and interpretations to existing IFRS standards have been published but are not yet effective and have not been adopted early by the Company. Management anticipates that pronouncements will be adopted in the Company’s accounting policy for the first period beginning after the effective date of the pronouncement. Information on new standards, amendments, and interpretations is provided below.
In January 2020, the IASB issued an amendment to IAS 1, Presentation of Financial Statements to clarify its requirements for the presentation of liabilities in the statement of financial position. The limited scope amendment affected only the presentation of liabilities in the statement of financial position and not the amount or timing of its recognition. The amendment clarified that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period and specified that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability. It also introduced a definition of ‘settlement’ to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. On October 31, 2022, the IASB issued Non-Current Liabilities with Covenants (Amendments to IAS 1). These amendments specify that covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. These amendments are effective for annual reporting periods beginning on or after January 1, 2024. Earlier application is permitted. The Company is assessing the potential impact of the amendment.
Standards issued and adopted
In February 2021, the IASB issued narrow-scope amendments to IAS 1, Presentation of Financial Statements, IFRS Practice Statement 2, Making Materiality Judgements and IAS 8, Accounting Polices, Changes in Accounting Estimates and Errors. The amendments require the disclosure of material accounting policy information rather than disclosing significant accounting policies and clarified how to distinguish changes in accounting policies from changes in accounting estimates. Beginning April 3, 2023, the Company adopted the amendments. The adoption of the amendments did not have a material impact on the Interim Financial Statements.
In May 2023, the IASB issued International Tax Reform, Pillar Two Model Rules, Amendments to IAS 12, Income Taxes (the “Amendments”). The Amendments provide the Company with an exception from recognition and disclosure requirements for deferred tax assets and liabilities arising from the Organization for Economic Co-operation and Development (“OECD”) Pillar Two international tax reform. Upon issuance of the Amendments, the temporary exception has been adopted by the Company as at July 2, 2023. The disclosure requirements for current tax expense and the disclosures for enacted legislation but not yet effective are required for annual reporting periods beginning on or after January 1, 2023, but are not required for any interim period ending on or before December 31, 2023.

Canada Goose Holdings Inc.
Page 8 of 33

Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
Note 3.    Segment information
The Company has three reportable operating segments: DTC, Wholesale, and Other. The Company measures each reportable operating segment’s performance based on revenue and segment operating income (loss), which is the profit metric utilized by the Company's chief operating decision maker, the Chairman and Chief Executive Officer, for assessing the performance of operating segments. Our operating segments are not reliant on any single external customer.
The Company does not report total assets or total liabilities based on its reportable operating segments.
Second quarter ended October 1, 2023
(in millions of Canadian dollars)DTCWholesaleOtherTotal
 $ $ $ $
Revenue109.4 162.0 9.7 281.1 
Cost of sales25.8 69.3 6.5 101.6 
Gross profit 83.6 92.7 3.2 179.5 
SG&A expenses63.3 19.3 94.6 177.2 
Operating income (loss)20.3 73.4 (91.4)2.3 
Net interest, finance and other costs13.6 
Loss before income taxes(11.3)
Second quarter ended October 2, 2022
(in millions of Canadian dollars)DTCWholesaleOtherTotal
 $ $ $ $
Revenue94.8 180.7 1.7 277.2 
Cost of sales21.8 88.6 1.0 111.4 
Gross profit73.0 92.1 0.7 165.8 
SG&A expenses (reclassified)1
49.7 18.0 76.6 144.3 
Operating income (loss) (reclassified)23.3 74.1 (75.9)21.5 
Net interest, finance and other costs (reclassified)23.6 
Loss before income taxes(2.1)
1See "Note 2. Material accounting policy information and critical accounting estimates and judgments" for more details on the reclassification of SG&A.

Canada Goose Holdings Inc.
Page 9 of 33

Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
Two quarters ended October 1, 2023
(in millions of Canadian dollars)DTCWholesaleOtherTotal
 $ $ $ $
Revenue165.2 189.1 11.6 365.9 
Cost of sales40.8 82.6 7.8 131.2 
Gross profit124.4 106.5 3.8 234.7 
SG&A expenses118.1 33.4 180.6 332.1 
Operating income (loss)6.3 73.1 (176.8)(97.4)
Net interest, finance and other costs28.1 
Loss before income taxes(125.5)
Two quarters ended October 2, 2022
(in millions of Canadian dollars)DTCWholesaleOtherTotal
 $ $ $ $
Revenue129.6 213.9 3.6 347.1 
Cost of sales31.3 105.0 2.3 138.6 
Gross profit98.3 108.9 1.3 208.5 
SG&A expenses (reclassified)1
91.7 29.2 148.3 269.2 
Operating income (loss) (reclassified)6.6 79.7 (147.0)(60.7)
Net interest, finance and other costs (reclassified)29.5 
Loss before income taxes(90.2)
1See "Note 2. Material accounting policy information and critical accounting estimates and judgments" for more details on the reclassification of SG&A.

Geographic information
The Company determines the geographic location of revenue based on the location of its customers.
Second quarter endedTwo quarters ended
(in millions of Canadian dollars)October 1,
2023		October 2,
2022		October 1,
2023		October 2,
2022
$$$$
Canada57.9 58.7 81.4 76.6 
United States66.2 74.2 84.3 89.9 
North America124.1 132.9 165.7 166.5 
Asia Pacific63.8 56.4 88.3 72.5 
EMEA1
93.2 87.9 111.9 108.1 
Revenue281.1 277.2 365.9 347.1 
1EMEA comprises Europe, the Middle East, Africa, and Latin America.

Canada Goose Holdings Inc.
Page 10 of 33

Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
Note 4.     Earnings per share
The following table presents details for the calculation of basic and diluted earnings (losses) per share:
Second quarter endedTwo quarters ended
(in millions of Canadian dollars, except share and per share amounts)October 1,
2023		October 2,
2022		October 1,
2023		October 2,
2022
Net income (loss) attributable to shareholders of the Company$3.9 $3.3 $(77.2)$(59.1)
Weighted average number of multiple and subordinate voting shares outstanding102,468,461 105,334,265 103,089,612 105,284,370 
Weighted average number of shares on exercise of stock options, RSUs and PSUs1
1,118,081 530,704 — — 
Diluted weighted average number of multiple and subordinate voting shares outstanding103,586,542 105,864,969 103,089,612 105,284,370 
Earnings (loss) per share attributable to shareholders of the Company
Basic$0.04 $0.03 $(0.75)$(0.56)
Diluted$0.04 $0.03 $(0.75)$(0.56)
1    Applicable to dilutive shares and when the weighted average daily closing share price for the year was greater than the exercise price for stock options. For the two quarters ended October 1, 2023, there were 958,806 shares (two quarters ended October 2, 2022 - 562,845 shares) that were not taken into account in the calculation of diluted earnings per share because their effect was anti-dilutive.
Note 5.    Trade receivables
(in millions of Canadian dollars)October 1,
2023		October 2,
2022		April 2,
2023
 $ $ $
Trade accounts receivable126.3 124.6 30.4 
Credit card receivables5.3 6.4 2.5 
Other receivables16.0 20.0 19.5 
147.6 151.0 52.4 
Less: expected credit loss and sales allowances(1.1)(1.0)(1.5)
Trade receivables146.5 150.0 50.9 

Canada Goose Holdings Inc.
Page 11 of 33

Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
Note 6.     Inventories
(in millions of Canadian dollars)October 1,
2023		October 2,
2022		April 2,
2023
 $ $ $
Raw materials46.8 70.3 60.3 
Work in progress20.8 20.4 17.5 
Finished goods452.1 420.8 394.8 
Total inventories at the lower of cost and net realizable value519.7 511.5 472.6 
Inventories are written down to net realizable value when the cost of inventories is estimated to be unrecoverable due to obsolescence, damage, or declining rate of sale.
The breakdown of the provision for obsolescence is presented as follows:
(in millions of Canadian dollars)October 1,
2023		October 2,
2022		April 2,
2023
$$$
Raw material shrink reserves0.2 — 0.2 
Finished goods shrink reserves0.9 0.7 0.4 
Raw material obsolete inventory reserves20.2 10.2 20.5 
Finished goods obsolete inventory reserves22.6 19.3 22.1 
Provision for obsolescence43.9 30.2 43.2 
Amounts charged to cost of sales comprise the following:
Second quarter endedTwo quarters ended
(in millions of Canadian dollars)October 1,
2023		October 2,
2022		October 1,
2023		October 2,
2022
 $ $ $ $
Cost of goods manufactured98.7 109.1 125.7 133.9 
Depreciation and amortization2.9 2.3 5.5 4.7 
101.6 111.4 131.2 138.6 


Canada Goose Holdings Inc.
Page 12 of 33

Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
Note 7.    Leases
Right-of-use assets
The following table presents changes in the cost and the accumulated depreciation of the Company’s right-of-use assets:
(in millions of Canadian dollars)Retail storesManufacturing facilitiesOtherTotal
Cost$$$$
April 2, 2023396.7 44.9 58.4 500.0 
Additions20.4 — 0.5 20.9 
Lease modifications6.9 — — 6.9 
Derecognition on termination(4.0)— (1.8)(5.8)
Impact of foreign currency translation(5.1)— (0.4)(5.5)
October 1, 2023414.9 44.9 56.7 516.5 
April 3, 2022296.3 36.7 17.4 350.4 
Additions45.3 — 34.6 79.9 
Additions from business combinations1.5 — 1.8 3.3 
Lease modifications2.6 — — 2.6 
Derecognition on termination(1.8)— — (1.8)
Impact of foreign currency translation9.0 — 0.6 9.6 
October 2, 2022352.9 36.7 54.4 444.0 

Canada Goose Holdings Inc.
Page 13 of 33

Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
(in millions of Canadian dollars)Retail storesManufacturing facilitiesOtherTotal
Accumulated depreciation$$$$
April 2, 2023171.1 20.6 16.5 208.2 
Depreciation30.4 2.8 3.3 36.5 
Derecognition on termination(4.0)— (1.8)(5.8)
Impact of foreign currency translation(2.3)— (0.1)(2.4)
October 1, 2023195.2 23.4 17.9 236.5 
April 3, 2022110.1 15.2 9.9 135.2 
Depreciation26.4 2.6 3.3 32.3 
Derecognition on termination(1.2)— — (1.2)
Impact of foreign currency translation3.0 — 0.4 3.4 
October 2, 2022138.3 17.8 13.6 169.7 
Net book value
October 1, 2023219.7 21.5 38.8 280.0 
October 2, 2022214.6 18.9 40.8 274.3 
April 2, 2023225.6 24.3 41.9 291.8 
Lease liabilities
The following table presents the changes in the Company's lease liabilities:
(in millions of Canadian dollars)Retail storesManufacturing facilitiesOtherTotal
$$$$
April 2, 2023259.2 27.7 47.9 334.8 
Additions20.3 — 0.2 20.5 
Lease modifications6.9 — — 6.9 
Principal payments(28.1)(2.7)2.1 (28.7)
Impact of foreign currency translation(3.1)— (0.1)(3.2)
October 1, 2023255.2 25.0 50.1 330.3 
April 3, 2022217.2 24.8 8.7 250.7 
Additions44.9 — 34.6 79.5 
Additions from business combinations1.5 — 1.7 3.2 
Lease modifications1.8 — — 1.8 
Principal payments(23.4)(2.7)(1.2)(27.3)
Impact of foreign currency translation7.3 — 0.3 7.6 
October 2, 2022249.3 22.1 44.1 315.5 

Canada Goose Holdings Inc.
Page 14 of 33

Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
Lease liabilities are classified as current and non-current liabilities as follows:
(in millions of Canadian dollars)Retail storesManufacturing facilitiesOtherTotal
$$$$
Current lease liabilities64.5 6.1 6.5 77.1 
Non-current lease liabilities190.7 18.9 43.6 253.2 
October 1, 2023255.2 25.0 50.1 330.3 
Current lease liabilities56.3 5.5 3.6 65.4 
Non-current lease liabilities193.0 16.6 40.5 250.1 
October 2, 2022249.3 22.1 44.1 315.5 
Current lease liabilities64.7 6.1 5.3 76.1 
Non-current lease liabilities194.5 21.6 42.6 258.7 
April 2, 2023259.2 27.7 47.9 334.8 
For the second and two quarters ended October 1, 2023, $3.3m and $6.1m of lease payments, respectively, were not included in the measurement of lease liabilities (second and two quarters ended October 2, 2022 - $2.1m and $2.7m, respectively). The majority of these balances related to short-term leases and variable rent payments, net of rent concessions, which are expensed as incurred.
Note 8.     Accounts payable and accrued liabilities
Accounts payable and accrued liabilities consist of the following:
(in millions of Canadian dollars)October 1,
2023		October 2,
2022		April 2,
2023
 $$ $
Trade payables64.5 66.0 60.1 
Accrued liabilities86.1 95.4 82.4 
Employee benefits32.9 27.1 21.9 
Derivative financial instruments9.8 17.6 3.3 
ASPP liability (note 11)10.0 — 20.0 
Other payables6.9 12.3 7.9 
Accounts payable and accrued liabilities210.2 218.4 195.6 

Canada Goose Holdings Inc.
Page 15 of 33

Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
Note 9.    Provisions
Provisions are classified as current and non-current liabilities based on management's expectations of the timing of settlement, as follows:
(in millions of Canadian dollars)WarrantySales returnsAsset retirement obligationsTotal
$$$$
Current provisions7.3 13.2 — 20.5 
Non-current provisions22.2 — 13.6 35.8 
October 1, 202329.5 13.2 13.6 56.3 
Current provisions5.9 15.8 — 21.7 
Non-current provisions22.6 — 9.1 31.7 
October 2, 202228.5 15.8 9.1 53.4 
Current provisions6.0 15.6 — 21.6 
Non-current provisions24.4 — 12.1 36.5 
April 2, 202330.4 15.6 12.1 58.1 
Note 10.     Borrowings
Amendments to borrowings
Effective June 30, 2023, LIBOR rates are no longer published for U.S Dollars. As a result, in the first quarter ended July 2, 2023, the Company transitioned facilities and contracts denominated in U.S dollars applying LIBOR to the Secured Overnight Financing Rate published by the Federal Reserve Bank of New York (“SOFR”). At this time, the Company entered into further amendments to its Revolving Facility (as defined below), Term Loan (as defined below) and the interest rate swaps to transition to SOFR. In connection with the amendments, during the first quarter ended July 2, 2023, the Company also extended the maturity of the Revolving Facility to May 15, 2028 and incurred transaction costs of $0.7m, on the extension of the Revolving Facility, which are being amortized using the effective interest rate method over the new term to maturity. There were no amendments to borrowings in the second quarter ended October 1, 2023.
See "Note 15. Financial risk management objectives and policies" for more details on the amendments to the interest rate swaps.

Canada Goose Holdings Inc.
Page 16 of 33

Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
Revolving Facility
The Company has an agreement with a syndicate of lenders for a senior secured asset-based revolving credit facility ("Revolving Facility") in the amount of $467.5m, with an increase in commitments to $517.5m during the peak season (June 1 - November 30). The Revolving Facility matures on May 15, 2028. Amounts owing under the Revolving Facility may be borrowed, repaid and re-borrowed for general corporate purposes. The Company has pledged substantially all of its assets as collateral for the Revolving Facility. The Revolving Facility contains financial and non-financial covenants which could impact the Company’s ability to draw funds.
The Revolving Facility has multiple interest rate charge options that are based on the Canadian prime rate, Banker's Acceptance rate, the lenders' Alternate Base Rate, European Base Rate, SOFR rate, or EURIBOR rate plus an applicable margin, with interest payable the earlier of quarterly or at the end of the then current interest period (whichever is earlier).
As at October 1, 2023, the Company had $86.3m owing on the Revolving Facility (October 2, 2022 - $55.9m, April 2, 2023 - $nil). Included in this balance is $1.6m of interest and administrative fees which remain outstanding as at October 1, 2023 (October 2, 2022 - $0.9m, April 2, 2023 - $nil). There were deferred financing charges in the amounts of $1.3m as at October 1, 2023 (October 2, 2022 - $0.8m). As at April 2, 2023, the Company had repaid all amounts owing on the Revolving Facility and related deferred financing charges in the amounts of $0.5m were included in other long-term liabilities. As at and during the two quarters ended October 1, 2023, the Company was in compliance with all covenants.
The Company had unused borrowing capacity available under the Revolving Facility of $335.2m as at October 1, 2023 (October 2, 2022 - $361.7m, April 2, 2023 - $238.4m).
The revolving credit commitment also includes a letter of credit commitment in the amount of $25.0m, with a $5.0m sub-commitment for letters of credit issued in a currency other than Canadian dollars, U.S. dollars, euros or British pounds sterling, and a swingline commitment for $25.0m. As at October 1, 2023, the Company had letters of credit outstanding under the Revolving Facility of $1.5m (October 2, 2022 - $1.7m, April 2, 2023 - $1.8m).
Term Loan
The Company has a senior secured loan agreement with a syndicate of lenders that is secured on a split collateral basis ("Term Loan") alongside the Revolving Facility. The Term Loan has an aggregate principal amount of USD300.0m, with quarterly repayments of USD0.75m on the principal amount and a maturity date of October 7, 2027. Moreover, the Term Loan has an interest rate of SOFR plus a term SOFR adjustment of 0.11448% with an applicable margin of 3.50% payable monthly in arrears. SOFR plus the term SOFR adjustment may not be less than 0.75%.

Canada Goose Holdings Inc.
Page 17 of 33

Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
Voluntary prepayments of amounts owing under the Term Loan may be made at any time without premium or penalty, once repaid may not be reborrowed. As at October 1, 2023, the Company had USD291.8m (October 2, 2022 - USD294.8m, April 2, 2023 - USD293.3m) aggregate principal amount outstanding under the Term Loan. The Company has pledged substantially all of its assets as collateral for the Term Loan. The Term Loan contains financial and non-financial covenants which could impact the Company’s ability to draw funds. As at and during the two quarters ended October 1, 2023, the Company was in compliance with all covenants.
As the Term Loan is denominated in U.S. dollars, the Company remeasures the outstanding balance plus accrued interest at each balance sheet date.
The amount outstanding with respect to the Term Loan is as follows:
(in millions of Canadian dollars)October 1,
2023		October 2,
2022		April 2,
2023
$$$
Term Loan
396.2 407.5 396.3 
Unamortized portion of deferred transaction costs(0.7)(0.7)(0.6)
395.5 406.8 395.7 
Mainland China Facilities
A subsidiary of the Company in Mainland China has three uncommitted loan facilities in the aggregate amount of RMB360.0m ($67.1m) ("Mainland China Facilities"). The term of each draw on the loans is one, three or six months or such other period as agreed upon and shall not exceed twelve months (including any extension or rollover). The interest rate on each facility is equal to the loan prime rate of 1 year, minus a marginal rate between 0.35% and 0.55%, and payable at one, three or six months, depending on the term of each draw. Proceeds drawn on the Mainland China Facilities are being used to support working capital requirements and build up of inventory for peak season sales. As at October 1, 2023, the Company had $47.5m (RMB254.8m) owing on the Mainland China Facilities (October 2, 2022 - $24.1m (RMB124.0m), April 2, 2023 - $9.8m (RMB50.0m)).
Japan Facility
A subsidiary of the Company in Japan has a loan facility in the aggregate amount of JPY4,000.0m ($36.4m) ("Japan Facility") with a floating interest rate of JBA TIBOR plus an applicable margin of 0.3%. The term of the facility is twelve months and each draw on the facility is payable within the term. Proceeds drawn on the Japan Facility are being used to support build up of inventory for peak season sales. As at October 1, 2023, the Company had $29.1m (JPY3,200.0m) owing on the Japan Facility (October 2, 2022 - $29.1m (JPY3,050.0m), April 2, 2023 - $13.7m (JPY1,350.0m)).
Short-term Borrowings
As at October 1, 2023, the Company has short-term borrowings in the amount of $80.7m. Short-term borrowings include $47.5m (October 2, 2022 - $24.1m, April 2, 2023 - $9.8m) owing on the Mainland China Facilities, $29.1m (October 2, 2022 - $29.1m, April 2, 2023 - $13.7m) owing on the Japan Facility, and $4.1m (October 2, 2022 - $4.1m, April 2, 2023- $4.1m) for the current portion of the quarterly principal repayments on the Term Loan. Short-term borrowings are all due within the next 12 months.

Canada Goose Holdings Inc.
Page 18 of 33

Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
Net interest, finance and other costs consist of the following:
Second quarter endedTwo quarters ended
(in millions of Canadian dollars)October 1,
2023		October 2,
2022		October 1,
2023		October 2,
2022
ReclassifiedReclassified
$$$$
Interest expense
Mainland China Facilities0.3 0.2 0.4 0.2 
Japan Facility1
— — — — 
Revolving Facility1.4 0.7 1.5 0.8 
Term Loan5.0 4.6 10.0 8.9 
Lease liabilities4.0 2.8 8.6 5.4 
Standby fees0.3 0.5 0.6 0.9 
Foreign exchange losses (gains) on Term Loan net of hedges1.7 16.8 (0.5)15.3 
Fair value remeasurement on the put option liability (note 14)2.7 1.7 10.8 1.7 
Fair value remeasurement on the contingent consideration (note 14)(2.0)(3.7)(3.0)(3.7)
Interest income(0.1)(0.1)(0.8)(0.2)
Other costs0.3 0.1 0.5 0.2 
Net interest, finance and other costs13.6 23.6 28.1 29.5 
1The net interest expense for the Japan Facility is less than $0.1m for the second and two quarters ended October 1, 2023 (second and two quarters ended October 2, 2022 - less than $0.1m).
Note 11.     Shareholders' equity
Share capital transactions for the two quarters ended October 1, 2023
Normal course issuer bid
The Board of Directors has authorized the Company to initiate a normal course issuer bid ("NCIB"), in accordance with the requirements of the Toronto Stock Exchange, to purchase up to 5,421,685 subordinate voting shares over the 12-month period from November 22, 2022 to November 21, 2023. Purchased subordinate voting shares will be cancelled.
In connection with the NCIB, the Company also entered an automatic share purchase plan (“ASPP”) under which a designated broker may purchase subordinate voting shares under the NCIB during the regularly scheduled quarterly trading blackout periods of the Company. The repurchases made under the ASPP will be made in accordance with certain purchasing parameters and will continue until the earlier of the date in which the Company has acquired the maximum limit of subordinate voting shares pursuant to the ASPP or upon the date of expiry of the NCIB.

Canada Goose Holdings Inc.
Page 19 of 33

Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
During the two quarters ended October 1, 2023, the Company purchased 2,521,501 subordinate voting shares for cancellation for total cash consideration of $56.2m. The amount to purchase the subordinate voting shares was charged to share capital, with the remaining $50.5m charged to retained earnings. Of the 2,521,501 subordinate voting shares purchased, 672,644 were purchased under the ASPP for total cash consideration of $16.2m. Since the commencement of the NCIB in fiscal 2023, the Company purchased 3,674,303 subordinate voting shares for cancellation for total cash consideration of $84.1m.
A liability representing the maximum amount that the Company could be required to pay the designated broker under the ASPP was $10.0m as at October 1, 2023. The amount was charged to contributed surplus. Subsequent to the two quarters ended October 1, 2023, the Company purchased an additional 570,057 subordinate voting shares for cancellation for total cash consideration of $10.0m under the ASPP. As at the filing date of this report, the remaining liability to the designated broker is $nil.
The transactions affecting the issued and outstanding share capital of the Company are described below:
(in millions of Canadian dollars, except share amounts)Multiple voting sharesSubordinate voting sharesTotal
Number$Number$Number$
April 2, 202351,004,076 1.4 53,184,912 117.3 104,188,988 118.7 
Purchase of subordinate voting shares— — (2,521,501)(5.7)(2,521,501)(5.7)
Total share purchases— — (2,521,501)(5.7)(2,521,501)(5.7)
Exercise of stock options— — 13,110 0.1 13,110 0.1 
Settlement of RSUs— — 134,020 3.8 134,020 3.8 
Total share issuances— — 147,130 3.9 147,130 3.9 
October 1, 202351,004,076 1.4 50,810,541 115.5 101,814,617 116.9 
Share capital transactions for the two quarters ended October 2, 2022
The transactions affecting the issued and outstanding share capital of the Company are described below:
(in millions of Canadian dollars, except share amounts)Multiple voting sharesSubordinate voting sharesTotal
Number$Number$Number$
April 3, 202251,004,076 1.4 54,190,432 117.1 105,194,508 118.5 
Exercise of stock options— — 55,248 — 55,248 — 
Settlement of RSUs— — 85,866 2.7 85,866 2.7 
Total share issuances— — 141,114 2.7 141,114 2.7 
October 2, 202251,004,076 1.4 54,331,546 119.8 105,335,622 121.2 

Canada Goose Holdings Inc.
Page 20 of 33

Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
Note 12.    Share-based payments
Stock options
The Company issued stock options to purchase subordinate voting shares under its incentive plans, prior to the public share offering on March 21, 2017, the Legacy Plan, and subsequently, the Omnibus Plan. All options are issued at an exercise price that is not less than market value at the time of grant and expire ten years after the grant date.
Stock option transactions are as follows:
Two quarters ended
October 1,
2023		October 2,
2022
(in millions of Canadian dollars, except share and per share amounts)Weighted average exercise priceNumber of sharesWeighted average exercise priceNumber of shares
Options outstanding, beginning of period$36.58 4,055,199$42.99 2,722,690 
Granted to purchase shares$22.24 755,762$24.64 1,568,221 
Exercised$3.91 (13,110)$0.25 (55,248)
Cancelled$29.61 (292,448)$43.26 (121,356)
Options outstanding, end of period$34.72 4,505,403$36.56 4,114,307
Restricted share units
Under the Omnibus Plan, the Company has granted RSUs to employees of the Company. The RSUs are treated as equity instruments for accounting purposes. We expect that vested RSUs will be paid at settlement through the issuance of one subordinate voting share per RSU. The RSUs vest over a period of three years, a third on each anniversary of the date of grant.
RSUs transactions are as follows:
Two quarters ended
October 1,
2023		October 2,
2022
Number of sharesNumber of shares
RSUs outstanding, beginning of period318,082 215,590 
Granted375,668 207,820 
Settled(134,020)(85,866)
Cancelled(36,421)(11,135)
RSUs outstanding, end of period523,309326,409

Canada Goose Holdings Inc.
Page 21 of 33

Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
Performance share units
In May 2023, the Company implemented a Performance Share Unit (“PSU”) program under the Omnibus Plan. A PSU represents the right to receive a subordinate voting share settled by the issuance of shares at the vesting date. PSUs vest on the third anniversary of the award date and are earned only if certain performance targets are achieved. Shares issued per PSU at the vesting date can decrease or increase if minimum or maximum performance targets are achieved ranging from 0% to 200% of the PSU award granted. The Company expects that vested PSUs will be paid at settlement through the issuance of one subordinate voting share per PSU. PSUs are treated as equity instruments for accounting purposes.
PSUs transactions are as follows:
Two quarters ended
October 1,
2023		October 2,
2022
Number of sharesNumber of shares
PSUs outstanding, beginning of period— — 
Granted397,600 — 
Cancelled(7,468)— 
PSUs outstanding, end of period390,132—
Shares reserved for issuance
As at October 1, 2023, subordinate voting shares, to a maximum of 5,426,114 shares, have been reserved for issuance under equity incentive plans to select employees of the Company, with vesting contingent upon meeting the service, performance goals and other conditions of the Omnibus Plan.
Accounting for share-based awards
For the second and two quarters ended October 1, 2023, the Company recorded $4.7m and $7.2m, respectively, as compensation expense for the vesting of stock options, RSUs and PSUs (second and two quarters ended October 2, 2022 - $4.3m and $7.0m, respectively). Share-based compensation expense is included in SG&A expenses.
The assumptions used to measure the fair value of options granted under the Black-Scholes option pricing model at the grant date were as follows:
Two quarters ended
(in millions of Canadian dollars, except share and per share amounts)October 1,
2023		October 2,
2022
Weighted average stock price valuation$22.24 $24.64 
Weighted average exercise price$22.24 $24.64 
Risk-free interest rate4.11 %2.51 %
Expected life in years5 5 
Expected dividend yield— %— %
Volatility40 %40 %
Weighted average fair value of options issued$7.51 $7.86 

Canada Goose Holdings Inc.
Page 22 of 33

Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
RSU and PSU fair values are determined based on the market value of the subordinate voting shares at the time of grant. As at October 1, 2023, the weighted average fair value of RSUs was $22.24 (October 2, 2022 - $24.64). As at October 1, 2023, the weighted average fair value of PSUs was $22.24.
Note 13.    Related party transactions
The Company enters into transactions from time to time with its principal shareholders and organizations affiliated with members of the Board of Directors by incurring expenses for business services. During the second and two quarters ended October 1, 2023, the Company incurred expenses with related parties of $0.1m and $0.4m, respectively (second and two quarters ended October 2, 2022 - $0.2m and $0.5m, respectively) from companies related to certain shareholders. Balances owing to related parties as at October 1, 2023 were $0.1m (October 2, 2022 - $0.2m, April 2, 2023 - $0.4m).
A lease liability due to the controlling shareholder of the acquired Baffin Inc. business (the "Baffin Vendor") for leased premises was $2.7m as at October 1, 2023 (October 2, 2022 - $3.5m, April 2, 2023 - $3.1m). During the second and two quarters ended October 1, 2023, the Company paid principal and interest on the lease liability, net of rent concessions, and other operating costs to entities affiliated with the Baffin Vendor totalling $0.3m and $0.7m, respectively (second and two quarters ended October 2, 2022 - $0.3m and $0.7m, respectively). No amounts were owing to Baffin entities as at October 1, 2023, October 2, 2022, and April 2, 2023.
The joint venture between the Company and Sazaby League ("Japan Joint Venture"), has lease liabilities due to the non-controlling shareholder, Sazaby League for leased premises. Lease liabilities were $2.2m as at October 1, 2023 (October 2, 2022 - $2.7m, April 2, 2023 - $2.7m). During the second and two quarters ended October 1, 2023, the Company incurred principal and interest on lease liabilities, royalty fees, and other operating costs to Sazaby League totalling $0.8m and $1.9m, respectively (second and two quarters ended October 2, 2022 - $1.1m and $2.5m, respectively). Balances owing to Sazaby League as at October 1, 2023 were $0.2m (October 2, 2022 - $0.3m, April 2, 2023 - $0.2m).
During the second and two quarters ended October 1, 2023, the Japan Joint Venture sold inventory of $0.1m and $0.1m, respectively to companies wholly owned by Sazaby League (second and two quarters ended October 2, 2022 - $0.1m and $0.1m, respectively). As at October 1, 2023, the Japan Joint Venture recognized a trade receivable of $0.1m from these companies (October 2, 2022 - $0.1m, April 2, 2023 - $0.1m).
Pursuant to the agreement entered between the Company and Sazaby League to form the Japan Joint Venture ("Joint Venture Agreement"), during the second and two quarters ended October 2, 2022 the Company sold inventory of $4.5m and $11.2m, respectively, to Sazaby League for repurchase by the Japan Joint Venture for inventory fulfillment. The Company recognized a receivable from Sazaby League as at October 2, 2022 of $1.6m in trade receivables. During the second and two quarters ended October 2, 2022, the Japan Joint Venture repurchased $5.0m and $11.2m, respectively, of inventory from Sazaby League and the Japan Joint Venture recognized a payable to Sazaby League of $1.7m as at October 2, 2022 in accounts payable and accrued liabilities. These transactions were measured based on pricing established through the Joint Venture Agreement at market terms and were not recognized as sales transactions. The repurchase of inventory pursuant to this Joint Venture Agreement was completed during the fourth quarter ended April 2, 2023.

Canada Goose Holdings Inc.
Page 23 of 33

Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
Note 14.    Financial instruments and fair value
The following table presents the fair values and fair value hierarchy of the Company’s financial instruments and excludes financial instruments carried at amortized cost that are short-term in nature:
October 1,
2023
(in millions of Canadian dollars)Level 1Level 2Level 3Carrying valueFair value
 $ $ $ $ $
Financial assets
Derivatives included in other current assets— 26.5 — 26.5 26.5 
Derivatives included in other long-term assets— 12.1 — 12.1 12.1 
Financial liabilities
Derivatives included in accounts payable and accrued liabilities— 9.8 — 9.8 9.8 
Mainland China Facilities— 47.5 — 47.5 47.5 
Japan Facility— 29.1 — 29.1 29.1 
Revolving Facility — 85.0 — 85.0 86.3 
Term Loan— 395.5 — 395.5 432.4 
Derivatives included in other long-term liabilities— 1.9 — 1.9 1.9 
Put option liability included in other long-term liabilities— — 39.5 39.5 39.5 
Contingent consideration included in other long-term liabilities— — 12.0 12.0 12.0 
October 2,
2022
(in millions of Canadian dollars)Level 1Level 2Level 3Carrying valueFair value
$$$$$
Financial assets
Derivatives included in other current assets— 20.4 — 20.4 20.4 
Derivatives included in other long-term assets— 26.8 — 26.8 26.8 
Financial liabilities
Derivatives included in accounts payable and accrued liabilities— 17.6 — 17.6 17.6 
Mainland China Facilities— — 24.1 24.1 24.1 
Japan Facility— 29.1 — 29.1 29.1 
Revolving Facility — 55.1 — 55.1 55.9 
Term Loan— 406.8 — 406.8 438.8 
Put option liability included in other long-term liabilities— — 21.5 21.5 21.5 
Contingent consideration included in other long-term liabilities— — 15.0 15.0 15.0 

Canada Goose Holdings Inc.
Page 24 of 33

Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
April 2,
2023
(in millions of Canadian dollars)Level 1Level 2Level 3Carrying valueFair value
$$$$$
Financial assets
Derivatives included in other current assets— 12.4 — 12.4 12.4 
Derivatives included in other long-term assets— 12.4 — 12.4 12.4 
Financial liabilities
Derivatives included in accounts payable and accrued liabilities— 3.3 — 3.3 3.3 
Mainland China Facilities— — 9.8 9.8 9.8 
Japan Facility— 13.7 — 13.7 13.7 
Term Loan— 395.7 — 395.7 433.1 
Derivatives included in other long-term liabilities— 6.0 — 6.0 6.0 
Put option liability included in other long-term liabilities— — 32.1 32.1 32.1 
Contingent consideration included in other long-term liabilities— — 16.8 16.8 16.8 
In connection with the Japan Joint Venture, for the second and two quarters ended October 1, 2023, the Company recorded a decrease of JPY222.6m ($2.2m, excluding translation losses of $0.2m) and a decrease of JPY332.8m ($4.8m, excluding translation losses of $1.8m), respectively, on the remeasurement of the contingent consideration. The Company recorded an increase of JPY303.6m ($2.4m, excluding translation losses of $0.3m) and an increase of JPY1,189.1m ($7.4m, excluding translation losses of $3.4m) on the remeasurement of the put option liability during the second and two quarters ended October 1, 2023, respectively. The change in fair values of the contingent consideration and put option liability were driven by progression through the 4-year and 10-year terms, respectively, and improvements in the Company’s credit rating.
For the second and two quarters ended October 2, 2022, the Company recorded a decrease of JPY388.2m ($5.0m, excluding translation losses of $1.3m) on the remeasurement of the contingent consideration, resulting in the fair value of the contingent consideration of JPY1,570.7m ($15.0m). The Company recorded an increase of JPY174.9m ($0.3m, excluding translation losses of $1.4m) on the remeasurement of the put option liability during the second and two quarters ended October 2, 2022, resulting in a balance of JPY2,251.3m ($21.5m).
Note 15.    Financial risk management objectives and policies
The Company’s primary risk management objective is to protect the Company’s assets and cash flow, in order to increase the Company’s enterprise value.
The Company is exposed to capital management risk, liquidity risk, credit risk, market risk, foreign exchange risk, and interest rate risk. The Company’s senior management and Board of Directors oversee the management of these risks. The Board of Directors reviews and agrees upon policies for managing each of these risks which are summarized below.

Canada Goose Holdings Inc.
Page 25 of 33

Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
Capital management
The Company manages its capital and capital structure with the objectives of safeguarding sufficient net working capital over the annual operating cycle and providing sufficient financial resources to grow operations to meet long-term consumer demand. The Board of Directors of the Company monitors the Company’s capital management on a regular basis. The Company will continually assess the adequacy of the Company’s capital structure and capacity and make adjustments within the context of the Company’s strategy, economic conditions, and risk characteristics of the business.
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to satisfy the requirements for business operations, capital expenditures, debt service and general corporate purposes, under normal and stressed conditions. The primary source of liquidity is funds generated by operating activities; the Company also relies on the Mainland China Facilities, the Japan Facility and Revolving Facility as sources of funds for short term working capital needs. The Company continuously reviews both actual and forecasted cash flows to ensure that the Company has appropriate capital capacity.
The following table summarizes the amount of contractual undiscounted future cash flow requirements as at October 1, 2023:
Contractual obligations by fiscal yearQ3 to Q4 202420252026202720282029ThereafterTotal
(in millions of Canadian dollars)$$$$$$$$
Accounts payable and accrued liabilities210.2 — — — — — — 210.2 
Mainland China Facilities47.5 — — — — — — 47.5 
Japan Facility29.1 — — — — — — 29.1 
Revolving Facility— — — — — 86.3 — 86.3 
Term Loan2.0 4.1 4.1 4.1 381.9 — — 396.2 
Interest commitments relating to borrowings1
21.0 36.2 35.4 35.4 17.7 — — 145.7 
Lease obligations48.7 85.5 64.7 54.0 39.3 29.4 72.7 394.3 
Pension obligation— — — — — — 2.0 2.0 
Total contractual obligations358.5 125.8 104.2 93.5 438.9 115.7 74.7 1,311.3 
1    Interest commitments are calculated based on the loan balance and the interest rate payable on the Mainland China Facilities, the Japan Facility, the Revolving Facility, and the Term Loan of 3.07%, 0.35%, 5.89%, and 8.93% respectively, as at October 1, 2023.
As at October 1, 2023, we had additional liabilities which included provisions for warranty, sales returns, asset retirement obligations, deferred income tax liabilities, as well as the put option liability and the contingent consideration on the Japan Joint Venture. These liabilities have not been included in the table above as the timing and amount of future payments are uncertain.

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Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
Letter of guarantee facility
On April 14, 2020, Canada Goose Inc. entered into a letter of guarantee facility in the amount of $10.0m. Letters of guarantee are available for terms of up to twelve months and will be charged a fee equal to 1.0% per annum calculated against the face amount and over the term of the guarantee. Amounts issued on the facility will be used to finance working capital requirements of Canada Goose Inc. through letters of guarantee, standby letters of credit, performance bonds, counter guarantees, counter standby letters of credit, or similar credits. The Company immediately reimburses the issuing bank for amounts drawn on issued letters of guarantees. At October 1, 2023, the Company had $6.8m outstanding.
In addition, a subsidiary of the Company in Mainland China entered into letters of guarantee and as at October 1, 2023 the amount outstanding was $8.9m. Amounts will be used to support retail operations of such subsidiaries through letters of guarantee, standby letters of credit, performance bonds, counter guarantees, counter standby letters of credit, or similar credits.
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.
Credit risk arises from the possibility that certain parties will be unable to discharge their obligations. The Company manages its credit risk through a combination of third party credit insurance and internal house risk. Credit insurance is provided by a third party for customers and is subject to continuous monitoring of the credit worthiness of the Company's customers. Insurance covers a specific amount of revenue, which may be less than the Company's total revenue with a specific customer. The Company has an agreement with a third party who has insured the risk of loss for up to 90% of trade accounts receivable from certain designated customers subject to a total deductible of $0.1m, to a maximum of $30.0m per year. As at October 1, 2023, trade accounts receivable totalling approximately $77.5m (October 2, 2022 - $93.3m, April 2, 2023 - $10.3m) were insured subject to the policy cap. Complementary to the third party insurance, the Company establishes payment terms with customers to mitigate credit risk and continues to closely monitor its trade accounts receivable credit risk exposure.
Within CG Japan, the Company has an agreement with a third party who has insured the risk of loss for up to 45% of trade accounts receivable for certain designated customers for a maximum of JPY450.0m per annum subject to a deductible of 10% and applicable only to accounts with receivables over JPY100k. As at October 1, 2023, trade accounts receivable totalling approximately $4.1m (JPY450.0m) were insured subject to the policy cap (October 2, 2022 - $4.3m (JPY450.0m), April 2, 2023 - $0.7m (JPY72.8m)).
Trade accounts receivable factoring program
A subsidiary of the Company in Europe has an agreement to factor, on a limited recourse basis, certain of its trade accounts receivable up to a limit of EUR20.0m in exchange for advanced funding equal to 100% of the principal value of the invoice.

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Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
For the two quarters ended October 1, 2023, the Company received cash proceeds from the sale of trade accounts receivable with carrying values of $25.9m which were derecognized from the Company's statement of financial position (two quarters ended October 2, 2022 - $20.0m). Fees of $0.2m were incurred during the two quarters ended October 1, 2023 (two quarters ended October 2, 2022 - $0.1m) and included in net interest, finance and other costs in the interim statements of income (loss). As at October 1, 2023, the outstanding amount of trade accounts receivable derecognized from the Company’s statement of financial position, but which the Company continued to service, was $12.2m (October 2, 2022 - $13.5m, April 2, 2023 - $1.1m).
Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise foreign exchange risk and interest rate risk.
Foreign exchange risk
Foreign exchange risk in operating cash flows
The Company’s Interim Financial Statements are expressed in Canadian dollars, but a substantial portion of the Company’s revenues, purchases, and expenses are denominated in other currencies, principally U.S. dollars, euros, British pounds sterling, Swiss francs, Chinese yuan, Hong Kong dollars and Japanese yen. The Company has entered into forward foreign exchange contracts to reduce the foreign exchange risk associated with revenues, purchases, and expenses denominated in these currencies. Certain forward foreign exchange contracts were designated at inception and accounted for as cash flow hedges. During the fourth quarter of fiscal 2023, the Company executed the operating cash flow hedge program for the fiscal year ending March 31, 2024.
Revenues and expenses of all foreign operations are translated into Canadian dollars at the foreign currency exchange rates that approximate the rates in effect at the dates when such items are recognized. As a result, we are exposed to foreign currency translation gains and losses. Appreciating foreign currencies relative to the Canadian dollar, to the extent they are not hedged, will positively impact operating income and net income by increasing our revenue, while depreciating foreign currencies relative to the Canadian dollar will have the opposite impact.
The Company recognized the following unrealized losses and gains in the fair value of derivatives designated as cash flow hedges in other comprehensive income:
Second quarter endedTwo quarters ended
October 1,
2023		October 2,
2022		October 1,
2023		October 2,
2022
(in millions of Canadian dollars)Net lossTax recoveryNet lossTax recoveryNet gainTax expenseNet lossTax recovery
$$$$$$$$
Forward foreign exchange contracts designated as cash flow hedges(4.2)1.1 (0.9)0.5 3.0 (0.7)(0.2)0.1 

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Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
The Company reclassified the following losses and gains from other comprehensive income on derivatives designated as cash flow hedges to locations in the Interim Financial Statements described below:
Second quarter endedTwo quarters ended
(in millions of Canadian dollars)October 1,
2023		October 2,
2022		October 1,
2023		October 2,
2022
Loss (gain) from other comprehensive income
Reclassified
Reclassified
Forward foreign exchange contracts designated as cash flow hedges$$$$
Revenue0.1 (0.4)0.2 0.3 
SG&A expenses(0.4)(0.3)(0.5)0.7 
Inventory0.1 — — (0.1)
For the second and two quarters ended October 1, 2023, an unrealized loss of $0.4m and an unrealized gain of $1.8m, respectively (second and two quarters ended October 2, 2022 - unrealized losses of $1.3m and $1.9m, respectively) on forward exchange contracts that were not treated as hedges were recognized in SG&A expenses in the interim statements of income (loss).
Foreign currency forward exchange contracts outstanding as at October 1, 2023 related to operating cash flows were:
(in millions)Aggregate AmountsCurrency
Forward contract to purchase Canadian dollarsUSD148.5 U.S. dollars
€188.4 euros
¥792.9 Japanese yen
Forward contract to sell Canadian dollarsUSD60.7 U.S. dollars
€114.0 euros
£5.0 British pounds sterling
Forward contract to purchase eurosCHF1.6 Swiss francs
CNY1,282.7 Chinese yuan
£56.4 British pounds sterling
HKD67.8 Hong Kong dollars
Forward contract to sell eurosCHF5.3 Swiss francs
CNY308.7 Chinese yuan
£14.1 British pounds sterling
HKD53.2 Hong Kong dollars





Canada Goose Holdings Inc.
Page 29 of 33

Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
Foreign exchange risk on borrowings
The Company enters into derivative transactions to hedge a portion of its exposure to interest rate risk and foreign currency exchange risk related to principal and interest payments on the Term Loan denominated in U.S. dollars (see "Note 10. Borrowings"). The Company also entered into a five-year forward exchange contract by selling $368.5m and receiving USD270.0m as measured on the trade date, to fix the foreign exchange risk on a portion of the Term Loan borrowings.
The Company recognized the following unrealized gains in the fair value of derivatives designated as hedging instruments in other comprehensive income:
Second quarter endedTwo quarters ended
October 1,
2023		October 2,
2022		October 1,
2023		October 2,
2022
(in millions of Canadian dollars)Net gainTax expenseNet gainTax expenseNet gainTax expenseNet gainTax expense
$$$$$$$$
Swaps designated as cash flow hedges0.4 (0.1)8.7 (3.0)3.0 (1.3)9.3 (3.2)
The Company reclassified the following gains and losses from other comprehensive income on derivatives designated as hedging instruments to net interest, finance and other costs:
Second quarter endedTwo quarters ended
(in millions of Canadian dollars)October 1,
2023		October 2,
2022		October 1,
2023		October 2,
2022
(Gain) loss from other comprehensive income$$$$
Swaps designated as cash flow hedges(0.4)0.2 (0.9)0.4 
For the second and two quarters ended October 1, 2023, unrealized gains of $8.0m and $2.4m, respectively (second and two quarters ended October 2, 2022 - unrealized gains of $11.0m and $23.4m, respectively) in the fair value of the long-dated forward exchange contract related to a portion of the Term Loan balance were recognized in net interest, finance and other costs in the interim statements of income (loss).
Interest rate risk
The Company is exposed to interest rate risk related to the effect of interest rate changes on the borrowings outstanding under the Mainland China Facilities, Japan Facility, the Revolving Facility, and the Term Loan, which currently bear interest rates at 3.07%, 0.35%, 5.89%, and 8.93%, respectively.
Interest rate risk on the Term Loan is partially mitigated by interest rate swap hedges. The Company has entered into five-year interest rate swap agreements terminating December 31, 2025 to pay fixed interest rates and receive floating interest rates on notional debt of USD270.0m. Effective June 30, 2023, the floating interest benchmark reference rate contained within the swap agreements were amended from LIBOR to SOFR and the average fixed rates were reduced from 1.97% to 1.76%. These swap agreements fix the interest rate on the USD300.0m Term Loan. Following the amendment, the interest rate swaps continue to be designated and accounted for as cash flow hedges.

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Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
Based on the weighted average amount of outstanding borrowings, a 1.00% increase in the average interest rate during the two quarters ended October 1, 2023 would have increased interest expense on the Mainland China Facilities, Japan Facility, the Revolving Facility, and the Term Loan before hedging, by $0.1m, $0.1m, $0.2m, and $2.0m, respectively (two quarters ended October 2, 2022 - less than $0.1m, $0.1m, $0.1m, and $1.9m, respectively).
Note 16.    Selected cash flow information
Changes in non-cash operating items
Second quarter endedTwo quarters ended
(in millions of Canadian dollars)October 1,
2023		October 2,
2022		October 1,
2023		October 2,
2022
Reclassified
Reclassified
$$$$
 Trade receivables(97.3)(106.5)(97.8)(111.0)
 Inventories1.1 (9.4)(51.2)(95.3)
 Other current assets(11.6)(7.9)(16.6)(12.7)
 Accounts payable and accrued liabilities37.9 38.6 2.6 24.3 
 Provisions5.7 6.6 (1.9)3.4 
 Other(3.1)(0.6)(1.3)(11.4)
Change in non-cash operating items(67.3)(79.2)(166.2)(202.7)

Canada Goose Holdings Inc.
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Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
Changes in liabilities and equity arising from financing activities
Mainland China FacilitiesJapan FacilityRevolving FacilityTerm LoanLease liabilitiesShare capital
$$$$$$
April 2, 20239.8 13.7 (0.5)395.7 334.8 118.7 
Cash flows:
Mainland China Facilities borrowings37.7 — — — — — 
Japan Facility borrowings— 15.4 — — — — 
Revolving Facility borrowings
— — 86.3 — — — 
Term Loan repayments— — — (2.0)— — 
Transactions costs on financing activities— — (0.2)(0.1)— — 
Subordinate voting shares purchased and cancelled under NCIB— — — — — (56.2)
Principal payments on lease liabilities— — — — (28.7)— 
Issuance of shares— — — — — 0.1 
Non-cash items:
Accrued transaction costs— — (0.7)— — — 
Amortization of deferred transaction costs— — 0.1 — — — 
Unrealized foreign exchange loss (gain)— — — 1.9 (3.2)— 
Additions and amendments to lease liabilities (note 7)— — — — 27.4 — 
Share purchase charge to retained earnings (note 11)— — — — — 50.5 
Contributed surplus on share issuances (note 11)— — — — — 3.8 
October 1, 202347.5 29.1 85.0 395.5 330.3 116.9 

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Notes to the Condensed Consolidated Interim Financial Statements
(unaudited)
Mainland China Facilities
Japan Facility
Revolving Facility
Term Loan
Lease liabilitiesShare capital
$$$$$$
April 3, 2022— — (0.4)370.0 250.7 118.5 
Cash flows:
Cash inflow from business combination— 19.4 — — 3.2 — 
Mainland China Facilities borrowings24.1 — — — — — 
Japan Facility borrowings— 9.7 — — — — 
Revolving Facility borrowings— — 55.4 — — — 
Term Loan repayments— — — (2.0)— — 
Transactions costs on financing activities — — — — — — 
Principal payments on lease liabilities— — — — (27.3)— 
Non-cash items:
Amortization of deferred transaction costs — — — 0.1 — — 
Unrealized foreign exchange loss— — — 38.7 7.6 — 
Additions and amendments to lease liabilities (note 7)— — — — 81.3 — 
Contributed surplus on share issuances (note 11)— — — — — 2.7 
October 2, 202224.1 29.1 55.0 406.8 315.5 121.2 

Note 17.    Subsequent Events
Prior to the end of the second quarter, the Company entered into a framework agreement to acquire a manufacturing facility. The acquisition has not been completed as at the issuance date of these Interim Financial Statements, but is expected imminently.

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CANADA GOOSE HOLDINGS INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
For the second and two quarters ended October 1, 2023
The following Management’s Discussion and Analysis (“MD&A”) for Canada Goose Holdings Inc. (“us,” “we,” “our,” “Canada Goose” or the “Company”) is dated October 31, 2023 and provides information concerning our results of operations and financial condition for the second and two quarters ended October 1, 2023. All figures are presented in Canadian (“CAD”) dollars, unless otherwise noted. You should read this MD&A together with our unaudited condensed consolidated interim financial statements and the related notes as at and for the second and two quarters ended October 1, 2023 (“Interim Financial Statements”) and our audited consolidated financial statements and the related notes for the fiscal year ended April 2, 2023 (“Annual Financial Statements”). Additional information about Canada Goose is available on our website at www.canadagoose.com, on the SEDAR+ website at www.sedarplus.ca, and on the EDGAR section of the U.S. Securities and Exchange Commission (the “SEC”) website at www.sec.gov, including our Annual Report on Form 20-F for the fiscal year ended April 2, 2023 (“Annual Report”).
CAUTIONARY NOTE REGARDING FORWARD‑LOOKING STATEMENTS
This MD&A contains forward-looking statements. These statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, and other future conditions. Forward-looking statements can be identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “predict,” “project,” “potential,” “should,” “will,” “would,” and other similar expressions, although not all forward-looking statements contain these identifying words. These forward-looking statements include all matters that are not historical facts. They appear in many places throughout this MD&A and include statements regarding our intentions, beliefs, or current expectations concerning, among other things, our results of operations, financial condition, liquidity, business prospects, growth, strategies, expectations regarding industry trends and the size and growth rates of addressable markets, our business plan, and our growth strategies, including plans for expansion to new markets and new products, expectations for seasonal trends, and the industry in which we operate.
Certain assumptions made in preparing the forward-looking statements contained in this MD&A include:
•our ability to implement our growth strategies;
•our ability to maintain strong business relationships with our customers, suppliers, wholesalers, and distributors;
•our ability to keep pace with changing consumer preferences;
•our ability to protect our intellectual property;
•our ability to adapt to changes to our business as a whole due to environmental, social and governance (“ESG”) considerations;
Canada Goose Holdings Inc.
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•the continued absence of material global supply chain disruptions to our business, ability to fulfill demand and maintain sufficient inventory levels, which we continue to monitor; and
•the absence of material adverse changes in our industry or the global economy.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We believe that these risks and uncertainties include, but are not limited to, those described in the “Risk Factors” section of our Annual Report and other risk factors described herein, which include, but are not limited to, the following risks:
•we may not open retail stores or expand e-Commerce access on our planned timelines;
•we may be unable to maintain the strength of our brand or to expand our brand to new products and geographies;
•unanticipated changes in the effective tax rate or adverse outcomes from audit examinations of corporate income or other tax returns;
•our indebtedness may adversely affect our financial condition, and we may not be able to refinance or renegotiate such indebtedness on favourable or satisfactory terms;
•an economic downturn and general economic conditions (for example, inflation and rising interest rates) may further affect discretionary consumer spending;
•we may not be able to satisfy changing consumer preferences;
•global political events, including the impact of political disruptions and protests, which may cause business interruptions;
•our ability to procure high quality raw materials and certain finished goods globally;
•our ability to manage inventory and forecast our inventory need, which we continue to monitor, and to manage our production distribution networks. In anticipation of our expected growth and as an important hedge against inflation, we have built up our inventory to elevated levels. If our supply exceeds demand, we may be required to take certain actions to reduce inventory which could damage our brand;
•our ability to forecast our inventory needs and to manage our product distribution networks;
•we may not be able to protect or preserve our brand image and proprietary rights;
•the success of our business strategy;
•our ability to manage our exposure to data security and cyber security events;
•disruptions to manufacturing and distribution activities due to factors such as operational issues, disruptions in transportation logistic functions or labour shortages or disruptions;
•risks and global disruptions associated with geopolitical events and the COVID-19 pandemic, which may further affect general economic and operating conditions;
•follow on effects of the recent U.S. banking failures;
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•fluctuations in raw material costs, interest rates and currency exchange rates;
•we may be unable to maintain effective internal controls over financial reporting; and
•our ability to successfully execute our Transformation program.
Although we base the forward-looking statements contained in this MD&A on assumptions that we believe are reasonable, we caution you that actual results and developments (including our results of operations, financial condition and liquidity, and the development of the industry in which we operate) may differ materially from those made in or suggested by the forward-looking statements contained in this MD&A. Additional impacts may arise that we are not aware of currently. The potential of such additional impacts intensifies the business and operating risks which we face, and these should be considered when reading the forward-looking statements contained in this MD&A. In addition, even if results and developments are consistent with the forward-looking statements contained in this MD&A, those results and developments may not be indicative of results or developments in subsequent periods. As a result, any or all of our forward-looking statements in this MD&A may prove to be inaccurate. No forward-looking statement is a guarantee of future results. Moreover, we operate in a highly competitive and rapidly changing environment in which new risks often emerge. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make.
You should read this MD&A and the documents that we reference herein completely and with the understanding that our actual future results may be materially different from what we expect. The forward-looking statements contained herein are made as of the date of this MD&A, and we do not assume any obligation to update any forward-looking statements except as required by applicable laws.
BASIS OF PRESENTATION
The Interim Financial Statements are prepared in accordance with International Financial Reporting Standards (“IFRS”), specifically International Accounting Standard (“IAS”) 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (“IASB”), and are presented in millions of Canadian dollars, except where otherwise indicated. The Interim Financial Statements do not include all of the information required for Annual Financial Statements and should be read in conjunction with the Annual Financial Statements. Certain financial measures contained in this MD&A are non-IFRS financial measures and are discussed further under “Non-IFRS Financial Measures and Other Specified Financial Measures” below.
The Interim Financial Statements and the accompanying notes have been prepared using the accounting policies described in “Note 2. Material accounting policy information and critical accounting estimates and judgments” in the Interim Financial Statements.
All references to “$”, “CAD” and “dollars” refer to Canadian dollars, “USD” refers to U.S. dollars, “GBP” refers to British pounds sterling, “EUR” refers to euros, “CHF” refers to Swiss francs, “CNY” refers to Chinese yuan, ”RMB” refers to Chinese renminbi, “HKD” refers to Hong Kong dollars, and “JPY” refers to Japanese yen unless otherwise indicated. Certain totals, subtotals and percentages throughout this MD&A may not reconcile due to rounding. This MD&A and the accompanying Interim Financial Statements are presented in millions of Canadian dollars except where otherwise indicated.
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All references to “fiscal 2022” are to the Company’s fiscal year ended April 3, 2022; to “fiscal 2023” are to the Company’s fiscal year ended April 2, 2023; and to “fiscal 2024” are to the Company’s fiscal year ending March 31, 2024.
The Company's fiscal year is a 52 or 53-week reporting cycle with the fiscal year ending on the Sunday closest to March 31. Each fiscal quarter is 13 weeks for a 52-week fiscal year. The additional week in a 53-week fiscal year is added to the third quarter. Fiscal 2024 is a 52-week fiscal year.
Certain comparative figures have been reclassified to conform with the current year presentation, where foreign exchange gains and losses related to the outstanding principal balance on the term loan facility, net of hedging, are reflected in the presentation of net interest, finance and other costs; previously this was presented in selling, general and administrative ("SG&A") expenses. This change was made to present all financing costs related to the term loan within the same financial statement caption in the consolidated interim statements of income (loss). For the second and two quarters ended October 2, 2022, we reclassified foreign exchange gains of $16.8m and $15.3m, respectively. This reclassification did not impact net income (loss), earnings per share, or the interim statement of financial position in the comparative quarter.
In the prior year, management identified an immaterial reclassification in the interim statement of cash flows and related note disclosure for the second and two quarters ended October 2, 2022 decreasing cash outflows from investing activities and increasing cash outflows from operating activities of $7.0m due to translation of foreign currency. Certain comparative figures have been reclassified in the interim statement of cash flows and related note disclosure related to this reclassification. The reclassification has been appropriately reflected in the interim statement of cash flows and related note disclosure for the second and two quarters ended October 1, 2023.
Refer to “Components of our Results of Operations” in the MD&A section of our fiscal 2023 Annual Report for a description of the Company’s financial measures in accordance with IFRS. There have been no material changes in the Company’s components of our results of operations since April 2, 2023, apart from the reclassification of foreign exchange gains and losses to the term loan, net of hedging.
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SUMMARY OF FINANCIAL PERFORMANCE
The following table summarizes results of operations for the second and two quarters ended October 1, 2023 compared to the second and two quarters ended October 2, 2022, and expresses the percentage relationship to revenue of certain financial statement captions. Basis points (“bps”) expresses the changes between percentages. See “Results of Operations” for additional details.
CAD $ millions
(except per share data)		Second quarter endedTwo quarters ended
October 1,
2023		October 2,
2022		%
Change		October 1,
2023		October 2,
2022		%
Change
ReclassifiedReclassified
Revenue281.1 277.21.4 %365.9 347.1 5.4 %
Gross profit179.5 165.88.3 %234.7 208.5 12.6 %
Gross margin 63.9 %59.8 %410  bps64.1 %60.1 %400  bps
Operating income (loss)2.3 21.5 (89.3)%(97.4)(60.7)(60.5)%
Net income (loss)4.1 5.0 (18.0)%(80.9)(58.6)(38.1)%
Net income (loss) attributable to shareholders of the Company
3.9 3.3 18.2 %(77.2)(59.1)(30.6)%
Earnings (loss) per share attributable to shareholders of the Company
Basic$0.04 $0.03 33.3 %$(0.75)$(0.56)(33.9)%
Diluted$0.04 $0.03 33.3 %$(0.75)$(0.56)(33.9)%
CAD $ millionsOctober 1,
2023		October 2,
2022		April 2,
2023
Financial Position:
Cash37.5 97.1 286.5 
Net working capital1
527.6 482.4 328.0 
Total assets1,589.3 1,543.5 1,590.0 
Total non-current liabilities837.4 801.3 760.1 
Equity355.7 366.5 477.5 
1Net working capital is a non-IFRS financial measure. See “Non-IFRS Financial Measures and Other Specified Financial Measures” for a description of this measure.
Canada Goose Holdings Inc.
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FACTORS AFFECTING OUR PERFORMANCE
We believe that our performance depends on many factors including those discussed below.
•Growth in our DTC Channel. We plan to continue executing our global strategy through retail and e-Commerce expansion, though the scale of such expansion may be delayed due to current global conditions.
•New Products. We intend to continue investing in innovation and the development and introduction of new products, including talent development, as well as expand offerings in our existing product categories, across styles, uses, and climates. This includes Canada Goose footwear and Baffin branded footwear through Baffin’s own distinct sales channels.
•Inflationary environment. Inflationary pressures may persist in future fiscal periods and may fluctuate materially between markets. Such pressures may, among other impacts globally, have an adverse effect on our ability to maintain current gross margin and SG&A expenses as a percentage of revenue. Elevated interest rates may impact our business, including borrowing and other costs, and the markets in which we operate. In addition, inflationary pressures may affect the amount of discretionary income available for certain customers to purchase our products.
•Macroeconomic Conditions. We are subject to risks and exposures from the evolving macroeconomic environment, including supply chain disruptions, economic uncertainty, customer budgetary constraints, inflation, and resulting fears of potential economic slowdowns or recessions, all of which may negatively impact consumer demand for our products. We continuously monitor the direct and indirect impacts of these circumstances on our business and financial results.
•Seasonality. We experience seasonal fluctuations in our revenue and operating results and have historically realized a significant portion of our annual wholesale revenue during our second and third fiscal quarters, and our annual DTC revenue in our third and fourth fiscal quarters. We generated 78.9% and 82.5% of our annual wholesale revenue in the combined second and third fiscal quarters of fiscal 2023 and fiscal 2022, respectively. Additionally, we generated 83.9% and 85.0% of our annual DTC revenue in the combined third and fourth fiscal quarters of fiscal 2023 and fiscal 2022, respectively. Because of seasonal fluctuations in revenue and fixed costs associated with our business, particularly the headcount growth and premises costs associated with our expanding DTC channel, we typically experience negative and substantially reduced net income and adjusted EBIT1 in the first and fourth quarters, respectively. As a result of our seasonality, changes that impact gross margin and adjusted EBIT1 among others can have a disproportionate impact on the quarterly results when they are recorded in our off-peak revenue periods. Business performance can also be impacted by the timing and intensity of cold weather, which may affect purchase behaviour, including causing earlier or later purchases relative to prior periods, especially in our DTC channel.
1    Adjusted EBIT is a non-IFRS measure. See “Non-IFRS Financial Measures and Other Specified Financial Measures” for a description of these measures.
Guided by expected demand and wholesale orders, we typically manufacture on a linear basis throughout the fiscal year. Net working capital requirements typically increase as inventory builds. We finance these needs through a combination of cash on hand and borrowings on our revolving credit facility, the Mainland China credit facilities, and the Japan credit facility. Historically, cash flows from operations have been highest in the third and
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fourth fiscal quarters of the fiscal year due to revenue from the DTC channel and the collection of receivables from wholesale revenue earlier in the year.
•Foreign Exchange. We sell a significant portion of our products to customers outside of Canada, which exposes us to fluctuations in foreign currency exchange rates. In fiscal years 2023 and 2022, we generated 70.1% and 72.5%, respectively, of our revenue in currencies other than Canadian dollars.
Refer to “Quantitative and Qualitative Disclosures about Market Risk - Foreign exchange risk” in the MD&A below for more details on foreign exchange.
•Global political events and other disruptions. We are conscious of risks related to social, economic, and political instability, including geopolitical tensions, regulatory matters, market volatility, and social unrest that are affecting consumer spending, international travel, credit markets, and foreign exchange in certain countries and travel corridors.
We remain concerned about the conflict in Ukraine and continue to suspend all wholesale and e-Commerce sales to Russia. We also continue to monitor the ongoing conflict in the Middle East and the impacts on human life in both regions.
We have been, and may in the future be, impacted by widespread protests and other disruptions. To the extent that such disruptions persist, we expect that operations and traffic at our retail stores may be impacted.
BUSINESS DEVELOPMENTS
Transformation Program
During the fiscal year ended April 2, 2023, the Company announced its Transformation Program. This multi-phase program is expected to increase operational efficiencies by optimizing production and procurement, developing people and resources, and focusing on our consumers to allow sustainable growth, profitability and long term value.
•During the first quarter of fiscal 2024, the Company completed the consolidation of one of our manufacturing facilities in Montreal to improve efficiencies in our supply chain.
•During the second quarter of fiscal 2024, the Company reduced its global corporate workforce by approximately 10% to improve efficiencies in the workforce and yield savings in labour costs moving forward.
SEGMENTS
Our reporting segments align with our sales channels: Direct-to-Consumer (“DTC”), Wholesale, and Other. We measure each reportable operating segment’s performance based on revenue and operating income.
Our DTC segment includes sales to customers through our directly operated retail stores and our e-Commerce website available across numerous markets, which includes the newly launched recommerce platform Canada Goose Generations, currently available in the United States and Canada.
Through our Wholesale segment, we sell to a mix of retailers and international distributors, who are partners that have partial or full exclusive territory rights to sell our products to a particular
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market through their own DTC channels or local wholesalers. The Wholesale segment includes the introduction of travel retail with the opening of a location in Frankfurt, Germany this quarter.
The Other segment comprises sales and costs not directly allocated to the DTC or Wholesale segments, such as sales to employees, friends and family sales, and SG&A expenses.
As at October 1, 2023, our DTC segment by geography included the following directly operated permanent retail stores:
Fiscal 2024
April 2,
2023		Q1 AdditionsQ2 AdditionsOctober 1,
2023
Canada9 — — 9 
United States8 2 3 13 
North America17 2 3 22 
Asia Pacific26 — 5 31 
EMEA1
8 1 — 9 
Total permanent stores51 3 8 62 
Fiscal 2023
April 3,
2022		Q1 AdditionsQ2 AdditionsQ3 AdditionsQ4 AdditionsApril 2,
2023
Canada9 — — — — 9 
United States6 — — 2 — 8 
North America15 — — 2 — 17 
Asia Pacific19 2 2 3 — 26 
EMEA1
7 — — 1 — 8 
Total permanent stores41 2 2 6 — 51 
1EMEA comprises Europe, the Middle East, Africa, and Latin America.

Canada Goose Holdings Inc.
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RESULTS OF OPERATIONS
For the second quarter ended October 1, 2023 compared to the second quarter ended October 2, 2022
The following table summarizes results of operations and expresses the percentage relationship to revenue of certain financial statement captions. Basis points (“bps”) expresses the changes between percentages.
CAD $ millions
(except share and per share data)		Second quarter ended$
 Change		%
Change
October 1,
2023		October 2,
2022
Reclassified
Revenue281.1 277.2 3.9 1.4 %
Cost of sales101.6 111.4 9.8 8.8 %
Gross profit179.5 165.8 13.7 8.3 %
Gross margin63.9 %59.8 %410  bps
SG&A expenses177.2 144.3 (32.9)(22.8)%
SG&A expenses as % of revenue63.0 %52.1 %(1,090) bps
Operating income2.3 21.5 (19.2)(89.3)%
Operating margin0.8 %7.8 %(700) bps
Net interest, finance and other costs13.6 23.6 10.0 42.4 %
Loss before income taxes
(11.3)(2.1)(9.2)(438.1)%
Income tax recovery(15.4)(7.1)8.3 116.9 %
Effective tax rate136.3 %338.1 %20,180  bps
Net income4.1 5.0 (0.9)(18.0)%
Net income attributable to non-controlling interest
0.2 1.7 (1.5)(88.2)%
Net income attributable to shareholders of the Company
3.9 3.3 0.6 18.2 %
Weighted average number of shares outstanding
Basic102,468,461 105,334,265 
Diluted103,586,542 105,864,969 
Earnings per share attributable to shareholders of the Company
Basic$0.04 $0.03 0.01 33.3 %
Diluted$0.04 $0.03 0.01 33.3 %
Canada Goose Holdings Inc.
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Revenue
Revenue for the second quarter ended October 1, 2023 was $281.1m, an increase of $3.9m or 1.4%, from $277.2m for the second quarter ended October 2, 2022. Revenue generated from our DTC channel represented 38.9% of total revenue for the second quarter ended October 1, 2023 compared to 34.2% for the second quarter ended October 2, 2022. Demand for non-Heavyweight Down categories grew, expanding its share of revenue within the overall mix, as Heavyweight Down sales were flat year-over-year. On a constant currency1 basis, revenue decreased by (2.8)% for the second quarter ended October 1, 2023 compared to the second quarter ended October 2, 2022, reflecting the strengthening of the euro relative to the Canadian dollar in the current period.
Second quarter ended$ Change% Change
CAD $ millionsOctober 1,
2023		October 2,
2022		As reportedForeign exchange impact
In constant currency1
As reported
In constant currency1
DTC109.4 94.8 14.6 (3.4)11.2 15.4 %11.8 %
Wholesale162.0 180.7 (18.7)(8.3)(27.0)(10.3)%(14.9)%
Other9.7 1.7 8.0 — 8.0 470.6 %470.6 %
Total revenue281.1 277.2 3.9 (11.7)(7.8)1.4 %(2.8)%
1Constant currency revenue is a non-IFRS financial measure. See “Non-IFRS Financial Measures and Other Specified Financial Measures” for a description of this measure.
Second quarter ended$ Change% Change
CAD $ millionsOctober 1,
2023		October 2,
2022		As reportedForeign exchange impact
In constant currency2
As reported
In constant currency2
Canada57.9 58.7 (0.8)— (0.8)(1.4)%(1.4)%
United States66.2 74.2 (8.0)(1.9)(9.9)(10.8)%(13.3)%
North America124.1 132.9 (8.8)(1.9)(10.7)(6.6)%(8.1)%
Asia Pacific63.8 56.4 7.4 (1.1)6.3 13.1 %11.2 %
EMEA1
93.2 87.9 5.3 (8.7)(3.4)6.0 %(3.9)%
Total revenue281.1 277.2 3.9 (11.7)(7.8)1.4 %(2.8)%
1EMEA comprises Europe, the Middle East, Africa, and Latin America.
2Constant currency revenue is a non-IFRS financial measure. See “Non-IFRS Financial Measures and Other Specified Financial Measures” for a description of these measures.
DTC
Revenue from our DTC segment was $109.4m for the second quarter ended October 1, 2023 compared to $94.8m for the second quarter ended October 2, 2022. The increase of $14.6m or 15.4% was driven by the following factors:
•Retail expansion mainly in United States and Asia Pacific with nine new permanent stores and two temporary stores converted to permanent in fiscal 2024 to date, in
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addition to eight openings in fiscal 2023 running for the full duration of the quarter compared to partial operations in the comparative quarter.
•Total revenue from non-Heavyweight Down grew across all geographies and Heavyweight Down grew across all geographies except for Asia Pacific compared to the second quarter ended October 2, 2022.
•Partially offsetting these positive results was negative DTC comparable sales growth1 of (7.4%) due to:
◦Store performance for comparable stores was up slightly year-over-year but were more than offset by a decline in e-Commerce revenue.
◦Negative comparable sales growth in the United States, EMEA, and Mainland China due to a continuously challenging macro-economic backdrop, despite traffic increases in the majority of stores. Our retail network contributed to the vast majority of revenue in the DTC segment in this quarter.
◦Strong demand from local customers and tourism in Canada and continued improvements in tourism in Hong Kong, Macau, and Taiwan resulting in positive DTC comparable sales growth, which partially offset the negative DTC comparable sales growth.
•The later onset of cold weather that many regions have been experiencing may have affected purchase behaviour, including causing delayed purchases for our warmest products as consumers are buying closer to need, which further offset these positive results.
1DTC comparable sales growth is a supplementary financial measure. See “Non-IFRS Financial Measures and Other Specified Financial Measures” for a description of this measure.
Wholesale
Revenue from our Wholesale segment was $162.0m for the second quarter ended October 1, 2023 compared to $180.7m for the second quarter ended October 2, 2022. The decrease of $18.7m or (10.3)% was in line with our expectation for the segment across all geographies. During fiscal 2024, we have continued to manage our wholesale relationships based on the strategic nature of our partners, inventory in the segment and DTC distribution, which contributed to the planned year-over-year decrease. Despite these factors, positively impacting results were earlier timing of shipments to our wholesale partners in EMEA compared to the second quarter ended October 2, 2022.
Other
Revenue from our Other segment was $9.7m, for the second quarter ended October 1, 2023, and increased compared to $1.7m for the second quarter ended October 2, 2022. The increase was attributable to higher product sales through friends and family events.
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Gross Profit
Gross profit and gross margin for the second quarter ended October 1, 2023 were $179.5m and 63.9%, respectively, compared to $165.8m and 59.8%, respectively, for the second quarter ended October 2, 2022. The increase in gross profit of $13.7m was attributable to higher revenue and gross margin expansion. Gross margin in the current quarter was favourably impacted by segment mix due to a higher proportion of DTC sales and pricing.
Second quarter ended
October 1,
2023		October 2,
2022
CAD $ millionsGross profitGross marginGross profit Gross margin$
 Change		Change
in bps
DTC83.6 76.4 %73.0 77.0 %10.6 (60) bps
Wholesale92.7 57.2 %92.1 51.0 %0.6 620  bps
Other3.2 33.0 %0.7 41.2 %2.5 (820) bps
Total gross profit179.5 63.9 %165.8 59.8 %13.7 410  bps
DTC
Gross profit in our DTC segment was $83.6m for the second quarter ended October 1, 2023 compared to $73.0m for the second quarter ended October 2, 2022. The increase of $10.6m in gross profit was attributable to higher revenues as noted above, partially offset by slightly lower gross margins. The gross margin was 76.4% for the second quarter ended October 1, 2023, a decrease of 60 bps compared to 77.0% in the comparative quarter. During the second quarter ended October 1, 2023, gross margin was impacted by higher product costs (-170 bps) due to input cost inflation and higher freight and duty costs (-110 bps), partially offset by pricing (+180 bps). In addition to the factors above, the comparative quarter included a higher fair value inventory acquisition adjustment on sales related to the Japan Joint Venture (as defined below), relative to the current quarter (+40 bps).
Wholesale
Gross profit in our Wholesale segment was $92.7m for the second quarter ended October 1, 2023 compared to $92.1m for the second quarter ended October 2, 2022. The increase of $0.6m in gross profit was attributable to gross margin expansion largely offsetting the lower revenue. The gross margin was 57.2% for the second quarter ended October 1, 2023, an increase of 620 bps compared to 51.0% in the comparative quarter. During the second quarter ended October 1, 2023, gross margin was impacted by pricing (+350 bps), which included positive foreign exchange results due to the strengthening of the euro relative to the Canadian dollar, favourable product mix (+220 bps) from the sale of higher margin styles within both the Heavyweight Down and non-Heavyweight Down categories, and lower inventory provisioning (+170 bps). In addition to the factors above, the comparative quarter included a higher fair value inventory acquisition adjustment on sales related to the Japan Joint Venture (as defined below) (+200 bps) relative to the current quarter. Partially offsetting margin results were higher product costs (-220 bps) due to input cost inflation and higher freight and duty costs (-70 bps).
Other
Gross profit in our Other segment was $3.2m for the second quarter ended October 1, 2023 compared to $0.7m for the second quarter ended October 2, 2022, due to increased revenue as described above. Gross margin was 33.0% for the second quarter ended October 1, 2023
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compared to 41.2% for the second quarter ended October 2, 2022; the decrease compared to comparative quarter was due to friends and family events in the current quarter.
SG&A Expenses
SG&A expenses were $177.2m for the second quarter ended October 1, 2023 compared to $144.3m for the second quarter ended October 2, 2022. The increase of $32.9m or 22.8% was attributable to $13.2m of activities related to the Transformation Program, including $7.7m of consultancy fees and $5.5m of corporate restructuring costs, net of share-based award forfeitures, associated with the reduction in workforce, and $9.4m in higher costs related to the expanded retail network, $5.2m from the timing of marketing activities to assist with brand awareness and support our growth, which occurred earlier in the year in fiscal 2023 than planned for fiscal 2024, and $4.2m of incremental corporate personnel costs. The increase was partially offset by $5.2m of favourable foreign exchange fluctuations.
Second quarter ended
October 1,
2023		October 2,
2022
CAD $ millionsReported % of segment revenueReported% of segment revenue$
 Change		%
 Change
ReclassifiedReclassified
DTC63.3 57.9 %49.7 52.4 %(13.6)(27.4)%
Wholesale19.3 11.9 %18.0 10.0 %(1.3)(7.2)%
Other94.6 76.6 (18.0)(23.5)%
Total SG&A expenses177.2 63.0 %144.3 52.1 %(32.9)(22.8)%
Depreciation and amortization, included above, was $27.5m for the second quarter ended October 1, 2023 compared to $24.0m for the second quarter ended October 2, 2022, an increase of $3.5m which is attributable to continued retail expansion.
DTC
SG&A expenses in our DTC segment for the second quarter ended October 1, 2023 were $63.3m, or 57.9% of segment revenue, compared to $49.7m, or 52.4% of segment revenue, for the second quarter ended October 2, 2022. The increase of $13.6m or 5.5% as a percentage of segment revenue was primarily due to $9.4m of costs associated with the expansion of the retail network in the United States and Mainland China and prior year store openings running for the full duration of the quarter in fiscal 2024. There were no COVID-19 related temporary store closure costs in the second quarter ended October 1, 2023 compared to $0.2m in the comparative quarter.
Wholesale
SG&A expenses in our Wholesale segment for the second quarter ended October 1, 2023 were $19.3m, or 11.9% of segment revenue, compared to $18.0m, or 10.0% of segment revenue, for the second quarter ended October 2, 2022. The increase of 1.9% in SG&A as a percentage of segment revenue was primarily driven by lower revenue in the quarter and $1.3m or 7.2% of incremental costs. The increase in costs was attributable to professional fees, higher personnel costs, and higher commissions attributable to the earlier timing of shipments in EMEA to our wholesale partners.
Canada Goose Holdings Inc.
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Other
SG&A expenses in our Other segment, which include unallocated corporate expenses, were $94.6m for the second quarter ended October 1, 2023 compared to $76.6m for the second quarter ended October 2, 2022. The increase of $18.0m or 23.5% was attributable to $13.2m of activities related to the Transformation Program, including $7.7m of consultancy fees and $5.5m corporate restructuring costs, net of share-based award forfeitures associated with the reduction in workforce, and $5.2m from the timing of investment in marketing, which occurred later in fiscal 2024 than in fiscal 2023, and $4.2m of incremental corporate personnel costs. The increase was partially offset by $5.2m of favourable foreign exchange fluctuations.
Operating Income and Margin
Operating income and operating margin were $2.3m and 0.8% for the second quarter ended October 1, 2023 compared to $21.5m and 7.8% for the second quarter ended October 2, 2022. The decrease in operating income of $19.2m and operating margin of (700) bps were attributable to higher SG&A costs noted above, partially offset by higher gross profit.
Second quarter ended
October 1,
2023		October 2,
2022
CAD $ millionsOperating income (loss)Operating marginOperating income (loss)Operating margin$
 Change		Change
in bps
ReclassifiedReclassified
DTC20.3 18.6 %23.3 24.6 %(3.0)(600) bps
Wholesale73.4 45.3 %74.1 41.0 %(0.7)430  bps
Other(91.4)(75.9)(15.5)
Total operating income2.3 0.8 %21.5 7.8 %(19.2)(700) bps
DTC
DTC segment operating income and operating margin were $20.3m and 18.6% for the second quarter ended October 1, 2023 compared to $23.3m and 24.6% for the second quarter ended October 2, 2022. The decrease in operating income of $3.0m was attributable to higher costs associated with the expansion of the retail network, partially offset by improved revenue and gross profit. The decrease in operating margin of (600) bps was attributable to higher costs associated with expansion of the retail network and negative DTC comparable sales growth. There were no COVID-19 related temporary store closure costs in the second quarter ended October 1, 2023 compared to $0.2m in the comparative quarter.
Wholesale
Wholesale segment operating income and operating margin were $73.4m and 45.3% for the second quarter ended October 1, 2023 compared to $74.1m and 41.0% for the second quarter ended October 2, 2022. The decrease in operating income of $0.7m was attributable to higher SG&A expenses as discussed above, partially offset by slightly higher gross profit. The increase in operating margin was attributable to the improved gross margin, driven by favourable pricing and product mix, partially offset by higher SG&A expenses as discussed above.
Canada Goose Holdings Inc.
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Other
Other segment operating loss was $(91.4)m for the second quarter ended October 1, 2023 compared to $(75.9)m for the second quarter ended October 2, 2022. The increase in operating loss of $15.5m was attributable to higher SG&A expenses as discussed above, offsetting the increased gross profit realized in this segment.
Net Interest, Finance and Other Costs
Net interest, finance and other costs were $13.6m for the second quarter ended October 1, 2023 compared to $23.6m for the second quarter ended October 2, 2022. The decrease of $10.0m and 42.4% was driven by favourable foreign exchange fluctuations related to the Term Loan Facility which is denominated in USD, net of hedging impacts, of $15.1m. The decrease was partially offset by the increase in net loss of $2.7m on the fair value remeasurement of the put option (liability increase of $2.1m, including translation gains of $1.1m) and contingent consideration (liability increase of $2.8m, including translation gains of $1.1m) related to the Company’s joint venture with Sazaby League (“Japan Joint Venture”). The change in fair values of the contingent consideration and put option liability were driven by progression through the 4-year and 10-year terms, respectively, and improvements in the Company’s credit rating.
Income Taxes
Income tax recovery was $15.4m for the second quarter ended October 1, 2023 compared to $7.1m for the second quarter ended October 2, 2022. For the second quarter ended October 1, 2023, the effective and statutory tax rates were 136.3% and 25.7%, respectively, compared to 338.1% and 25.4% for the second quarter ended October 2, 2022, respectively. Given our global operations, the quarter to date effective tax rate is largely impacted by our profit or loss in taxable jurisdictions relative to the applicable tax rates.
Net Income
Net income for the second quarter ended October 1, 2023 was $4.1m compared to $5.0m for second quarter ended October 2, 2022, driven by the factors described above.
Canada Goose Holdings Inc.
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RESULTS OF OPERATIONS
For the two quarters ended October 1, 2023 compared to the two quarters ended October 2, 2022
The following table summarizes results of operations and expresses the percentage relationship to revenue of certain financial statement captions. Basis points (“bps”) expresses the changes between percentages.
CAD $ millions
(except share and per share data)		Two quarters ended$
Change		%
Change
October 1,
2023		October 2,
2022
Reclassified
Revenue365.9 347.1 18.8 5.4 %
Cost of sales131.2 138.6 7.4 5.3 %
Gross profit234.7 208.5 26.2 12.6 %
Gross margin64.1 %60.1 %400  bps
SG&A expenses332.1 269.2 (62.9)(23.4)%
SG&A expenses as % of revenue90.8 %77.6 %(1,320) bps
Operating loss
(97.4)(60.7)(36.7)(60.5)%
Operating margin(26.6)%(17.5)%(910) bps
Net interest, finance and other costs28.1 29.5 1.4 4.7 %
Loss before income taxes(125.5)(90.2)(35.3)(39.1)%
Income tax recovery(44.6)(31.6)13.0 41.1 %
Effective tax rate35.5 %35.0 %(50) bps
Net loss(80.9)(58.6)(22.3)(38.1)%
Net (loss) income attributable to non-controlling interest
(3.7)0.5 (4.2)(840.0)%
Net loss attributable to shareholders of the Company
(77.2)(59.1)(18.1)(30.6)%
Weighted average number of shares outstanding
Basic103,089,612 105,284,370 
Diluted103,089,612 105,284,370 
Loss per share attributable to shareholders of the Company
Basic$(0.75)$(0.56)(0.19)(33.9)%
Diluted$(0.75)$(0.56)(0.19)(33.9)%
Revenue
Revenue for the two quarters ended October 1, 2023 was $365.9m, an increase of $18.8m or 5.4% from $347.1m for the two quarters ended October 2, 2022. Revenue generated from our DTC channel represented 45.1% of total revenue for the two quarters ended October 1, 2023 compared to 37.3% for the two quarters ended October 2, 2022. Increases in revenue is due to increased demand for Heavyweight Down and non-Heavyweight Down categories year-over-year. On a constant currency1 basis, revenue increased by 1.4% for the two quarters ended October 1, 2023 compared to the two quarters ended October 2, 2022, reflecting the strength of the euro relative to the Canadian dollar in the current period.
Canada Goose Holdings Inc.
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Two quarters ended$ Change% Change
CAD $ millionsOctober 1,
2023		October 2,
2022		As reportedForeign exchange impact
In constant currency1
As reported
In constant currency1
DTC165.2 129.6 35.6 (5.6)30.0 27.5 %23.1 %
Wholesale189.1 213.9 (24.8)(8.5)(33.3)(11.6)%(15.6)%
Other11.6 3.6 8.0 — 8.0 222.2 %222.2 %
Total revenue365.9 347.1 18.8 (14.1)4.7 5.4 %1.4 %
1Constant currency revenue is a non-IFRS financial measure. See “Non-IFRS Financial Measures and Other Specified Financial Measures” for a description of this measure.
Revenue by geography
Two quarters ended$ Change% Change
CAD $ millionsOctober 1,
2023		October 2,
2022		As reportedForeign exchange impact
In constant currency2
As reported
In constant currency2
Canada81.4 76.6 4.8 — 4.8 6.3 %6.3 %
United States84.3 89.9 (5.6)(3.1)(8.7)(6.2)%(9.7)%
North America165.7 166.5 (0.8)(3.1)(3.9)(0.5)%(2.3)%
Asia Pacific88.3 72.5 15.8 (2.6)13.2 21.8 %18.2 %
EMEA1
111.9 108.1 3.8 (8.4)(4.6)3.5 %(4.3)%
Total revenue365.9 347.1 18.8 (14.1)4.7 5.4 %1.4 %
1EMEA comprises Europe, the Middle East, Africa, and Latin America.
2Constant currency revenue is a non-IFRS financial measure. See “Non-IFRS Financial Measures” for a description of this measure.
Canada Goose Holdings Inc.
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DTC
Revenue from our DTC segment for the two quarters ended October 1, 2023 was $165.2m compared to $129.6m for the two quarters ended October 2, 2022. The increase of $35.6m or 27.5% was attributable largely to:
•Retail expansion mainly in United States and Mainland China with nine new permanent stores and two temporary stores converted to permanent in this period, in addition to ten openings in fiscal 2023 running for the full duration of the period compared to partial operations in fiscal 2023.
•Total revenue from Heavyweight Down and non-Heavyweight Down compared to the second quarter ended October 2, 2022.
•DTC comparable sales growth1 of 1.7%, which included positive comparable sales growth in all geographies except the United States and EMEA, and positive overall comparable store growth, which was partially offset by lower e-Commerce revenue.
◦Canada gained momentum due to strong domestic demand and increased tourist spend.
◦Positive comparable sales growth in Hong Kong, Taiwan and Macau primarily driven by the return of Chinese tourism.
◦Lifting of COVID-19 restrictions led to a modest rebound in domestic spending in Mainland China. In contrast to Q1 fiscal 2023, we were not unfavourably impacted by reduced working hours and store closures as result of COVID-19 related restrictions.
◦A challenging macro-economic backdrop continued to present headwinds across the business.
1DTC comparable sales growth is a supplementary financial measure. See “Non-IFRS Financial Measures and Other Specified Financial Measures” for a description of this measure.
Wholesale
Revenue from our Wholesale segment for the two quarters ended October 1, 2023 was $189.1m compared to $213.9m for the two quarters ended October 2, 2022. The decrease of $24.8m or (11.6)% was due to continued streamlining of wholesale relationships as we optimize for greater DTC sales within our channel mix, consistent with our expectations, across all geographies. Conversely, positively impacting results were earlier timing of shipments in Canada and EMEA to our wholesale partners compared to the second and two quarters ended October 2, 2022.
Other
Revenue from our Other segment for the two quarters ended October 1, 2023 was $11.6m compared to $3.6m for the two quarters ended October 2, 2022. The increase of $8.0m or 222.2% was attributable to increased product availability through friends and family events.
Gross Profit
Gross profit and gross margin for the two quarters ended October 1, 2023 were $234.7m and 64.1%, respectively, compared to $208.5m and 60.1%, respectively, for the two quarters ended October 2, 2022. The increase in gross profit of $26.2m was attributable to higher revenue as noted above and margin expansion. Gross margin in the current period has been favourably impacted by pricing, favourable segment mix due to a higher proportion of DTC sales, and the
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lower impact of the fair value inventory acquisition adjustment on sales related to the Japan Joint Venture in the current year, partially offset by higher product costs to due to input cost inflation.
Two quarters ended
October 1,
2023		October 2,
2022
CAD $ millionsGross profitGross marginGross profitGross margin$
Change		Change
in bps
DTC124.4 75.3 %98.3 75.8 %26.1 (50) bps
Wholesale106.5 56.3 %108.9 50.9 %(2.4)540  bps
Other3.8 32.8 %1.3 36.1 %2.5 (330) bps
Total gross profit234.7 64.1 %208.5 60.1 %26.2 400  bps
DTC
Gross profit in our DTC segment was $124.4m for the two quarters ended October 1, 2023 compared to $98.3m for the two quarters ended October 2, 2022. The increase of $26.1m in gross profit was attributable to higher revenues as noted above, partially offset by a small margin decline. The gross margin was 75.3% for the two quarters ended October 1, 2023, a decrease of 50 bps compared to 75.8% in the comparative period. During the two quarters ended October 1, 2023, gross margin was impacted by higher product costs (-190 bps) due to input cost inflation and higher freight and duty (-70 bps), partially offset by the favourable impact of pricing (+200 bps).
Wholesale
Gross profit in our Wholesale segment was $106.5m for the two quarters ended October 1, 2023 compared to $108.9m for the two quarters ended October 2, 2022. The decrease in gross profit of $2.4m was attributable to lower revenues, partially offset by gross margin expansion. The gross margin was 56.3% for the two quarters ended October 1, 2023, an increase of 540 bps compared to 50.9% in the comparative period. During the two quarters ended October 1, 2023, gross margin benefited from pricing (+330 bps), which included positive foreign exchange results due to the strengthening of the euro relative to the Canadian dollar, product mix (+250 bps) from the sale of higher margin styles within both the Heavyweight Down and non-Heavyweight Down categories, the lower impact of the fair value inventory acquisition adjustment on sales related to the Japan Joint Venture in the current year (+170 bps), and lower inventory provisioning (+120 bps), partially offset by higher product costs (-250 bps) due to input cost inflation.
Other
Gross profit in our Other segment was $3.8m for the two quarters ended October 1, 2023 compared to $1.3m for the two quarters ended October 2, 2022, due to increased revenue as described above.
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SG&A Expenses
SG&A expenses were $332.1m for the two quarters ended October 1, 2023 compared to $269.2m for the two quarters ended October 2, 2022. The increase of $62.9m or 23.4% was attributable to $21.0m of activities related to the Transformation Program, including $15.5m of consultancy fees and $5.5m of corporate restructuring costs, net of share-based award forfeitures, associated with the reduction in workforce, $17.5m in higher costs related to the expanded retail network, $9.7m of incremental corporate personnel costs, and $2.3m of investment in technology, including omni-channel enablement. The increase was partially offset by $2.5m from the timing of marketing activities to assist with brand awareness and support our growth, which occurred earlier in the year in fiscal 2023 than planned for fiscal 2024.
Two quarters ended
October 1,
2023		October 2,
2022
CAD $ millionsReported % of segment revenueReported% of segment revenue$
Change		%
Change
ReclassifiedReclassified
DTC118.1 71.5 %91.7 70.8 %(26.4)(28.8)%
Wholesale33.4 17.7 %29.2 13.7 %(4.2)(14.4)%
Other180.6 148.3 (32.3)(21.8)%
Total SG&A expenses332.1 90.8 %269.2 77.6 %(62.9)(23.4)%
Depreciation and amortization included above, was $54.1m for the two quarters ended October 1, 2023 compared to $47.4m for the two quarters ended October 2, 2022, an increase of $6.7m which is attributable to continued retail and office expansion.
DTC
SG&A expenses in our DTC segment for the two quarters ended October 1, 2023 were $118.1m, or 71.5% of segment revenue, compared to $91.7m, or 70.8% of segment revenue, for the two quarters ended October 2, 2022. The increase of $26.4m or 0.7% as a percentage of segment revenue was due to $17.5m of costs associated with the expansion of the retail network in the United States and Mainland China and prior year store openings running for the full duration of the period in fiscal 2024. There were no COVID-19 related temporary store closure costs in the two quarters ended October 1, 2023 compared to $0.2m in the comparative period.
Wholesale
SG&A expenses in our Wholesale segment for the two quarters ended October 1, 2023 were $33.4m, or 17.7% of segment revenue, compared to $29.2m or 13.7% of segment revenue, for the two quarters ended October 2, 2022. The increase of 4.0% in SG&A as a percentage of segment revenue was primarily driven by lower revenue in the two quarters and $4.2m or 14.4% of incremental costs. The increase in costs was attributable to $1.3m of higher personnel costs, $0.9m of higher logistics costs, $0.7m of professional fees, and $0.5m of higher commissions attributable to the earlier timing of shipments in Canada and EMEA to our wholesale partners.
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Other
SG&A expenses in our Other segment, which include unallocated corporate expenses, were $180.6m for the two quarters ended October 1, 2023 compared to $148.3m for the two quarters ended October 2, 2022. The increase of $32.3m or 21.8% was attributable to $21.0m of activities related to the Transformation Program, including $15.5m of consultancy fees and $5.5m of corporate restructuring costs, net of share-based award forfeitures, associated with the reduction in workforce, and $12.7m of incremental corporate personnel costs, and $2.3m of investment in technology to support business growth, including omni-channel enablement. The increase was partially offset by $2.5m of favourable timing of marketing activities, which occurred earlier in the year in fiscal 2023 than planned for fiscal 2024, and $0.7m of favourable foreign exchange fluctuations.
Operating Loss and Margin
Operating loss and operating margin were $(97.4)m and (26.6)% for the two quarters ended October 1, 2023 compared to $(60.7)m and (17.5)% for the two quarters ended October 2, 2022. The increase in operating loss of $36.7m and decrease in operating margin of (910) bps were attributable to higher SG&A costs noted above, partially offset by higher gross profit.
Two quarters ended
October 1,
2023		October 2,
2022
CAD $ millionsOperating income (loss)Operating marginOperating income (loss) Operating margin$
Change		Change
in bps
ReclassifiedReclassified
DTC6.3 3.8 %6.6 5.1 %(0.3)(130) bps
Wholesale73.1 38.7 %79.7 37.3 %(6.6)140  bps
Other(176.8)(147.0)(29.8)
Total operating loss(97.4)(26.6)%(60.7)(17.5)%(36.7)(910) bps
DTC
DTC segment operating income and operating margin were $6.3m and 3.8% for the two quarters ended October 1, 2023 compared to $6.6m and 5.1% for the two quarters ended October 2, 2022. The decrease in operating income of $0.3m was attributable to higher costs associated with the expansion of the retail network, partially offset by improved revenue and gross profit. The decrease in operating margin of (130) bps was attributable to higher costs associated with expansion of the retail network, partially offset by positive DTC comparable sales growth. There were no COVID-19 related temporary store closure costs in the two quarters ended October 1, 2023 compared to $2.4m in the comparative period.
Wholesale
Wholesale segment operating income and operating margin were $73.1m and 38.7% for the two quarters ended October 1, 2023 compared to $79.7m and 37.3% for the two quarters ended October 2, 2022. The decrease in operating income of $6.6m was attributable to higher SG&A expenses as discussed above, partially offset by higher gross profit. The increase in operating margin of 140 bps was attributable to the improved gross margin, driven by favourable pricing and product mix, partially offset by higher SG&A expenses as discussed above.
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Other
Other segment operating loss was $(176.8)m for the two quarters ended October 1, 2023 compared to $(147.0)m for the two quarters ended October 2, 2022. The increase in operating loss of $(29.8)m was attributable to higher SG&A expenses as discussed above, partially offsetting the increased gross profit in this segment.
Net Interest, Finance and Other Costs
Net interest, finance and other costs were $28.1m for the two quarters ended October 1, 2023 compared to $29.5m for the two quarters ended October 2, 2022. The decrease of $1.4m and 4.7% was driven by favourable foreign exchange fluctuations related to the Term Loan Facility which is denominated in USD, net of hedging impacts, of $15.8m. The decrease was partially offset by the increase in net loss of $9.8m on the fair value remeasurement of the put option (liability increase of $7.1m, including translation losses of $2.0m) and contingent consideration (liability increase of $0.2m, including translation losses of $0.5m) related to Japan Joint Venture. The change in fair values of the contingent consideration and put option liability were driven by progression through the 4-year and 10-year terms, respectively, and improvements in the Company’s credit rating. The decrease was also partially offset by $3.2m of higher interest related to principal payments on lease liabilities, and higher interest charges of $1.7m due to higher gross borrowings during the period on our facilities from the comparative period.
Income Taxes
Income tax recovery was $44.6m for the two quarters ended October 1, 2023 compared to $31.6m for the two quarters ended October 2, 2022. For the two quarters ended October 1, 2023, the effective and statutory tax rates were 35.5% and 25.7%, respectively, compared to 35.0% and 25.4% for the two quarters ended October 2, 2022, respectively. Given our global operations, the effective tax rate is largely impacted by our profit or loss in taxable jurisdictions relative to the applicable tax rates.
Net Loss
Net loss for the two quarters ended October 1, 2023 was $(80.9)m compared to $(58.6)m for the two quarters ended October 2, 2022, driven by the factors described above.
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Quarterly Financial Information
The following is a summary of selected consolidated financial information for each of the eight most recently completed quarters:
CAD $ millions (except per share data)Revenue% of fiscal year revenueNet income (loss) attributable to shareholders of the Company
Earnings (loss) per share attributable to shareholders of the Company
Operating income (loss) (reclassified)
Adjusted EBIT1
Adjusted net income (loss) per diluted share attributable to shareholders of the Company1
DTCWholesaleOtherTotalBasicDiluted
Fiscal 2024
Second Quarter109.4 162.0 9.7 281.1 — %3.9 $0.04 $0.04 2.3 15.6 $0.16 
First Quarter55.8 27.1 1.9 84.8 — %(81.1)$(0.78)$(0.78)(99.7)(91.1)$(0.70)
Fiscal 2023
Fourth Quarter227.5 45.5 20.2 293.2 24.1 %(3.1)$(0.03)$(0.03)17.6 27.6 $0.14 
Third Quarter450.2 114.4 12.1 576.7 47.4 %134.9 $1.28 $1.28 190.7 197.1 $1.27 
Second Quarter94.8 180.7 1.7 277.2 22.8 %3.3 $0.03 $0.03 21.5 26.3 $0.19 
First Quarter34.8 33.2 1.9 69.9 5.7 %(62.4)$(0.59)$(0.59)(82.2)(75.9)$(0.56)
Fiscal 2022
Fourth Quarter185.6 34.9 2.6 223.1 20.3 %(9.1)$(0.09)$(0.09)2.1 12.4 $0.04 
Third Quarter443.7 138.4 4.0 586.1 53.4 %151.3 $1.42 $1.40 204.5 205.0 $1.40 
1Adjusted EBIT and adjusted net income (loss) attributable to shareholders of the Company are non-IFRS financial measures, and adjusted net income (loss) per diluted share attributable to shareholders of the Company is a non-IFRS ratio. See “Non-IFRS Financial Measures and Other Specified Financial Measures” for a description of these measures and ratio, and a reconciliation of the non-IFRS financial measures to the nearest IFRS measure.
Revenue is highest in our Wholesale segment in our second and third quarters as we fulfill wholesale customer orders in time for the Fall and Winter retail seasons, and, in our DTC segment, in the third and fourth quarters. Our net income is typically negative in the first quarter and negative or reduced in the second quarter as we invest ahead of our peak season.
Revenue
Over the last eight quarters, revenue has been impacted by the following:
•COVID-19 beginning in the fourth quarter of fiscal 2020;
•the formation of the Japan Joint Venture on April 4, 2022;
•timing of store openings;
•launch and expansion of international e-Commerce sites;
•timing and extent of SG&A, including demand generation activities;
•increased manufacturing flexibility with higher in-house production, which has an impact on the timing of wholesale order shipments and customer demand;
•timing of end-consumer purchasing in the DTC segment and the availability of new products;
•successful execution of global pricing strategy;
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•shift in mix of revenue from wholesale to DTC, which has impacted the seasonality of our financial performance;
•shift in geographic mix of sales to increase sales outside of Canada, where average unit retail pricing is generally higher;
•fluctuation of foreign currencies relative to the Canadian dollar; and
•the extra week in the third quarter of fiscal 2022.
Net Income (Loss)
Over the last eight quarters, net income (loss) has been affected by the following factors:
•impact of the items affecting revenue, as discussed above;
•increase and timing of our investment in brand, marketing, and administrative support as well as increased investment in property, plant, and equipment and intangible assets to support growth initiatives;
•increase in fixed SG&A costs associated with our business, particularly the headcount growth and premises costs associated with our expanding DTC channel, resulting in negative and reduced net income in our seasonally low-revenue first and fourth quarters, respectively;
•impact of foreign exchange;
•fluctuations in average cost of borrowings to address growing net working capital requirements and higher seasonal borrowings in the first and second quarters of each fiscal year to address the seasonal nature of revenue;
•pre-store opening costs incurred, timing of leases signed, and opening of stores;
•the nature and timing of transaction costs in connection with the Japan Joint Venture and amendments to long-term debt agreements;
•the proportion of taxable income in non-Canadian jurisdictions and changes to rates and tax legislation in those jurisdictions;
•increased freight costs, limitations on shipping and other disruptions in the transportation and shipping infrastructure;
•increased product costs due to cost inflation and higher interest rates; and
•the introduction of the Transformation Program in the fourth quarter of fiscal 2023.
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NON-IFRS FINANCIAL MEASURES AND OTHER SPECIFIED FINANCIAL MEASURES
The Company uses certain financial measures that are “non-IFRS financial measures”, including adjusted EBIT, adjusted EBITDA, adjusted net income (loss), constant currency revenue, net debt, net working capital, and free operating cash flow, certain financial measures that are “non-IFRS ratios”, including adjusted EBIT margin, adjusted net income (loss) per basic and diluted share attributable to shareholders of the Company, net debt leverage, and net working capital turnover, as well as DTC comparable sales growth which is a supplementary financial measure, in each case in this document and other documents. These financial measures are employed by the Company to measure its operating and economic performance and to assist in business decision-making, as well as providing key performance information to senior management. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company’s operating and financial performance and its financial position. These financial measures are not defined under IFRS nor do they replace or supersede any standardized measure under IFRS. Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures.
Second quarter endedTwo quarters ended
CAD $ millions (except per share data)October 1,
2023		October 2,
2022		October 1,
2023		October 2,
2022
ReclassifiedReclassified
Adjusted EBIT15.6 26.3 (75.5)(49.6)
Adjusted EBIT margin5.5 %9.5 %(20.6)%(14.3)%
Adjusted EBITDA46.1 51.5 (16.5)(1.8)
Adjusted net income (loss) attributable to shareholders of the Company
16.2 20.3 (56.9)(38.5)
Adjusted net income (loss) per basic share attributable to shareholders of the Company
$0.16 $0.19 $(0.55)$(0.37)
Adjusted net income (loss) per diluted share attributable to shareholders of the Company
$0.16 $0.19 $(0.55)$(0.37)
Free operating cash flow(98.9)(66.0)(327.3)(277.6)
CAD $ millions October 1,
2023		October 2,
2022		April 2,
2023
Net debt(851.9)(735.0)(468.1)
Net working capital527.6 482.4 328.0 
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Adjusted EBIT, adjusted EBIT margin, adjusted EBITDA, adjusted net income (loss) attributable to shareholders of the Company, and adjusted net income (loss) per basic and diluted share attributable to shareholders of the Company
These measures exclude the impact of certain non-cash items and certain other adjustments related to events that are non-recurring or unusual in nature, that we believe are not otherwise reflective of our ongoing operations and that make comparisons of underlying financial performance between periods difficult. We use, and believe that certain investors and analysts use, this information to evaluate our core financial and operating performance for business planning purposes, as well as to analyze how our business operates in, or responds to, swings in economic cycles or to other events that impact the apparel industry.
Constant currency revenue
Constant currency revenue is calculated by translating the prior year reported amounts into comparable amounts using a single foreign exchange rate for each currency calculated based on the current period exchange rates. We use, and believe that certain investors and analysts use, this information to assess how our business and geographic segments performed excluding the effects of foreign currency exchange rate fluctuations. See the Revenue sections of the “Results of Operations” for a reconciliation of reported revenue and revenue on a constant currency basis.
Net debt and net debt leverage
We define net debt as cash less total borrowings and lease liabilities, and net debt leverage as the ratio of net debt to adjusted EBITDA, measured on a spot basis. We use, and believe that certain investors and analysts use, these non-IFRS financial measures and ratios to determine the Company’s financial leverage and ability to meet its debt obligations. See “Financial Condition, Liquidity and Capital Resources - Indebtedness” below for a table providing the calculation of net debt and discussion of net debt leverage.
Net working capital
We define net working capital as current assets, net of cash, minus current liabilities, excluding the short-term borrowings and current portion of lease liabilities. We use, and believe that certain investors and analysts use, this information to assess the Company’s liquidity and management of net working capital resources. See “Financial Condition, Liquidity and Capital Resources” below for a table providing the calculation of net working capital.
Free operating cash flow
We define free operating cash flow as net cash flows from (used in) operating activities plus net cash flows from (used in) investing activities, minus principal payments on lease liabilities. We use, and believe that certain investors and analysts use, this information as an indicator of operational financial performance and to assess the Company’s financial leverage and cash available for repayment of borrowings and other financing activities. See “Cash Flows” below for a table providing the calculation of free operating cash flow.
DTC comparable sales growth
DTC comparable sales growth is a supplementary financial measure defined as sales on a constant currency basis from e-Commerce sites and stores which have been operating for one full year (12 successive fiscal months). The measure excludes store sales from both periods for
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the specific trading days when the stores were closed, whether those closures occurred in the current period or the comparative period.
The tables below reconcile net income (loss) to adjusted EBIT, adjusted EBITDA, and adjusted net income (loss) attributable to shareholders of the Company for the periods indicated. Adjusted EBIT margin is equal to adjusted EBIT for the period presented as a percentage of revenue for the same period.
Beginning with the third quarter of fiscal 2023, we no longer include pre-store opening costs in the reconciliation of net income (loss) to adjusted EBIT, adjusted EBITDA and adjusted net income (loss) attributable to shareholders of the Company, as we believe these costs are a part of our operating base as we accelerate store openings. Comparable periods have been restated to reflect this change.
Beginning with the first quarter of fiscal 2024, foreign exchange gains and losses related to the term loan, net of hedging, are now reflected in the presentation of net interest, finance and other costs; which was previously presented in SG&A expenses. Comparable periods have been reclassified to reflect this change.
See “Basis of Presentation” for additional details on the updates made to the comparable periods.
Second quarter endedTwo quarters ended
CAD $ millionsOctober 1,
2023		October 2,
2022		October 1,
2023		October 2,
2022
Net income (loss)4.1 5.0 (80.9)(58.6)
Add (deduct) the impact of:
Income tax recovery(15.4)(7.1)(44.6)(31.6)
Net interest, finance and other costs13.6 23.6 28.1 29.5 
Operating income (loss)2.3 21.5 (97.4)(60.7)
Net temporary store closure costs (a)— 0.2 — 2.4 
Head office transition costs (c)— 1.5 0.8 3.2 
Japan Joint Venture costs (e)0.1 2.8 0.1 4.2 
Strategic initiatives (g)7.7 — 15.5 — 
Net corporate restructuring costs (h)5.5 — 5.5 — 
Legal proceeding costs (i)— 1.2 — 2.2 
Other (l)— (0.9)— (0.9)
Total adjustments13.3 4.8 21.9 11.1 
Adjusted EBIT15.6 26.3 (75.5)(49.6)
Adjusted EBIT margin5.5 %9.5 %(20.6)%(14.3)%
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Second quarter endedTwo quarters ended
CAD $ millionsOctober 1,
2023		October 2,
2022		October 1,
2023		October 2,
2022
Net income (loss)4.1 5.0 (80.9)(58.6)
Add (deduct) the impact of:
Income tax recovery(15.4)(7.1)(44.6)(31.6)
Net interest, finance and other costs13.6 23.6 28.1 29.5 
Operating income (loss)2.3 21.5 (97.4)(60.7)
Net temporary store closure costs (a)— 0.2 — 2.4 
Head office transition costs (c)— 1.5 0.8 3.2 
Japan Joint Venture costs (e)0.1 2.8 0.1 4.2 
Strategic initiatives (g)7.7 — 15.5 — 
Net corporate restructuring costs (h)5.5 — 5.5 — 
Legal proceeding costs (i)— 1.2 — 2.2 
Net depreciation and amortization (n)
30.5 25.2 59.0 47.8 
Other (l)— (0.9)— (0.9)
Total adjustments43.8 30.0 80.9 58.9 
Adjusted EBITDA46.1 51.5 (16.5)(1.8)
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Second quarter endedTwo quarters ended
CAD $ millionsOctober 1,
2023		October 2,
2022		October 1,
2023		October 2,
2022
Net income (loss)4.1 5.0 (80.9)(58.6)
Add (deduct) the impact of:
Net temporary store closure costs (a) (b)— 0.3 — 2.5 
Head office transition costs (c) (d)— 1.8 1.2 3.9 
Japan Joint Venture costs (e)0.1 2.8 0.1 4.2 
Japan Joint Venture remeasurement loss (gain) on contingent consideration and put option (f)0.7 (2.0)7.8 (2.0)
Strategic initiatives (g)7.7 — 15.5 — 
Net corporate restructuring costs (h)5.5 — 5.5 — 
Legal proceeding costs (i)— 1.2 — 2.2 
Unrealized foreign exchange loss (gain) on Term Loan Facility (j)1.7 16.8 (0.5)15.3 
Deferred tax adjustment (k)— — (0.5)— 
Other (l)— (0.9)— (0.9)
Total adjustments15.7 20.0 29.1 25.2 
Tax effect of adjustments(3.1)(2.7)(4.9)(4.0)
Adjusted net income (loss)16.7 22.3 (56.7)(37.4)
Adjusted net income (loss) attributable to non-controlling interest (m)(0.5)(2.0)(0.2)(1.1)
Adjusted net income (loss) attributable to shareholders of the Company16.2 20.3 (56.9)(38.5)
Weighted average number of shares outstanding
Basic102,468,461 105,334,265 103,089,612 105,284,370 
Diluted103,586,542 105,864,969 103,089,612 105,284,370 
Adjusted net income (loss) per basic share attributable to shareholders of the Company$0.16 $0.19 $(0.55)$(0.37)
Adjusted net income (loss) per diluted share attributable to shareholders of the Company$0.16 $0.19 $(0.55)$(0.37)
(a)Net temporary store closure costs of $nil and $nil were incurred in the second and two quarters ended October 1, 2023, respectively (second and two quarters ended October 2, 2022 - $0.2m and $2.4m, respectively).
(b)Net temporary store closure costs incurred in (a) as well as $nil and $nil of interest expense on lease liabilities for temporary store closures for the second and two quarters ended October 1, 2023, respectively (second and two quarters ended October 2, 2022 - $0.1m and $0.1m, respectively).
(c)Costs incurred for the corporate head office transition, including depreciation on right-of-use assets.
(d)Corporate head office transition costs incurred in (c) as well as $nil and $0.4m of interest expense on lease liabilities for the second and two quarters ended October 1, 2023,
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respectively (second and two quarters ended October 2, 2022 - $0.3m and $0.7m, respectively).
(e)Costs incurred in connection with the establishment of the Japan Joint Venture. This is driven by the impact of gross margin that would otherwise have been recognized on the sale of inventory recorded at net realizable value less costs to sell, as well as other costs of establishing the Japan Joint Venture.
(f)Changes to the fair value remeasurement of the contingent consideration and put option liability, inclusive of translation gains and losses, related to the Japan Joint Venture. The Company recorded a loss of $0.7m and $7.8m on fair value remeasurement of the contingent consideration and put option during the second and two quarters ended October 1, 2023, respectively (second and two quarters ended October 2, 2022 - gain of $(2.0)m and $(2.0)m, respectively). These gains and losses are included in net interest, finance and other costs within the interim statements of income (loss).
(g)Consultancy fees incurred in connection with our Transformation Program.
(h)Corporate restructuring costs, net of share-based award forfeitures, associated with the reduction in workforce as part of our Transformation Program.
(i)Costs for legal proceeding fees including for the defence of class action lawsuits.
(j)Unrealized gains and losses on the translation of the term loan from USD to CAD, net of the effect of derivative transactions entered into to hedge a portion of the exposure to foreign currency exchange risk. These costs were previously presented in SG&A expenses, are now reflected in the presentation of net interest, finance and other costs.
(k)Deferred tax adjustment recorded as the result of Swiss tax reform in Canada Goose International AG.
(l)Costs related to the transition of logistics agencies, restructuring costs related to the company’s manufacturing facilities, rent abatements received as well as individually immaterial items.
(m)Calculated as net income attributable to non-controlling interest within the Interim Financial Statements of $(0.2)m and $3.7m less $(0.3)m and $(3.9)m for the gross margin adjustment and the put option liability and contingent consideration revaluation related to the non-controlling interest within the Japan Joint Venture for the second and two quarters ended October 1, 2023, respectively. Net income attributable to non-controlling interest within the Interim Financial Statements of $(1.7)m and $(0.5)m less $(0.3)m and $(0.6)m for the gross margin adjustment and the put option liability and contingent consideration revaluation related to the non-controlling interest within the Japan Joint Venture for the second and two quarters ended October 2, 2022, respectively.
(n)Calculated as depreciation and amortization as determined in accordance with IFRS, less the depreciation impact for temporary store closures (a), and corporate head office transition costs (c). Depreciation and amortization includes depreciation on right-of-use assets under IFRS 16, Leases.
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FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
Financial Condition
The following table represents our net working capital1 position as at October 1, 2023 and October 2, 2022.
CAD $ millionsOctober 1,
2023		October 2,
2022		$
 Change		April 2,
2023		$
 Change
Current assets803.5 832.5 (29.0)863.2 (59.7)
Deduct: Cash(37.5)(97.1)59.6 (286.5)249.0 
Current assets, net of cash766.0 735.4 30.6 576.7 189.3 
Current liabilities396.2 375.7 20.5 352.4 43.8 
Deduct the impact of:
Short-term borrowings(80.7)(57.3)(23.4)(27.6)(53.1)
Current portion of lease liabilities(77.1)(65.4)(11.7)(76.1)(1.0)
Current liabilities, net of short-term borrowings and current portion of lease liabilities238.4 253.0 (14.6)248.7 (10.3)
Net working capital1
527.6 482.4 45.2 328.0 199.6 
1Net working capital is a non-IFRS financial measure. See “Non-IFRS Financial Measures and Other Specified Financial Measures” for a description of this measure.
As at October 1, 2023, we had $527.6m of net working capital compared to $482.4m of net working capital as at October 2, 2022. Net working capital turnover as a percentage of revenue was 33.1% as at October 1, 2023 and 29.0% in the comparative quarter.
The $45.2m increase in net working capital, or 9.4%, was driven by an increase in prepaid expenses, income tax receivable and inventory.
Inventory levels increased ahead of our peak selling season during the second quarter ended October 1, 2023, compared to second quarter ended October 2, 2022, in anticipation of planned year-over-year revenue growth. However, we have decelerated inventory growth in the two quarters ended October 1, 2023 since fiscal 2023 as compared to the two quarters ended October 2, 2022 to fiscal 2022. Planned deceleration of inventory growth and a shift to in-house production is expected to support alignment between production levels, anticipated revenue growth and utilize the evergreen product we have on-hand. We continue to monitor the levels of inventory in each of our sales channels and across geographic regions and will continue to align with demand that we forecast in each region.
As at October 1, 2023, we had $527.6m of net working capital compared to $328.0m of net working capital as at April 2, 2023.
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Cash Flows
The following table summarizes the Company’s consolidated statement of cash flows for the second and two quarters ended October 1, 2023 compared to the second and two quarters ended October 2, 2022.
Second quarter endedTwo quarters ended
CAD $ millionsOctober 1,
2023		October 2,
2022		$
 Change		October 1,
2023		October 2,
2022
$
Change
ReclassifiedReclassified
Total cash (used in) from:
Operating activities(57.2)(44.8)(12.4)(266.5)(241.7)(24.8)
Investing activities(26.4)(7.7)(18.7)(32.1)(8.6)(23.5)
Financing activities72.1 66.2 5.9 51.1 59.9 (8.8)
Effects of foreign currency exchange rate changes on cash1.0 1.6 (0.6)(1.5)(0.2)(1.3)
(Decrease) increase cash(10.5)15.3 (25.8)(249.0)(190.6)(58.4)
Cash, beginning of period48.0 81.8 (33.8)286.5 287.7 (1.2)
Cash, end of period37.5 97.1 (59.6)37.5 97.1 (59.6)
Free operating cash flow1
(98.9)(66.0)(32.9)(327.3)(277.6)(49.7)
1Free operating cash flow is a non-IFRS financial measure. See “Non-IFRS Financial Measures and Other Specified Financial Measures” for a description of this measure.
Cash Requirements
Our primary need for liquidity is to fund net working capital, capital expenditures including new stores, debt services, and general corporate requirements of our business. Our primary source of liquidity to meet our cash requirements is cash generated from operating activities over our annual operating cycle. We also utilize the Mainland China credit facilities, the Japan credit facility, the revolving credit facility, and the trade accounts receivable factoring program to provide short-term liquidity and to have funds available for net working capital. Our ability to fund our operations, invest in planned capital expenditures, meet debt obligations, and repay or refinance indebtedness depends on our future operating performance and cash flows, which are subject, but not limited to, prevailing economic, financial, and business conditions, some of which are beyond our control. Cash generated from operating activities is significantly impacted by the seasonality of our business. Historically, cash flows from operating activities have been highest in the third and fourth fiscal quarters of the fiscal year due to revenue from the DTC channel and the collection of receivables from wholesale revenue earlier in the year.
Cash flows used in operating activities
Cash flows used in operating activities were $57.2m for the second quarter ended October 1, 2023 compared to $44.8m for the second quarter ended October 2, 2022. The increase in cash flows used in operating activities of $12.4m was due to higher taxes paid of $8.8m and higher interest paid of $4.6m.
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Cash flows used in operating activities were $266.5m for the two quarters ended October 1, 2023 compared to $241.7m for the two quarters ended October 2, 2022. The increase in cash flows used in operating activities of $24.8m was due to higher net loss and higher taxes paid of $22.7m and higher interest paid of $5.4m, partially offset by lower inventory production.
Cash flows used in investing activities
Cash flows used in investing activities were $26.4m for the second quarter ended October 1, 2023 compared to $7.7m for the second quarter ended October 2, 2022. The increase in cash flows used in investing activities of $18.7m was primarily due to increased costs on capital expenditures driven by the expansion of the retail network and settlements associated with the completion of the new head office.
Cash flows used in investing activities were $32.1m for the two quarters ended October 1, 2023 compared to $8.6m for the two quarters ended October 2, 2022. The increase in cash flows used in investing activities of $23.5m was primarily due to increased costs on capital expenditures driven by the expansion of the retail network and settlements associated with the completion of the new head office.
Cash flows from financing activities
Cash flows from financing activities were $72.1m for the second quarter ended October 1, 2023 compared to cash flow from financing activities of $66.2m for the second quarter ended October 2, 2022. The increase in cash flows from financing activities of $5.9m was driven by increased borrowings of $30.9m on the revolving credit facility and increased borrowings on the Mainland China credit facilities of $5.6m to fund working capital. This is offset by $29.9m of higher payments for the purchase of subordinate voting shares that were cancelled related to the Normal Course Issuer Bid (“NCIB”) as described below.
Cash flows from financing activities were $51.1m for the two quarters ended October 1, 2023 compared to cash flow from financing activities of $59.9m for the two quarters ended October 2, 2022. The decrease in cash flows from financing activities of $8.8m was driven by $57.4m of higher payments for the purchase of subordinate voting shares that were cancelled related to the NCIB as described below. The decrease was partially offset by increased borrowings in the period of $30.9m on the revolving credit facility, $13.6m on the Mainland China credit facilities to fund working capital, and $5.7m on the Japan credit facility.
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Free operating cash flow1
The table below reconciles the cash flows used in operating and investing activities, and principal payments on lease liabilities to free operating cash flow.
Second quarter endedTwo quarters ended
CAD $ millionsOctober 1,
2023		October 2,
2022		$
Change		October 1,
2023		October 2,
2022
$
Change
ReclassifiedReclassified
Total cash used in:
Operating activities(57.2)(44.8)(12.4)(266.5)(241.7)(24.8)
Investing activities(26.4)(7.7)(18.7)(32.1)(8.6)(23.5)
Principal payments on lease liabilities(15.3)(13.5)(1.8)(28.7)(27.3)(1.4)
Free operating cash flow1
(98.9)(66.0)(32.9)(327.3)(277.6)(49.7)
1Free operating cash flow is a non-IFRS financial measure. See “Non-IFRS Financial Measures and Other Specified Financial Measures” for a description of this measure.
Free operating cash flows in the second quarter ended October 1, 2023 decreased to $(98.9)m from $(66.0)m for the second quarter ended October 2, 2022 due to higher taxes, higher interest paid and increased settlements of capital investments.
Free operating cash flows in the two quarters ended October 1, 2023 decreased to $(327.3)m from $(277.6)m for the two quarters ended October 2, 2022 due to higher net loss, higher taxes paid and increased settlements of capital investments.
Indebtedness
The following table presents our net debt1 as at October 1, 2023, October 2, 2022, and April 2, 2023.
CAD $ millionsOctober 1,
2023		October 2,
2022		$
 Change		April 2,
2023		$
 Change
Cash37.5 97.1 (59.6)286.5 (249.0)
Mainland China Credit Facilities(47.5)(24.1)(23.4)(9.8)(37.7)
Japan Credit Facility(29.1)(29.1)— (13.7)(15.4)
Revolving Credit Facility(86.3)(55.9)(30.4)— (86.3)
Term Loan Facility(396.2)(407.5)11.3 (396.3)0.1 
Lease liabilities(330.3)(315.5)(14.8)(334.8)4.5 
Net debt1
(851.9)(735.0)(116.9)(468.1)(383.8)
1Net debt is non-IFRS financial measure. See “Non-IFRS Financial Measures and Other Specified Financial Measures” for a description of this measure.
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As at October 1, 2023, net debt was $851.9m compared to $735.0m as at October 2, 2022. The increase of $116.9m was driven by a decrease in cash of $59.6m, and increased borrowings on the Mainland China credit facilities and the revolving credit facility. Net debt leverage1 as at October 1, 2023 was 3.3 times adjusted EBITDA.
Net debt as at October 1, 2023 was $851.9m compared to $468.1m as at April 2, 2023. The increase in net debt of $383.8m was driven by a decrease in cash of $249.0m and increased borrowings on the Mainland China credit facilities and the revolving credit facility.
Based on seasonality of the business, increased borrowings are in line with expectation and are expected to substantially be paid off by the end of the fiscal year.
See “Note 10. Borrowings” in our Interim Financial Statements, “Note 17. Borrowings”, “Factors affecting performance” and “Indebtedness” in our fiscal 2023 Annual Report for detailed information on our debt facilities and seasonality of the business.
Amendments to borrowings
Effective June 30, 2023, LIBOR rates were no longer published for U.S Dollars. As a result, in the first quarter ended July 2, 2023, the Company transitioned facilities and contracts denominated in U.S dollars applying LIBOR to the Secured Overnight Financing Rate published by the Federal Reserve Bank of New York (“SOFR”). The Company entered into further amendments for the revolving credit facility, the term loan facility and the interest rate swaps to transition to SOFR. In connection with the amendments, during the first quarter ended July 2, 2023 the Company also extended the maturity of the revolving credit facility to May 15, 2028 and incurred transaction costs of $0.7m, on the extension of the revolving credit facility, which are being amortized using the effective interest rate method over the new term to maturity. The term loan facility now has an interest rate of SOFR plus a term SOFR adjustment of 0.11448%. There were no amendments to borrowings in the second quarter ended October 1, 2023.
Normal Course Issuer Bid
Share capital transactions for the two quarters ended October 1, 2023
During the two quarters ended October 1, 2023, the Company purchased 2,521,501 subordinate voting shares for cancellation for total cash consideration of $56.2m. The amount to purchase the subordinate voting shares was charged to share capital, with the remaining $50.5m charged to retained earnings. Since the commencement of the NCIB in fiscal 2023, the Company purchased 3,674,303 subordinate voting shares for cancellation for total cash consideration of $84.1m.
A liability representing the maximum amount that the Company could be required to pay the designated broker under the Automatic Share Purchase Plan (“ASPP”) entered into in connection with the NCIB, was $10.0m as at October 1, 2023. The amount was charged to contributed surplus. Subsequent to the two quarters ended October 1, 2023, the Company purchased an additional 570,057 subordinate voting shares for cancellation for total cash consideration of $10.0m under the ASPP. As at the date hereof of this report, the remaining liability to the designated broker is $nil.
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See “Note 11. Shareholders’ equity” in our Interim Financial Statements and “Note 18. Shareholders’ equity” in our fiscal 2023 Annual Report for detailed information on the NCIB program.
Contractual Obligations
Refer to “Contractual Obligations” in the MD&A section of our fiscal 2023 Annual Report and “Note 15. Financial risk management objectives and policies” of our Interim Financial Statements for a summary of the significant contractual obligations and other obligations of the Company. There have been no material changes since April 2, 2023.
OFF-BALANCE SHEET ARRANGEMENTS
The Company uses off-balance sheet arrangements including letters of credit and guarantees in connection with certain obligations including leases. In Europe, a subsidiary of the Company also entered into an agreement to factor, on a limited recourse basis, certain of its trade accounts receivable up to a limit of EUR20.0m in exchange for advanced funding equal to 100% of the principal value of the invoice. Other than those items disclosed here and elsewhere in this MD&A and our financial statements, we did not have any material off-balance sheet arrangements or commitments as at October 1, 2023.
See “Note 15. Financial risk and management objectives and policies” in the Interim Financial Statements and “Off-Balance Sheet Arrangements” in our fiscal 2023 Annual Report for detailed information on our off-balance sheet arrangements.
OUTSTANDING SHARE CAPITAL
Canada Goose is a publicly traded company and the subordinate voting shares are listed on the New York Stock Exchange (NYSE: GOOS) and on the Toronto Stock Exchange (TSX: GOOS). As at October 25, 2023, there were 50,356,220 subordinate voting shares issued and outstanding, and 51,004,076 multiple voting shares issued and outstanding.
As at October 25, 2023, there were 4,496,533 options, 521,131 restricted share units, and 388,109 performance share units outstanding under the Company’s equity incentive plans, of which 2,213,855 options were vested as of such date. Each option is exercisable for one subordinate voting share. We expect that vested restricted share units and performance share units will be paid at settlement through the issuance of one subordinate voting share per unit.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are exposed to certain market risks arising from transactions in the normal course of our business. Such risk is principally associated with credit risk, foreign currency risk, and interest rate risk.
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Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. Credit risk arises from the possibility that certain parties will be unable to discharge their obligations. The Company manages its credit risk through a combination of third party credit insurance and internal house risk. The Company has an agreement with a third party who has insured the risk of loss for up to 90% of trade accounts receivable from certain designated customers subject to a total deductible of $0.1m, to a maximum of $30.0m per year. Moreover, within CG Japan, the Company has an agreement with a third party who has insured the risk of loss for up to 45% of trade accounts receivable for certain designated customers for a maximum of JPY450.0m per annum subject to a deductible of 10% and applicable only to accounts with receivables over JPY100k.
In addition, a subsidiary of the Company in Europe manages credit risk through the agreement to factor, on a limited recourse basis, certain of its trade accounts receivable up to a limit of EUR20.0m in exchange for advanced funding equal to 100% of the principal value of the invoice.
Our exposure to credit risk has not significantly changed from the fiscal year ended April 2, 2023. See “Quantitative and Qualitative Disclosures about Market Risk” in our fiscal 2023 Annual Report for detailed information on the Company’s credit risk.
Foreign exchange risk
Foreign exchange risk in operating cash flows
Our Interim Financial Statements are expressed in Canadian dollars, but a substantial portion of the Company’s revenues, purchases, and expenses are denominated in foreign currencies, primarily U.S. dollars, euros, British pounds sterling, Swiss francs, Chinese yuan, Hong Kong dollars, and Japanese yen. Furthermore, as our business in Greater China grows, transactions in Chinese yuan, Hong Kong dollar and Taiwanese dollar are expected to increase. Net monetary assets denominated in currencies other than Canadian dollars that are held in entities with Canadian dollar functional currency are translated into Canadian dollars at the foreign currency exchange rate in effect at the balance sheet date. Revenues and expenses of all foreign operations are translated into Canadian dollars at the foreign currency exchange rates that approximate the rates in effect at the dates when such items are recognized. As a result, we are exposed to foreign currency translation gains and losses from our foreign operations into Canadian dollars. Appreciating foreign currencies relative to the Canadian dollar, to the extent they are not hedged, will positively impact operating income and net income by increasing our revenue, while depreciating foreign currencies relative to the Canadian dollar will have the opposite impact.
We are also exposed to fluctuations in the prices of U.S. dollar and euro denominated purchases as a result of changes in U.S. dollar or euro exchange rates. Most of our raw materials are sourced outside of Canada, primarily in U.S. dollars, and SG&A expenses are typically denominated in the currency of the country in which they are incurred. As a result, we are exposed to foreign currency exchange fluctuations on multiple currencies. A depreciating Canadian dollar relative to the U.S. dollar or euro will negatively impact operating income and net income by increasing our costs of raw materials, while an appreciating Canadian dollar relative to the U.S. dollar or euro will have the opposite impact.
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As part of our risk management program, we have entered into foreign exchange derivative contracts to manage certain of our exposures to exchange rate fluctuations for future foreign currency transactions, which is intended to reduce the variability of our operating costs and future cash flows denominated in local currencies. Certain forward foreign exchange contracts were designated at inception and accounted for as cash flow hedges.
Foreign exchange risk on borrowings
We are further exposed to translation and transaction risks associated with foreign currency exchange fluctuations on foreign currencies denominated principal and interest amounts payable on the Mainland China credit facilities, the Japan credit facility, the revolving credit facility, and the term loan. The Company has entered into foreign exchange forward contracts to hedge 90% or USD270.0m of its exposure to foreign currency exchange risk related to principal payments on the term loan denominated in U.S. dollars.
See “Note 15. Financial risk and management objectives and policies” in our Interim Financial Statements, and the “Foreign exchange risk” section of our fiscal 2023 Annual Report for detailed information about the Company’s hedging program.
Interest rate risk
The Company is exposed to interest rate risk related to the effect of interest rate changes on the borrowings outstanding under the Mainland China credit facilities, Japan credit facility, the revolving credit facility and the term loan, which currently bear interest rates at 3.07%, 0.35%, 5.89% and 8.93%, respectively.
Interest rate risk on the term loan is partially mitigated by interest rate swap hedges. The Company has entered into five-year interest rate swap agreements terminating December 31, 2025 to pay fixed interest rates and receive floating interest rates on notional debt of USD270.0m. Effective June 30, 2023, the floating interest benchmark reference rate contained within the swap agreements were amended from LIBOR to SOFR and the average fixed rates were reduced from 1.97% to 1.76%. These swap agreements fix the interest rate on the USD300.0m term loan. Following the amendment, the interest rate swaps continue to be designated and accounted for as cash flow hedges.
Based on the weighted average amount of outstanding borrowings, a 1.00% increase in the average interest rate during the two quarters ended October 1, 2023 would have increased interest expense on the Mainland China credit facilities, the revolving credit facility, Japan credit facility, and the term loan by $0.1m, $0.2m, $0.1m, and $2.0m, respectively (two quarters ended October 2, 2022 - less than $0.1m, $0.1m, $0.1m, and $1.9m, respectively).
FISCAL 2024 OUTLOOK
A revised discussion as to our fiscal 2024 outlook is contained in our earnings press release dated November 1, 2023 under the section entitled “Fiscal 2024 Full Year and Q3 Outlook”. This press release is available on the SEDAR+ website at www.sedarplus.ca under the Company’s profile, on the EDGAR section of the SEC website at www.sec.gov.
RELATED PARTY TRANSACTIONS
The Company enters into transactions from time to time with its principal shareholders and organizations affiliated with members of the Board of Directors by incurring expenses for business services. During the second and two quarters ended October 1, 2023, the Company
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incurred expenses with related parties of $0.1m and $0.4m, respectively (second and two quarters ended October 2, 2022 - $0.2m and $0.5m, respectively) from companies related to certain shareholders. Balances owing to related parties as at October 1, 2023 were $0.1m (October 2, 2022 - $0.2m, April 2, 2023 - $0.4m).
A lease liability due to the controlling shareholder of the acquired Baffin Inc. business (the "Baffin Vendor") for leased premises was $2.7m as at October 1, 2023 (October 2, 2022 - $3.5m, April 2, 2023 - $3.1m). During the second and two quarters ended October 1, 2023, the Company paid principal and interest on the lease liability, net of rent concessions, and other operating costs to entities affiliated with the Baffin Vendor totalling $0.3m and $0.7m, respectively (second and two quarters ended October 2, 2022 - $0.3m and $0.7m, respectively). No amounts were owing to Baffin entities as at October 1, 2023, October 2, 2022, and April 2, 2023.
The Japan Joint Venture has lease liabilities due to the non-controlling shareholder, Sazaby League, for leased premises. Lease liabilities were $2.2m as at October 1, 2023 (October 2, 2022 - $2.7m, April 2, 2023 - $2.7m). During the second and two quarters ended October 1, 2023, the Company incurred principal and interest on lease liabilities, royalty fees, and other operating costs to Sazaby League totalling $0.8m and $1.9m, respectively (second and two quarters ended October 2, 2022 - $1.1m and $2.5m, respectively). Balances owing to Sazaby League as at October 1, 2023 were $0.2m (October 2, 2022 - $0.3m, April 2, 2023 - $0.2m).
During the second and two quarters ended October 1, 2023, the Japan Joint Venture sold inventory of $0.1m and $0.1m, respectively to companies wholly owned by Sazaby League (second and two quarters ended October 2, 2022 - $0.1m and $0.1m, respectively). As at October 1, 2023, the Japan Joint Venture recognized a trade receivable of $0.1m from these companies (October 2, 2022 - $0.1m, April 2, 2023 - $0.1m).
Pursuant to the agreement entered between the Company and Sazaby League to form the Japan Joint Venture ("Joint Venture Agreement"), during the second and two quarters ended October 2, 2022 the Company sold inventory of $4.5m and $11.2m, respectively, to Sazaby League for repurchase by the Japan Joint Venture for inventory fulfillment. The Company recognized a receivable from Sazaby League as at October 2, 2022 of $1.6m in trade receivables. During the second and two quarters ended October 2, 2022, the Japan Joint Venture repurchased $5.0m and $11.2m, respectively, of inventory from Sazaby League and the Japan Joint Venture recognized a payable to Sazaby League of $1.7m as at October 2, 2022 in accounts payable and accrued liabilities. These transactions were measured based on pricing established through the Joint Venture Agreement at market terms and were not recognized as sales transactions. The repurchase of inventory pursuant to this Joint Venture Agreement was completed during the fourth quarter ended April 2, 2023.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Our Interim Financial Statements have been prepared in accordance with IFRS as issued by the IASB. The preparation of our financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. We base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. See “Critical Accounting Policies and Estimates” in our fiscal 2023 Annual Report for detailed information.
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CHANGES IN ACCOUNTING POLICIES
Standards issued and not yet adopted
Certain new standards, amendments, and interpretations to existing IFRS standards have been published but are not yet effective and have not been adopted early by the Company. Management anticipates that pronouncements will be adopted in the Company’s accounting policies for the first period beginning after the effective date of the pronouncement. Information on new standards, amendments, and interpretations is provided below.
In January 2020, the IASB issued an amendment to IAS 1, Presentation of Financial Statements to clarify its requirements for the presentation of liabilities in the statement of financial position. The limited scope amendment affected only the presentation of liabilities in the statement of financial position and not the amount or timing of its recognition. The amendment clarified that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period and specified that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability. It also introduced a definition of ‘settlement’ to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. On October 31, 2022, the IASB issued Non-Current Liabilities with Covenants (Amendments to IAS 1). These amendments specify that covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. The amendment is effective for annual reporting periods beginning on or after January 1, 2024. Earlier application is permitted. The Company is assessing the potential impact of the amendment.
Standards issued and adopted
In February 2021, the IASB issued narrow-scope amendments to IAS 1, Presentation of Financial Statements, IFRS Practice Statement 2, Making Materiality Judgements and IAS 8, Accounting Polices, Changes in Accounting Estimates and Errors. The amendments require the disclosure of material accounting policy information rather than disclosing significant accounting policies and clarify how to distinguish changes in accounting policies from changes in accounting estimates. Beginning April 3, 2023, the Company adopted the amendments. The adoption of the amendments did not have a material impact on the Interim Financial Statements.
In May 2023, the IASB issued International Tax Reform, Pillar Two Model Rules, Amendments to IAS 12, Income Taxes (the “Amendments”). The Amendments provide the Company with an exception from recognition and disclosure requirements for deferred tax assets and liabilities arising from the Organization for Economic Co-operation and Development (“OECD”) Pillar Two international tax reform. Upon issuance of the Amendments, the temporary exception has been adopted by the Company as at July 2, 2023. The disclosure requirements for current tax expense and the disclosures for enacted legislation but not yet effective are required for annual reporting periods beginning on or after January 1, 2023, but are not required for any interim period ending on or before December 31, 2023.
SUBSEQUENT EVENTS
Prior to the end of the second quarter, the Company entered into a framework agreement to acquire a manufacturing facility. The acquisition has not been completed as at the issuance date of this MD&A, but is expected imminently.
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INTERNAL CONTROL OVER FINANCIAL REPORTING
Disclosure Controls and Procedures
Management, including the CEO and CFO, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act). Based on that evaluation, the CEO and CFO concluded that such disclosure controls and procedures were effective as of October 1, 2023 to provide reasonable assurance that the information required to be disclosed by the Company in reports it files is recorded, processed, summarized and reported, within the appropriate time periods and is accumulated and communicated to management, as appropriate to allow timely decisions regarding required disclosure.
Internal Control Over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed by, or under the supervision of, the CEO and the CFO and effected by the Board of Directors, management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with International Financial Reporting Standards. The Company’s internal control over financial reporting includes policies and procedures that:
•Pertain to the maintenance of records that accurately and fairly reflect, in reasonable detail, the transactions and dispositions of assets of the Company;
•Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS and that the receipts and expenditures of the Company are made only in accordance with authorizations of management and directors; and
•Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the assets of the Company that could have a material effect on the consolidated financial statements.
There has been no change in the Company’s internal control over financial reporting during the two quarters ended October 1, 2023 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. Management determined that the Company’s internal control over financial reporting was effective as of October 1, 2023.
Limitations of Controls and Procedures
Due to its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. Management's projections of any evaluation of the effectiveness of internal control over financial reporting as to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Canada Goose Holdings Inc.
Page 41 of 41

CERTIFICATION
I, Dani Reiss, certify that:
 
1.I have reviewed the financial statements and MD&A for the second quarter ended October 1, 2023 of Canada Goose Holdings Inc.;
 
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;
 
4.The company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and we have:
 
 a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
 c)Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
 d)Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the company’s most recent fiscal quarter (the company’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and
 
5.The company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent function):


 
 a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and
 
 b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.
Date: November 1, 2023
 
By:
 /s/ Dani Reiss
 Dani Reiss
 Chairman and Chief Executive Officer





    -2-

CERTIFICATION
I, Jonathan Sinclair, certify that:
 
1.I have reviewed the financial statements and MD&A for the second quarter ended October 1, 2023 of Canada Goose Holdings Inc.;
 
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;
 
4.The company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and we have:
 
 a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
 c)Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
 d)Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the company’s most recent fiscal quarter (the company’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and
 
5.The company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent function):


 
 a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and
 
 b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.
Date: November 1, 2023
 
By:
 /s/ Jonathan Sinclair
 Jonathan Sinclair
 Executive Vice President and Chief Financial Officer





    -2-

earningspressreleaseimage.jpg
Canada Goose Reports Second Quarter Fiscal 2024 Results
Revenue increased 1% year-over-year to $281.1 million
Reported net income of $4.1 million
Adjusted EBIT6 of $15.6 million

Toronto - Nov 1, 2023 – Canada Goose Holdings Inc. (NYSE, TSX: GOOS), a global performance luxury and lifestyle brand, announced today financial results for the second quarter of fiscal 2024, which ended October 1, 2023, and an updated outlook for fiscal 2024. All amounts are in Canadian dollars unless otherwise indicated.
“We delivered solid second quarter results, with earnings exceeding our expectations and gross margin expansion despite operating in a challenging retail environment,” said Dani Reiss, Chairman and CEO of Canada Goose. “The quarter saw us advance each of our priorities, including a favorable response to our investments in emerging categories such as rain wear, apparel and footwear; a new channel launch with the opening of our first travel luxury location; the broadening of our customer base with high impact marketing collaborations and continued operational discipline. While we are operating in an uncertain macro landscape, we are confident in the power of our brand, the quality of our products, and the ongoing execution of our strategy has us poised to create long-term value for our stakeholders.”

Second Quarter Fiscal 2024 Financial Highlights1:
▪Total revenue increased 1% to $281.1m compared to the prior year, down (3)% on a constant currency basis2.
•DTC revenue grew 15% to $109.4m, up 12% on a constant currency basis2, driven by growth of in-store retail sales. Sales from DTC channels increased as part of the total revenue mix to 39% from 34% in the same reporting period last year. DTC comparable sales3 decreased 7% year-over-year with comparable store sales up slightly compared to the same period in the prior year and a decrease in e-commerce sales.

•Wholesale revenue decreased (10)% or (15)% on a constant currency basis2, consistent with our expectations across all geographies, due to the planned streamlining of wholesale relationships as we optimize for greater DTC sales within our channel mix, partially offset by earlier shipments of orders to wholesale customers.

•Revenue grew by 13% in Asia Pacific, 6% in EMEA4 and was down (7)% in North America. The decrease in North America revenue year-over-year was primarily due to the decline in wholesale revenue, which was in line with expectations, partially offset by an increase in DTC revenue.

▪Gross profit grew 8% to $179.5m, compared to the prior year. Gross margin for the quarter expanded to 63.9% compared to 59.8% in the second quarter of fiscal 2023, primarily due to a higher proportion of DTC channel sales, pricing, and favourable product mix from the sale of higher margin styles within Heavyweight Down and non-Heavyweight Down categories, partially offset by higher product costs due to higher input cost inflation and freight and duty charges.

1 Comparisons to second quarter ended October 2, 2022.
2 Constant currency revenue is a non-IFRS financial measure. See “Non-IFRS Financial Measures and Other Specified Financial Measures” for more information.
3 DTC comparable sales growth is a supplementary financial measure. See “Non-IFRS Financial Measures and Other Specified Financial Measures” for a description of this measure.
4 EMEA comprises Europe, the Middle East, Africa, and Latin America.
1

▪Selling, general and administrative (SG&A)5 expenses were $177.2m, compared to $144.3m in the comparable period last year. The increase in SG&A was primarily due to our expanded retail network and investments in initiatives to improve long-term operational efficiency through our Transformation Program, the majority of which were one-time in nature.

▪Operating lncome5 was $2.3m, compared to $21.5m in the second quarter of fiscal 2023. The decrease in operating income was attributable to higher SG&A costs, partially offset by higher gross profit.

▪Adjusted EBIT5,6 was $15.6m, compared to $26.3m in the second quarter of fiscal 2023.

▪Net Income attributable to shareholders was $3.9m, or $0.04 per basic share, compared with a net income attributable to shareholders of $3.3m, or $0.03 per basic share for the second quarter of fiscal 2023.

▪Adjusted net income6,7was $16.2m, or $0.16 per basic share, compared with an adjusted net income of $20.3m, or $0.19 per basic share for the second quarter of fiscal 2023.

Revenue By Segment
Second quarter ended$ Change% Change
CAD $ millionsOctober 1,
2023		October 2,
2022		As reportedForeign exchange impact
In constant currency7
As reported
In constant currency7
DTC109.4 94.8 14.6 (3.4)11.2 15.4 %11.8 %
Wholesale162.0 180.7 (18.7)(8.3)(27.0)(10.3)%(14.9)%
Other9.7 1.7 8.0 — 8.0 470.6 %470.6 %
Total revenue281.1 277.2 3.9 (11.7)(7.8)1.4 %(2.8)%

Revenue by Geography
Second quarter ended$ Change% Change
CAD $ millionsOctober 1,
2023		October 2,
2022		As reportedForeign exchange impact
In constant currency7
As reported
In constant currency7
Canada57.9 58.7 (0.8)— (0.8)(1.4)%(1.4)%
United States66.2 74.2 (8.0)(1.9)(9.9)(10.8)%(13.3)%
North America124.1 132.9 (8.8)(1.9)(10.7)(6.6)%(8.1)%
Asia Pacific63.8 56.4 7.4 (1.1)6.3 13.1 %11.2 %
EMEA93.2 87.9 5.3 (8.7)(3.4)6.0 %(3.9)%
Total revenue281.1 277.2 3.9 (11.7)(7.8)1.4 %(2.8)%

Balance Sheet Highlights

Inventory was $519.7m for the second quarter ended October 1, 2023, up 2% from the second quarter ended October 2, 2022, with decelerating year-over-year growth compared to the first quarter of fiscal 2024.

During the second quarter of fiscal 2024, the Company repurchased 1,364,542 subordinate voting shares for a total cash consideration of $29.9m, ending the quarter with a cash balance of $37.5m, compared with $97.1m at first quarter ended October 2, 2022.

5 Certain comparative figures have been reclassified to conform with current year presentation. Foreign exchange gains and losses related to the term loan, net of hedging, which were presented in SG&A expenses in the second quarter ended October 2, 2022, are now reflected in the presentation of net interest, finance and other costs.
6 Adjusted EBIT and adjusted net income are non-IFRS financial measures, and adjusted net income attributable to shareholders of the Company and adjusted net income per basic and diluted share attributable to the shareholders of the Company are non-IFRS financial ratios. See “Non-IFRS Financial Measures and Other Specified Financial Measures” for more information.
7 Constant currency revenue is a non-IFRS financial measure. See “Non-IFRS Financial Measures and Other Specified Financial Measures” for more information.
2




Second Quarter Fiscal 2024 Business Highlights

During the second quarter, our progress was guided by our three strategic growth pillars: Driving consumer-focused growth, building the DTC network, and product expansion. Notable business highlights from our second quarter included the following:

▪Driving consumer-focused growth
•Launched a collaboration with Rokh x Matt McCormick that includes eight exclusive pieces for women. In October we launched a luxury outerwear collection through a collaboration with streetwear brand, Pyer Moss.
•Launched our Fall/Winter 2023 campaign, shot by acclaimed photographer, Annie Liebowitz, featuring three trailblazing women: Sheila Atim (actor, musician, writer, and composer), Sophie Darlington (award-winning wildlife filmmaker and cinematographer), and Kimberly Newell (Olympic ice hockey goalie).
•In addition, our Fall/Winter 2023 lineup includes a partnership with celebrity stylist Karla Welch and upcoming collaborations with Concepts, BAPE and OVO before the calendar year end.

▪Building the DTC network
•Opened six new permanent stores, including three stores in United States (Los Angeles, Philadelphia and Atlanta), two in Mainland China (Tianjin and Shanghai) and one in Japan (Tokyo), and converted two temporary stores to permanent in Japan, bringing the total permanent store count to 62 at the end of the second quarter of fiscal 2024. As a result, we added nearly 12,000 square feet with our new locations, strategically placing our stores in some of the most preeminent shopping destinations in the world and providing additional touch points to connect with our high value customers.
•Diversified our wholesale business by opening our first branded standalone Travel retail store at Frankfurt International Airport in September 2023. This marks the beginning of our journey in the travel retail market, which presents a meaningful opportunity with luxury tourists. Further openings are planned this year.

▪Product expansion
•Launched our Fall/Winter 2023 women’s collection, featuring sustainable offerings with nature-inspired and classic colourways that combine luxurious style with performance, including the Rhoda Parka, Garnet Cropped Puffer and Vest and Copal Cashmere Crewneck and Turtleneck made from pima cotton, lumina (a recycled fabric) and 100% cashmere yarn.
•Non-Heavyweight Down category grew year-over-year in the second quarter of fiscal 2024, expanding its share of revenue within the overall mix. Within non-Heavyweight Down, rain wear was our fastest growing category followed by apparel, with revenue in both categories increasing across all regions. The Chilliwack fleece bomber, HyBridge knit jacket and Simcoe fleece hoody topped our best-selling list in the Apparel category during the quarter.
•Launched our first-ever sneaker line, the Glacier Trail, delivering ultra-versatile performance and year-round relevance while meeting the needs of the modern explorer.

Subsequent to Second Quarter Fiscal 2024

▪Celebrated the 5th anniversary of our first brick-and-mortar store opening in China, holding an event in Shanghai that was attended by hundreds of guests, including celebrities, influencers, business partners and government officials. Since opening our first store in Beijing in 2018, our footprint in Mainland China has grown to 21 permanent stores.






3

Updated Fiscal 2024 Full Year and Q3 Outlook8

The outlook that follows supersedes all prior financial outlook statements made by Canada Goose, constitutes forward-looking information within the meaning of applicable securities laws, and is based on a number of assumptions and subject to a number of risks. The purpose of this outlook is to provide a description of management's expectations regarding the Company's annual financial performance and may not be appropriate for other purposes. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond Canada Goose’s control. Please see "Forward-looking Statements" below for more information.

Our outlook for the second half of fiscal 2024 has come under pressure due to the increasingly challenging global macro-economic and geopolitical environments that have impacted consumer decision-making and prioritization of spend. As a result, we saw early momentum gathered in our second quarter of fiscal 2024 begin to slow noticeably in September. We have, therefore, revised and expanded our potential range of outcomes to reflect the current environment.

For fiscal 2024, we expect:

•Total revenue between $1.2b and $1.4b, compared to original guidance of $1.4b to $1.5b.
•Non-IFRS adjusted EBIT between $135m and $225m, representing a margin of between 11% and 16%, compared to original guidance of non-IFRS adjusted EBIT of $210m to $240m, representing a margin of 15% to 16%.
•Non-IFRS adjusted net income per diluted share between $0.60 and $1.40, compared to original guidance of $1.20 to $1.48.

For the third quarter of fiscal 2024, we expect:

•Total revenue between $575m and $700m.
•Non-IFRS adjusted EBIT between $190m and $265m.
•Non-IFRS adjusted net income per diluted share between $1.22 and $1.76.

Our outlook now includes the following assumptions:

•DTC revenue as a percentage of total revenue of approximately 70%, representing a high-single-digit increase to a low-double-digit decrease in year-over-year DTC comparable sales growth, and continued channel expansion.
•Wholesale revenue growth to decrease by a low-to-mid teens percentage rate year-over-year, reflective of the continued editing of our wholesale door count (-6%), revised re-order expectations, and expansion of our retail store network.
•Gross margin as a percentage of total revenue to be in the high 60s, with DTC and wholesale gross margins in the mid 70s and low 50s, respectively.
•15 permanent retail stores to open, which we expect to be fully operational in the second half of the year, concentrated in Mainland China and the USA.
•SG&A expense to grow at a mid-teens percentage rate on a year-over-year basis due to a larger DTC network and operating cost base, moderated by cost savings initiatives, including approximately $15m in savings from the Transformation Program in fiscal 2024.
•Effective tax rate in the high teens as a percentage of income before taxes for fiscal 2024.
•Weighted average diluted shares outstanding of 103.5m for fiscal 2024, reflecting share buy backs executed year-to-date and assumed dilution effective of outstanding share-based payments.




8The Company is not able to provide, without unreasonable effort, a reconciliation of the guidance for non-IFRS adjusted EBIT and non-IFRS adjusted net income per diluted share to the most directly comparable IFRS measure because the Company does not currently have sufficient data to accurately estimate the variables and individual adjustments included in the most directly comparable IFRS measure that would be necessary for such reconciliations, including (a) income tax related accruals in respect of certain one-time items (b) the impact of foreign currency exchange and (c) non-recurring expenses that cannot reasonably be estimated in advance. These adjustments are inherently variable and uncertain and depend on various factors that are beyond the Company's control and as a result it is also unable to predict their probable significance. Therefore, because management cannot estimate on a forward-looking basis without unreasonable effort the impact these variables and individual adjustments will have on its reported results in accordance with IFRS, it is unable to provide a reconciliation of the non-IFRS measures included in its fiscal 2024 guidance.
4


Conference Call Information

The Company will host the conference call at 8:30 a.m. Eastern Standard Time on November 1, 2023. The conference call can be accessed by using the following link: https://events.q4inc.com/attendee/491815362. After registering, an email will be sent including dial-in details and a unique conference call pin required to join the live call. A live webcast of the conference call will also be available on the investor relations page of the Company's website at http://investor.canadagoose.com.
About Canada Goose
Founded in 1957 in a small warehouse in Toronto, Canada, Canada Goose (NYSE:GOOS, TSX:GOOS) is a lifestyle brand and a leading manufacturer of performance luxury apparel. Every collection is informed by the rugged demands of the Arctic, ensuring a legacy of functionality is embedded in every product from parkas and rainwear to apparel and accessories. Canada Goose is inspired by relentless innovation and uncompromised craftsmanship, recognized as a leader for its Made in Canada commitment. In 2020, Canada Goose announced HUMANATURE, its purpose platform that unites its sustainability and values-based initiatives, reinforcing its commitment to keep the planet cold and the people on it warm. Canada Goose also owns Baffin, a Canadian designer and manufacturer of performance outdoor and industrial footwear. Visit www.canadagoose.com for more information.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including statements relating to our fiscal 2024 full year and third quarter financial outlook, the execution of our proposed strategy including retail footprint expansion and new product offerings, early leading indicators and impacts for ongoing fiscal periods, and our operating performance and prospects. These forward-looking statements generally can be identified by the use of words such as “believe,” “could,” “continue,” “expect,” “estimate,” “may,” “potential,” “would,” “will,” and other words of similar meaning. Each forward-looking statement contained in this press release, including, without limitation, our fiscal 2024 full year and third quarter financial outlook and the related assumptions included herein is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Our business is subject to substantial risks and uncertainties. Applicable risks and uncertainties include, among others, the impact on our operations of the current global economic conditions and their evolution, and are discussed under “Cautionary Note regarding Forward-Looking Statements” and “Factors Affecting our Performance” in our Management's Discussion and Analysis ("MD&A") as well as under “Risk Factors” in our Annual Report on Form 20-F for the year ended April 2, 2023. You are also encouraged to read our filings with the SEC, available at www.sec.gov, and our filings with Canadian securities regulatory authorities available at www.sedarplus.ca for a discussion of these and other risks and uncertainties. Investors, potential investors, and others should give careful consideration to these risks and uncertainties. We caution investors not to rely on the forward-looking statements contained in this press release when making an investment decision in our securities. The forward-looking statements in this press release speak only as of the date of this release, and we undertake no obligation to update or revise any of these statements.

Investors: ir@canadagoose.com
Media: media@canadagoose.com
5

Condensed Consolidated Interim Statements of Income
(unaudited)
(in millions of Canadian dollars, except share and per share amounts)
Second quarter endedTwo quarters ended
October 1,
2023		October 2,
2022		October 1,
2023		October 2,
2022
ReclassifiedReclassified
$$$$
Revenue281.1 277.2 365.9 347.1 
Cost of sales101.6 111.4 131.2 138.6 
Gross profit179.5 165.8 234.7 208.5 
Selling, general & administrative expenses177.2 144.3 332.1 269.2 
Operating income (loss)2.3 21.5 (97.4)(60.7)
Net interest, finance and other costs13.6 23.6 28.1 29.5 
Loss before income taxes(11.3)(2.1)(125.5)(90.2)
Income tax recovery(15.4)(7.1)(44.6)(31.6)
Net income (loss)4.1 5.0 (80.9)(58.6)
Attributable to:
Shareholders of the Company3.9 3.3 (77.2)(59.1)
Non-controlling interest0.2 1.7 (3.7)0.5 
Net income (loss)4.1 5.0 (80.9)(58.6)
Earnings (loss) per share attributable to shareholders of the Company
Basic and diluted$0.04 $0.03 $(0.75)$(0.56)


6

Condensed Consolidated Statements of Financial Position
(unaudited)
(in millions of Canadian dollars)
October 1,
2023		October 2,
2022		April 2,
2023
Assets $ $$
Current assets
Cash37.5 97.1 286.5 
Trade receivables146.5 150.0 50.9 
Inventories519.7 511.5 472.6 
Income taxes receivable17.2 10.5 0.9 
Other current assets82.6 63.4 52.3 
Total current assets803.5 832.5 863.2 
Deferred income taxes119.2 90.0 67.5 
Property, plant and equipment179.3 122.4 156.0 
Intangible assets132.4 133.3 135.1 
Right-of-use assets280.0 274.3 291.8 
Goodwill62.7 64.1 63.9 
Other long-term assets12.2 26.9 12.5 
Total assets1,589.3 1,543.5 1,590.0 
Liabilities
Current liabilities
Accounts payable and accrued liabilities210.2 218.4 195.6 
Provisions20.5 21.7 21.6 
Income taxes payable7.7 12.9 31.5 
Short-term borrowings80.7 57.3 27.6 
Current portion of lease liabilities77.1 65.4 76.1 
Total current liabilities396.2 375.7 352.4 
Provisions35.8 31.7 36.5 
Deferred income taxes15.5 23.2 16.4 
Term Loan391.4 402.7 391.6 
Lease liabilities253.2 250.1 258.7 
Other long-term liabilities56.5 38.5 56.9 
Total liabilities1,233.6 1,177.0 1,112.5 
Equity
Equity attributable to shareholders of the Company352.2 355.4 469.5 
Non-controlling interests3.5 11.1 8.0 
Total equity355.7 366.5 477.5 
Total liabilities and equity1,589.3 1,543.5 1,590.0 

7

Condensed Consolidated Interim Statements of Cash Flows
(unaudited)
(in millions of Canadian dollars)
Second quarter endedTwo quarters ended
October 1,
2023		October 2,
2022		October 1,
2023		October 2,
2022
Reclassified9
Reclassified9
 $ $ $ $
Operating activities
Net income (loss)4.1 5.0 (80.9)(58.6)
Items not affecting cash:
Depreciation and amortization30.6 26.4 59.8 52.2 
Income tax recovery(15.4)(7.1)(44.6)(31.6)
Interest expense12.9 9.2 20.3 16.2 
Foreign exchange loss (gain) 4.2 17.1 (0.5)19.2 
Loss (gain) on disposal of assets0.1 (0.1)— (0.1)
Share-based payment4.7 4.3 7.2 7.0 
Remeasurement of put option 2.7 1.7 10.8 1.7 
Remeasurement of contingent consideration (2.0)(3.7)(3.0)(3.7)
41.9 52.8 (30.9)2.3 
Changes in non-cash operating items(67.3)(79.2)(166.2)(202.7)
Income taxes paid(18.9)(10.1)(49.0)(26.3)
Interest paid(12.9)(8.3)(20.4)(15.0)
Net cash used in operating activities(57.2)(44.8)(266.5)(241.7)
Investing activities
Purchase of property, plant and equipment(26.0)(7.8)(31.2)(10.3)
Investment in intangible assets(0.3)0.4 (0.5)(0.7)
Initial direct costs of right-of-use assets(0.1)(0.3)(0.4)(0.4)
Net cash inflow from business combination— — — 2.8 
Net cash used in investing activities(26.4)(7.7)(32.1)(8.6)
Financing activities
Mainland China Facilities borrowings25.1 19.5 37.7 24.1 
Japan Facility borrowings7.1 5.8 15.4 9.7 
Term Loan repayments(1.0)(1.0)(2.0)(2.0)
Revolving Facility borrowings 86.3 55.4 86.3 55.4 
Transaction costs on financing activities(0.3)— (0.3)— 
Subordinate voting shares purchased and cancelled under NCIB(29.9)— (57.4)— 
Principal payments on lease liabilities(15.3)(13.5)(28.7)(27.3)
Issuance of shares0.1 — 0.1 — 
Net cash from financing activities72.1 66.2 51.1 59.9 
Effects of foreign currency exchange rate changes on cash1.0 1.6 (1.5)(0.2)
(Decrease) increase in cash(10.5)15.3 (249.0)(190.6)
Cash, beginning of period48.0 81.8 286.5 287.7 
Cash, end of period37.5 97.1 37.5 97.1 
9 Management identified an immaterial reclassification in the interim statement of cash flows and related note disclosure for the second and two quarters ended October 2, 2022 decreasing cash outflows from investing activities and increasing cash outflows from operating activities of $7.0m due to translation of foreign currency. Certain comparative figures have been reclassified in the interim statement of cash flows and related note disclosure related to this reclassification. The reclassification has been appropriately reflected in the interim statement of cash flows and related note disclosure for the second and two quarters ended October 1, 2023.
8

Non-IFRS Financial Measures and Other Specified Financial Measures
This press release includes references to certain non-IFRS financial measures such as adjusted EBIT, adjusted net income (loss) and constant currency revenue and certain non-IFRS ratios such as, adjusted EBIT margin, adjusted net income (loss) attributable to shareholders of the Company and adjusted net income (loss) per basic and diluted share attributable to the shareholders of the Company. These financial measures are employed by the Company to measure its operating and economic performance and to assist in business decision-making, as well as providing key performance information to senior management. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company’s operating and financial performance. These financial measures are not defined under IFRS nor do they replace or supersede any standardized measure under IFRS. Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures. Additional information, including definitions and reconciliations of non-IFRS measures to the nearest IFRS measure can be found in our MD&A for the second quarter of fiscal 2024 under “Non-IFRS Financial Measures and Other Specified Financial Measures. Such reconciliations can also be found in this press release under “Reconciliation of Non-IFRS Measures” and, in the case of constant currency revenue, under “Revenue”.
This press release also includes DTC comparable sales growth which is a supplementary financial measure defined as sales on a constant currency basis from e-Commerce sites and stores which have been operating for one full year (12 successive fiscal months). The measure excludes store sales from both periods for the specific trading days when the stores were closed, whether those closures occurred in the current period or the comparative period.
Reconciliation of Non-IFRS Measures
The tables below reconcile net income (loss) to adjusted EBIT and adjusted net income (loss) attributable to shareholders of the Company for the periods indicated. Adjusted EBIT margin is equal to adjusted EBIT for the period presented as a percentage of revenue for the same period.
Beginning with the third quarter of fiscal 2023, we no longer include pre-store opening costs in the reconciliation of net income (loss) to adjusted EBIT and adjusted net income (loss) attributable to shareholders of the Company, as we believe these costs are a part of our operating base as we accelerate new store openings. Comparable periods have been restated to reflect this change.
Beginning with the first quarter of fiscal 2024, foreign exchange gains and losses related to the term loan, net of hedging, are now reflected in the presentation of net interest, finance and other costs, which was previously presented in SG&A expenses. Comparable periods have been reclassified to reflect this change.



9

Second quarter endedTwo quarters ended
CAD $ millionsOctober 1,
2023		October 2,
2022		October 1,
2023		October 2,
2022
Net income (loss)4.1 5.0 (80.9)(58.6)
Add (deduct) the impact of:
Income tax recovery(15.4)(7.1)(44.6)(31.6)
Net interest, finance and other costs13.6 23.6 28.1 29.5 
Operating income (loss)2.3 21.5 (97.4)(60.7)
Net temporary store closure costs (a)— 0.2 — 2.4 
Head office transition costs (c)— 1.5 0.8 3.2 
Japan Joint Venture costs (e)0.1 2.8 0.1 4.2 
Strategic initiatives (g)7.7 — 15.5 — 
Net corporate restructuring costs (h)5.5 — 5.5 — 
Legal proceeding costs (i)— 1.2 — 2.2 
Other (l)— (0.9)— (0.9)
Total adjustments13.3 4.8 21.9 11.1 
Adjusted EBIT15.6 26.3 (75.5)(49.6)
Adjusted EBIT margin5.5 %9.5 %(20.6)%(14.3)%
Second quarter endedTwo quarters ended
CAD $ millionsOctober 1,
2023		October 2,
2022		October 1,
2023		October 2,
2022
Net income (loss)4.1 5.0 (80.9)(58.6)
Add (deduct) the impact of:
Net temporary store closure costs (a) (b)— 0.3 — 2.5 
Head office transition costs (c) (d)— 1.8 1.2 3.9 
Japan Joint Venture costs (e)0.1 2.8 0.1 4.2 
Japan Joint Venture remeasurement loss (gain) on contingent consideration and put option (f)0.7 (2.0)7.8 (2.0)
Strategic initiatives (g)7.7 — 15.5 — 
Net corporate restructuring costs (h)5.5 — 5.5 — 
Legal proceeding costs (i)— 1.2 — 2.2 
Unrealized foreign exchange loss (gain) on Term Loan Facility (j)1.7 16.8 (0.5)15.3 
Deferred tax adjustment (k)— — (0.5)— 
Other (l)— (0.9)— (0.9)
Total adjustments15.7 20.0 29.1 25.2 
Tax effect of adjustments(3.1)(2.7)(4.9)(4.0)
Adjusted net income (loss)16.7 22.3 (56.7)(37.4)
Adjusted net income (loss) attributable to non-controlling interest (m)(0.5)(2.0)(0.2)(1.1)
Adjusted net income (loss) attributable to shareholders of the Company16.2 20.3 (56.9)(38.5)
Weighted average number of shares outstanding
Basic102,468,461 105,334,265 103,089,612 105,284,370 
Diluted103,586,542 105,864,969 103,089,612 105,284,370 
Adjusted net income (loss) per basic share attributable to shareholders of the Company$0.16 $0.19 $(0.55)$(0.37)
Adjusted net income (loss) per diluted share attributable to shareholders of the Company$0.16 $0.19 $(0.55)$(0.37)
10

(a)Net temporary store closure costs of $nil and $nil were incurred in the second and two quarters ended October 1, 2023, respectively (second and two quarters ended October 2, 2022 - $0.2m and $2.4m, respectively).
(b)Net temporary store closure costs incurred in (a) as well as $nil and $nil of interest expense on lease liabilities for temporary store closures for the second and two quarters ended October 1, 2023, respectively (second and two quarters ended October 2, 2022 - $0.1m and $0.1m, respectively).
(c)Costs incurred for the corporate head office transition, including depreciation on right-of-use assets.
(d)Corporate head office transition costs incurred in (c) as well as $nil and $0.4m of interest expense on lease liabilities for the second and two quarters ended October 1, 2023, respectively (second and two quarters ended October 2, 2022 - $0.3m and $0.7m, respectively).
(e)Costs incurred in connection with the establishment of the Japan Joint Venture. This is driven by the impact of gross margin that would otherwise have been recognized on the sale of inventory recorded at net realizable value less costs to sell, as well as other costs of establishing the Japan Joint Venture.
(f)Changes to the fair value remeasurement of the contingent consideration and put option liability, inclusive of translation gains and losses, related to the Japan Joint Venture. The Company recorded a loss of $0.7m and $7.8m on fair value remeasurement of the contingent consideration and put option during the second and two quarters ended October 1, 2023, respectively (second and two quarters ended October 2, 2022 - gain of $(2.0)m and $(2.0)m, respectively). These gains and losses are included in net interest, finance and other costs within the interim statements of income (loss).
(g)Consultancy fees incurred in connection with our Transformation Program.
(h)Corporate restructuring costs, net of share-based award forfeitures, associated with the reduction in workforce as part of our Transformation Program.
(i)Costs for legal proceeding fees including for the defence of class action lawsuits.
(j)Unrealized gains and losses on the translation of the term loan from USD to CAD, net of the effect of derivative transactions entered into to hedge a portion of the exposure to foreign currency exchange risk. These costs were previously presented in SG&A expenses, are now reflected in the presentation of net interest, finance and other costs.
(k)Deferred tax adjustment recorded as the result of Swiss tax reform in Canada Goose International AG.
(l)Costs related to the transition of logistics agencies, restructuring costs related to the company’s manufacturing facilities, rent abatements received as well as individually immaterial items.
(m)Calculated as net income attributable to non-controlling interest within the interim financial statements of $(0.2)m and $3.7m less $(0.3)m and $(3.9)m for the gross margin adjustment and the put option liability and contingent consideration revaluation related to the non-controlling interest within the Japan Joint Venture for the second and two quarters ended October 1, 2023, respectively. Net income attributable to non-controlling interest within the interim financial statements of $(1.7)m and $(0.5)m less $(0.3)m and $(0.6)m for the gross margin adjustment and the put option liability and contingent consideration revaluation related to the non-controlling interest within the Japan Joint Venture for the second and two quarters ended October 2, 2022, respectively.
11
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