Canada Goose Holdings Inc. reported fiscal 2025 fourth quarter revenues increased 7.4 percent year-over-year (y/y) to CN$384.6 million for the three months ended March 30, 2025. Revenues were up 4.0 percent on a constant-currency (cc) basis.

  • DTC Revenue increased 15.7 percent (+11.6 percent cc) to CN$314.1 million, said to be driven by DTC comparable sales growth of 6.8 percent and revenue from non-comparable stores.
  • Wholesale Revenue decreased 23.2 percent (-24.9 percent cc) to CN$31.8 million, said to be primarily due to a lower planned order book in EMEA and the timing of shipments.
  • Other Revenue decreased 14.2 percent (-15.3 percent cc) to CN$38.7 million, said to be primarily due to lower employee sales and friends and family events.

Profitability & Expenses
Gross profit increased 17.8 percent y/y to CN$274.4 million. Gross margin for the quarter was 71.3 percent of net revenue, compared to 65.1 percent in the fourth quarter of fiscal 2025, reportedly due primarily to lower inventory provisioning and a higher proportion of DTC revenue.

Selling, general and administrative (SG&A) expenses were CN$219.3 million, compared to CN$209.9 million in the prior-year Q4 period. The increase in SG&A was reportedly driven primarily by strategic revenue-driven investments to expand the company’s global retail network, a planned increase in marketing spend and higher personnel costs relating to incentive compensation. Costs related to the company’s Transformation Program, incurred in the prior-year period, were not incurred in the fourth quarter of fiscal 2025.

Operating income amounted to CN$55.1 million in Q4, compared to CN$23.1m in the prior-year Q4 period.

Net income attributable to shareholders was CN$27.1 million, or CN28 cents per diluted share, compared with a net income attributable to shareholders of CN$5.0 million, or CN5 cents per diluted share in the prior-year Q4 period.

Adjusted EBIT was CN$59.7 million in Q4, compared to CN$40.1 million in the prior-year Q4 period.

Adjusted net income attributable to shareholders was CN$32.0 million, or CN33 cents per diluted share, in the fourth quarter, compared with an Adjusted net income attributed to shareholders of CN$19.3 million, or CN19 cents per diluted share, in the prior-year Q4 period.

“Our strong Q4 results show the kind of impact Canada Goose can make when our brand connects and our strategy hits the mark,” said Dani Reiss, chairman and CEO, Canada Goose. “We saw solid DTC comparable sales growth, fueled by compelling storytelling, sharp retail execution, and the continued momentum around our Snow Goose capsule. As we close out fiscal 2025, we are making clear strides across our key priorities: enhancing retail execution, elevating our brand and product offering and delivering it all, efficiently.”

Full Fiscal Year Summary
(all year-over-year comparisons unless otherwise noted)

  • Total revenue increased 1.1 percent (-1.1 percent cc) to CN$1.35 billion
  • DTC revenue grew 5.1 percent (+2.6 percent cc) to CN$998.9 million.
  • DTC comparable sales declined 3.6 percent.
  • Wholesale revenue decreased 16.5 percent (-18.0 percent cc).
  • Other revenue increased 25.3 percent to CN$88.7 million.
  • Gross profit increased 2.8 percent to CN$943.1m compared to the prior year. Gross margin for the year expanded to 69.9 percent from 68.8 percent in fiscal 2024.
  • SG&A expenses were CN$779.0 million, compared to CN$792.9 million in the prior year. The decrease in SG&A was primarily due to the non-recurrence of costs relating to the company’s Transformation Program, partially offset by the increased costs related to the expanded retail network and higher marketing spend.
  • Operating income was CN$164.1 million, compared to CN$124.5m in the prior year.
  • Net income attributable to shareholders was CN$94.8 million, or CN97 cents per diluted share, in fiscal 2025, compared with a net income attributable to shareholders of CN$58.4 million, or CN57 cents per diluted share in the prior year.
  • Adjusted EBIT was CN$171.4 million in 2025, compared to CN$171.8 million in the prior year.
  • Adjusted net income attributable to shareholders was CN$109.4 million, or CN$1.12 per diluted share, in FY 2025, compared with an adjusted net income of CN$101.0 million or CN99 cents per diluted share in the prior year.

Balance Sheet Summary
Inventory of CN$384.0 million for the fourth quarter ended March 30, 2025, was down 14 percent y/y, said to be primarily due to optimizing production levels to align the product supply with expected demand.

The company ended the fiscal 2025 fourth quarter with net debt of CN$408.8 million, compared with CN$584.1 million at the end of the fiscal 2024 fourth quarter. The improvement was said to be primarily due to higher cash balances from lower capital expenditure and the absence of share buyback investments this fiscal year.

Fourth Quarter and Fiscal 2025 Business Highlights
In the fourth quarter and fiscal year 2025, Canada Goose made progress across key operating imperatives for the year. Highlights include:

Implement luxury retail execution

  • Progressed on retail operations to include staff optimization, improved product availability and employee training, which contributed to a higher conversion year-over-year in comparable retail stores for the full year fiscal 2025.
  • For the full year, the company converted two temporary stores and opened four net new permanent stores, bringing the store count to 74 at the end of fiscal year 2025.

Set foundation for the next phase of brand and product evolution

  • Continued to build on the momentum from its Snow Goose campaign, the first under Creative Director Haider Ackermann, which reimagined the brand’s heritage “while staying true to our performance roots.” Since its November launch, the campaign drove significant brand momentum across all regions, establishing a foundation for our elevated marketing approach.
  • Led a successful Lunar New Year campaign in the fourth quarter, enhancing our seasonal relevance and brand engagement in key Asian markets.
  • Elevated the wholesale channel with brand-aligned partners in EMEA, with in-store activations at Selfridges and Galeries Lafayette, and right-sized global inventory levels to drive product exclusivity.
  • Introduced an Eyewear collection in the fourth quarter, its first online product launch, marking a key milestone in product category expansion.

Simplify and focus the way company operates internally

  • Achieved inventory improvement, with a 14 percent decrease year-over-year compared to the prior year, representing six consecutive quarters of reductions.

Fiscal 2026 Outlook
Considering ongoing macroeconomic uncertainty and dynamic consumer spending patterns brought on by the unpredictable global trade environment, Canada Goose is not providing a financial outlook for fiscal 2026. Management reported that it “remains confident in the brand’s strength, the company’s solid financial position and its ability to adapt to changing conditions.”

“The success we saw in fiscal 2025 sets a strong foundation for where we are headed. In fiscal 2026, we will continue to execute bolder marketing initiatives, expand and enhance our product offering and elevate consumer experience — all of which drove our momentum last year. These priorities are focused, proven and designed to keep driving long-term growth.”

FY 2026 Growth Pillars
In fiscal 2026, Canada Goose reported it will build on the momentum it achieved from key operating imperatives it executed in fiscal 2025, including:

Building brand heat through focused marketing investments. The company is “amplifying our marketing presence to deliver immersive brand experiences and drive brand awareness; this includes increasing marketing spend as a percentage of revenue and boosting investment in upper-funnel activities. We are enhancing effectiveness through high-impact campaigns, exclusive collaborations, and premium storytelling.”

Expanding product offering to enhance year-round relevance. The company “intends to continue our journey to set new standards in performance, authenticity and style. Our focus remains on infusing more newness into existing categories and expanding our 365-day relevance by growing our apparel offering while maintaining the prominence of down-filled styles. We are refining our approach to adjacent categories by narrowing our assortment while focusing on Hero SKUs.”

Driving business expansion through strategic channel development.The company “intends to expand our store footprint and revitalize existing stores with elevated design concepts to enhance the customer experience. To drive sales productivity, we are sharpening retail execution through optimized staffing, inventory management, and improved sales training. In wholesale, we aim to continue to elevate our presence with brand-aligned partners through tailored showrooms, enhanced sales training and targeted marketing efforts.”

Operating efficiently with pace and accountability. The company is “focused on building a more flexible and responsive operational organization, particularly in production planning and supply chain agility to better support the evolving needs of our business. We will also invest in our product and merchandising teams to support our product evolution and ensure our offerings continue to resonate with our customers.”

 

Image courtesy Canada Goose