First quarter revenue increased 4% to
$88.1M
Canada Goose Holdings Inc. (NYSE, TSX: GOOS) announced today
financial results for the first quarter of fiscal 2025, which ended
June 30, 2024. All amounts are in Canadian dollars unless otherwise
indicated.
“Canada Goose had a solid start to the year, as our
Spring-Summer 2024 collection attracted new and existing customers
to shop in our stores and online, contributing to revenue growth in
our first quarter, which was especially robust in the Asia Pacific
region,” said Dani Reiss, Chairman and CEO of Canada Goose. “I’m
encouraged by the early progress we made across our fiscal 2025 key
operating imperatives, evolving our brand and product, welcoming
our first-ever Creative Director, Haider Ackermann, advancing our
retail execution plans, and introducing new ways of working to
inspire greater operating discipline and efficiencies across the
organization.”
First Quarter Fiscal 2025 Business Highlights:
During the first quarter of fiscal 2025, we progressed
initiatives across our three key operating imperatives: setting the
foundation for brand and product evolution, implementing
best-in-class retail execution, and simplifying and focusing the
way we operate internally. Notable highlights were as follows:
- Announced Haider Ackermann, our first-ever Creative Director,
along with the launch of his inaugural design, the Polar Bears
International Hoodie and related brand campaign, which marked our
most successful brand campaign results in our company’s history
generating more than double the earned media impressions compared
to our previously most successful campaign.
- Launched our Spring-Summer 2024 collection, featuring several
lightweight styles suited for the wetter and warmer seasons. We
also introduced the Vancouver Rain Boot, our very first rain boot,
further expanding our category of functional and stylish
footwear.
- Grew our apparel, wind wear, and footwear product sales
year-over-year in the first quarter of fiscal 2025, with share of
revenue and units sold across these product lines expanding within
the overall mix in our DTC and wholesale channels.
Subsequent to First Quarter Fiscal 2025
- Opened two permanent stores in July in Wuhan, Mainland China
and in Cotai, Macau, bringing our total permanent store count to
70.
- Published our fiscal 2024 ESG Report, which provides an update
on the progress of our Sustainable Impact Strategy to achieve our
purpose of keeping the planet cold and the people on it warm.
Highlights were as follows:
- Progressed our carbon emissions reduction initiatives toward
achieving our Net Zero target, improving our manufacturing and
building efficiencies and investing in carbon offsets and renewable
energy certificates, which resulted in a 6% decrease in Scope 1 and
2 emissions in fiscal 2024 compared with fiscal 2023.
- Continued to source more responsible materials, increasing the
amount of Preferred Fibre and Materials sourced for domestically
manufactured products in fiscal 2024 compared with fiscal 2023, and
reached 100% of products made in Canada in fiscal 2024 being
PFAS-free.
First Quarter Financial Highlights1:
- Total revenue increased 4% to $88.1m compared to the
same period in the prior year, up 3% on a constant currency basis2.
- DTC revenue grew 13% to $63.1m, up 12% on a constant
currency basis2, driven by strong retail sales in Asia Pacific. DTC
comparable sales3 decreased 4.4% year-over-year.
- Wholesale revenue decreased (41)% to $16.0m or (42)% on
a constant currency basis2 due to a planned lower order book
resulting from fewer orders from existing customers compared to the
same period in the prior year and the continued optimization of
wholesale relationships as we elevate the quality of our partners
in this sales channel.
- Other revenue increased $7.1m to $9.0m due to
incremental revenue from the knitwear facility we acquired in third
quarter fiscal 2024, higher employee sales, and friends and family
sales, which is aimed at exiting slow-moving and discontinued
inventory.
- Gross profit decreased (5)% to $52.6m, compared to the
same prior year period. Gross margin for the quarter was 59.7%
compared to 65.1% in the first quarter of fiscal 2024 primarily due
to lower margin revenue contribution from our European
manufacturing facility that we acquired in the third quarter of
fiscal 2024 and a higher proportion of non-Heavyweight down revenue
within the product mix.
- Selling, general and administrative (SG&A) expenses
were $149.5m, compared to $154.9m in the prior year period. The
reduction in SG&A was primarily due to cost savings resulting
from the workforce reductions implemented in fiscal 2024 and costs
incurred associated with the Transformation Program in fiscal 2024
that did not repeat in first quarter of fiscal 2025, partially
offset by an increase in expenses related to the expansion of our
global retail network.
- Operating Loss was $(96.9)m, compared to $(99.7)m in the
prior year period.
- Adjusted EBIT4 was $(96.0)m, compared to $(91.1)m in the
prior year period.
- Net loss attributable to shareholders was $(77.4)m, or
$(0.80) per basic share, compared with a net loss attributable to
shareholders of $(81.1)m, or $(0.78) per basic share in the prior
year period.
- Adjusted net loss attributable to shareholders4 was
$(76.1)m, or $(0.79) per basic share, compared with an adjusted net
loss attributed to shareholders of $(73.1)m, or $(0.70) per basic
share in the prior year period.
Balance Sheet Highlights
Inventory of $484.3m for the first quarter ended June 30, 2024,
was 7% lower compared to the first quarter fiscal 2024 ended July
2, 2023, with finished goods inventory declining 7% over the same
comparable period due to a combination of sales through our DTC,
Wholesale, and Other channels and reducing production levels.
The company ended the first quarter of fiscal 2025 with net
debt4 of $765.9m, compared with $711.9m at the end of the first
quarter of fiscal 2024. This net debt position includes borrowings
on our revolving facility which is seasonally typical for us as we
build inventory to prepare for our peak selling season.
Fiscal 2025 Outlook5
The outlook that follows constitutes “financial outlook” and
“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 the company’s control. Please see "Forward-looking
Statements" below for more information.
Canada Goose is maintaining the fiscal 2025 guidance issued with
fourth quarter and fiscal 2024 results published on May 16, 2024.
As disclosed previously, we continue to expect:
- Total revenue to grow in the low-single-digits year-over-year,
with an approximate 25%/75% distribution split between 1H and 2H of
fiscal 2025, respectively, which is relatively consistent with
fiscal 2024.
- DTC comparable sales growth in the low-single-digits year-over
year, and incremental revenue from three new stores and four
concession-based shop-in-shops to contribute to DTC revenue
growth.
- An average mid-single digit percentage pricing increase over
fiscal 2024.
- A 20% year-over-year decrease in wholesale revenue due to a
tightening of our wholesale order book to largely offset the
benefit contributed by DTC revenue growth and the planned pricing
increase.
- Consolidated gross margin percentage to be similar to fiscal
2024.
- As a result of the above, non-IFRS adjusted EBIT margin to
expand by approximately 100 basis points compared to fiscal
2024.
- Non-IFRS adjusted net income per diluted share to grow by a
mid-teen percentage year-over-year.
- Weighted average diluted shares outstanding of approximately
99m for fiscal 2025.
Our fiscal 2025 financial outlook continues to assume global
consumer spending to be pressured amid persistently high interest
rates and geopolitical uncertainty. Within our business, we assume
continued operational discipline and execution of initiatives
focused on delivering further cost efficiencies.
Conference Call Information
The Company will host the conference call at 8:30 a.m. EDT on
August 1, 2024. The conference call can be accessed by using the
following link: https://events.q4inc.com/attendee/206596839. 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
Canada Goose is a performance luxury outerwear, apparel,
footwear and accessories brand that inspires all people to thrive
in the world outside. We are globally recognized for our commitment
to Canadian manufacturing and our high standards of quality,
craftsmanship and functionality. We believe in the power of
performance, the importance of experience, and that our purpose is
to keep the planet cold and the people on it warm. For more
information, visit www.canadagoose.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements,
including statements relating to our fiscal 2025 financial outlook,
the related assumptions included herein, the execution of our
proposed strategy, 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 is subject to substantial risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied by such statement. 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
March 31, 2024. 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 on SEDAR+ 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.
Although we base the forward-looking statements contained in
this press release on assumptions that we believe are reasonable,
we caution readers 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 press release. 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 press release. In
addition, even if results and developments are consistent with the
forward-looking statements contained in this press release, 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 press release 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. Consequently, all of the forward-looking
information contained herein is qualified by the foregoing
cautionary statements. You should read this press release 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 press release (or
as of the date specifically indicated therein), and we do not
assume any obligation to update any forward-looking statements
except as required by applicable laws. For greater certainty,
references herein to “forward-looking statements” include
“forward-looking information” within the meaning of Canadian
securities laws.
Condensed Consolidated Interim Statements of Loss (in
millions of Canadian dollars, except share and per share
amounts)
First quarter ended
June 30, 2024
July 2, 2023
$
$
Revenue
88.1
84.8
Cost of sales
35.5
29.6
Gross profit
52.6
55.2
Selling, general & administrative
expenses
149.5
154.9
Operating loss
(96.9
)
(99.7
)
Net interest, finance and other costs
3.2
14.5
Loss before income taxes
(100.1
)
(114.2
)
Income tax recovery
(26.1
)
(29.2
)
Net loss
(74.0
)
(85.0
)
Attributable to:
Shareholders of the Company
(77.4
)
(81.1
)
Non-controlling interest
3.4
(3.9
)
Net loss
(74.0
)
(85.0
)
Loss per share attributable to
shareholders of the Company
Basic and diluted
$
(0.80
)
$
(0.78
)
Condensed Consolidated Interim Statements of Comprehensive
Loss (in millions of Canadian dollars, except per share
amounts)
First quarter ended
June 30, 2024
July 2, 2023
$
$
Net loss
(74.0
)
(85.0
)
Other comprehensive loss
Items that may be reclassified to
earnings, net of tax:
Cumulative translation adjustment gain
(loss)
5.4
(2.4
)
Net (loss) gain on derivatives designated
as cash flow hedges
(1.1
)
9.8
Reclassification of net gain on cash flow
hedges to income
(0.1
)
(0.5
)
Other comprehensive income
4.2
6.9
Comprehensive loss
(69.8
)
(78.1
)
Attributable to:
Shareholders of the Company
(73.2
)
(73.8
)
Non-controlling interest
3.4
(4.3
)
Comprehensive loss
(69.8
)
(78.1
)
Condensed Consolidated Interim Statements of Financial
Position (in millions of Canadian dollars)
June 30, 2024
July 2, 2023
March 31, 2024
Assets
$
$
$
Current assets
Reclassified
Reclassified
Cash
61.9
48.0
144.9
Trade receivables
50.4
50.9
70.4
Inventories
484.3
522.1
445.2
Income taxes receivable
31.0
6.6
28.0
Other current assets
57.4
76.9
52.3
Total current assets
685.0
704.5
740.8
Deferred income taxes
96.8
92.5
76.3
Property, plant and equipment
165.7
172.0
171.8
Intangible assets
133.6
133.1
135.1
Right-of-use assets
293.8
281.3
279.8
Goodwill
70.4
62.8
70.8
Other long-term assets
5.4
12.3
7.0
Total assets
1,450.7
1,458.5
1,481.6
Liabilities
Current liabilities
Accounts payable and accrued
liabilities
144.3
178.6
177.7
Provisions
40.8
37.7
49.1
Income taxes payable
15.2
9.6
16.8
Short-term borrowings
36.8
48.4
9.4
Current portion of lease liabilities
82.5
75.3
79.9
Total current liabilities
319.6
349.6
332.9
Provisions
14.6
12.8
14.3
Deferred income taxes
10.7
12.3
17.2
Revolving Facility
53.3
—
—
Term Loan
391.5
383.0
388.5
Lease liabilities
262.2
252.6
250.6
Other long-term liabilities
43.4
62.6
54.6
Total liabilities
1,095.3
1,072.9
1,058.1
Equity
Equity attributable to shareholders of the
Company
345.5
381.9
417.0
Non-controlling interests
9.9
3.7
6.5
Total equity
355.4
385.6
423.5
Total liabilities and equity
1,450.7
1,458.5
1,481.6
Condensed Consolidated Interim Statements of Cash Flows
(in millions of Canadian dollars)
First quarter ended
June 30, 2024
July 2, 2023
$
$
Operating activities
Net loss
(74.0
)
(85.0
)
Items not affecting cash:
Depreciation and amortization
32.7
29.2
Income tax recovery
(26.1
)
(29.2
)
Interest expense
11.8
7.4
Foreign exchange gain
(1.9
)
(4.7
)
Gain on disposal of assets
—
(0.1
)
Share-based payment
2.2
2.5
Remeasurement of put option
2.1
8.1
Remeasurement of contingent
consideration
(10.7
)
(1.0
)
(63.9
)
(72.8
)
Changes in non-cash operating items
(63.1
)
(98.9
)
Income taxes paid
(5.4
)
(30.1
)
Interest paid
(10.5
)
(7.5
)
Net cash used in operating
activities
(142.9
)
(209.3
)
Investing activities
Purchase of property, plant and
equipment
(2.2
)
(5.2
)
Investment in intangible assets
—
(0.2
)
Initial direct costs of right-of-use
assets
(0.1
)
(0.3
)
Net cash used in investing
activities
(2.3
)
(5.7
)
Financing activities
Mainland China Facilities borrowings
16.6
12.6
Japan Facility borrowings
10.8
8.3
Term Loan repayments
(1.0
)
(1.0
)
Revolving Facility borrowings
54.3
—
Transaction costs on financing
activities
(0.2
)
—
Normal course issuer bid purchase of
subordinate voting shares
—
(27.5
)
Principal payments on lease
liabilities
(20.8
)
(13.4
)
Net cash from (used in) financing
activities
59.7
(21.0
)
Effects of foreign currency exchange rate
changes on cash
2.5
(2.5
)
Decrease in cash
(83.0
)
(238.5
)
Cash, beginning of period
144.9
286.5
Cash, end of period
61.9
48.0
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) attributable to shareholders of the Company, net debt, and
constant currency revenue and certain non-IFRS ratios such as,
adjusted EBIT margin 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
financial measures to the nearest IFRS financial measure can be
found in our MD&A for the first quarter and three month period
ended June 30, 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” below.
This press release also includes references to DTC comparable
sales (decline) growth which is a supplementary financial measure
defined as a rate of (decline) growth of 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 to adjusted EBIT and
adjusted net income attributable to shareholders of the Company for
the periods indicated, and reconcile constant currency revenue to
revenue across segments and geographies, and reconcile net debt for
purposes of presenting its calculation. Adjusted EBIT margin is
equal to adjusted EBIT for the period presented as a percentage of
revenue for the same period.
First quarter ended
CAD $ millions
June 30, 2024
July 2, 2023
Net loss
(74.0
)
(85.0
)
Add (deduct) the impact of:
Income tax recovery
(26.1
)
(29.2
)
Net interest, finance and other costs
3.2
14.5
Operating loss
(96.9
)
(99.7
)
Head office transition costs (a)
—
0.8
Transformation Program costs (d)
—
7.8
Paola Confectii Earn-Out costs (e)
0.9
0.0
Total adjustments
0.9
8.6
Adjusted EBIT
(96.0
)
(91.1
)
Adjusted EBIT margin
(109.0
)%
(107.4
)%
First quarter ended
CAD $ millions
June 30, 2024
July 2, 2023
Net loss
(74.0
)
(85.0
)
Add (deduct) the impact of:
Head office transition costs (a) (b)
—
1.2
Japan Joint Venture remeasurement (gain)
loss on contingent consideration and put option (c)
(8.6
)
7.1
Transformation Program costs (d)
—
7.8
Paola Confectii Earn-Out costs (e)
0.9
—
Unrealized foreign exchange loss (gain) on
Term Loan (f)
1.7
(2.2
)
(6.0
)
13.9
Tax effect of adjustments
(0.4
)
(1.8
)
Deferred tax adjustment (g)
—
(0.5
)
Adjusted net loss
(80.4
)
(73.4
)
Adjusted net loss attributable to
non-controlling interest (h)
4.3
0.3
Adjusted net loss attributable to
shareholders of the Company
(76.1
)
(73.1
)
Weighted average number of shares
outstanding
96,611,725
103,710,762
Adjusted net loss per basic share
attributable to shareholders of the Company
$
(0.79
)
$
(0.70
)
1.
Subordinate voting shares
issuable on exercise of stock options are not treated as dilutive
if including them would decrease the loss per share. For the first
quarter ended June 30, 2024, 1,138,989 potentially dilutive shares
have been excluded from the calculation of diluted loss per share
because their effect was anti-dilutive (first quarter ended July 2,
2023 - 788,450 shares).
(a)
Costs incurred for the corporate
head office transition, including depreciation on right-of-use
assets.
(b)
Corporate head office transition
costs incurred in (a) as well as $nil of interest expense on lease
liabilities for the first quarter ended June 30, 2024 (first
quarter ended July 2, 2023 - $0.4m).
(c)
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 gain of $8.6m on
the fair value remeasurement of the contingent consideration and
put option during the first quarter ended June 30, 2024 (first
quarter ended July 2, 2023 - loss of $7.1m). These gains and losses
are included in net interest, finance and other costs within the
interim statements of loss.
(d)
Transformation Program costs
includes consultancy fees of $7.8m for the first quarter ended July
2, 2023.
(e)
Additional consideration payable
to the controlling shareholders of Paola Confectii SRL (“PCML
Vendors”) if certain performance conditions are met based on
financial results (“Earn-Out”) related to the acquisition of Paola
Confectii SRL, recognized as renumeration expense.
(f)
Unrealized gains and losses on
the translation of the term loan facility 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 are included in net interest, finance and other costs within
the interim statements of loss.
(g)
Deferred tax adjustment recorded
as the result of Swiss tax reform in Canada Goose International
AG.
(h)
Calculated as net income (loss)
attributable to non-controlling interest within the interim
statements of loss of $4.3m for the put option liability and
contingent consideration revaluation related to the non-controlling
interest within the Japan Joint Venture for the first quarter ended
June 30, 2024. Net loss attributable to non-controlling interest
within the interim statements of loss of $3.9m less $(3.6)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 first quarter ended July 2,
2023.
(i)
Calculated as depreciation and
amortization as determined in accordance with IFRS, less the
depreciation impact for corporate head office transition costs (a)
in the first quarter ended July 2, 2023. Depreciation and
amortization includes depreciation on right-of-use assets under
IFRS 16, Leases.
Revenue By Segment
First quarter ended
$ Change
% Change
CAD $ millions
June 30, 2024
July 2, 2023
As reported
Foreign exchange
impact
In constant currency
As reported
In constant currency
DTC
63.1
55.8
7.3
(0.4
)
6.9
13.1
%
12.4
%
Wholesale
16.0
27.1
(11.1
)
(0.2
)
(11.3
)
(41.0
)%
(41.7
)%
Other
9.0
1.9
7.1
—
7.1
373.7
%
373.7
%
Total revenue
88.1
84.8
3.3
(0.6
)
2.7
3.9
%
3.2
%
Revenue by Geography
First quarter ended
$ Change
% Change
CAD $ millions
June 30, 2024
July 2, 2023
As reported
Foreign exchange
impact
In constant currency
As reported
In constant currency
Canada
21.9
23.5
(1.6
)
—
(1.6
)
(6.8
)%
(6.8
)%
United States
18.5
18.1
0.4
(0.1
)
0.3
2.2
%
1.7
%
North America
40.4
41.6
(1.2
)
(0.1
)
(1.3
)
(2.9
)%
(3.1
)%
Greater China1
21.9
19.5
2.4
(0.3
)
2.1
12.3
%
10.8
%
Asia Pacific (excluding Greater
China1)
8.9
5.0
3.9
0.1
4.0
78.0
%
80.0
%
Asia Pacific
30.8
24.5
6.3
(0.2
)
6.1
25.7
%
24.9
%
EMEA2
16.9
18.7
(1.8
)
(0.3
)
(2.1
)
(9.6
)%
(11.2
)%
Total revenue
88.1
84.8
3.3
(0.6
)
2.7
3.9
%
3.2
%
1.
Greater China comprises Mainland
China, Hong Kong, Macau, and Taiwan.
2.
EMEA comprises Europe, the Middle
East, Africa, and Latin America.
Indebtedness
CAD $ millions
June 30, 2024
July 2, 2023
$ Change
March 31, 2024
$ Change
Cash
61.9
48.0
13.9
144.9
(83.0
)
Mainland China Facilities
(16.6
)
(22.4
)
5.8
—
(16.6
)
Japan Facility
(16.2
)
(22.0
)
5.8
(5.4
)
(10.8
)
Revolving Facility
(54.3
)
—
(54.3
)
—
(54.3
)
Term Loan
(396.0
)
(387.6
)
(8.4
)
(393.1
)
(2.9
)
Lease liabilities
(344.7
)
(327.9
)
(16.8
)
(330.5
)
(14.2
)
Net debt
(765.9
)
(711.9
)
(54.0
)
(584.1
)
(181.8
)
1 Comparisons to first quarter ended July 2, 2023. 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
Adjusted EBIT, adjusted net loss attributable to shareholders of
the Company, and net debt are non-IFRS financial measures, and
Adjusted EBIT margin, and adjusted net loss per basic 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. 5 The 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, we are unable to provide a reconciliation of
the non-IFRS measures included in our fiscal 2025 guidance.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240801286838/en/
Investors: ir@canadagoose.com Media: media@canadagoose.com
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