Canada Goose Holdings Inc. reported revenues jumped 22.4 percent in the fiscal first quarter ended June 29, boosted by a 23.8 percent gain in DTC sales. Wholesale sales grew 11.9 percent. The loss on an adjusted basis was slightly higher due to investments in opening new stores and marketing activities.

All amounts are in Canadian dollars unless otherwise indicated.

Commenting on the company’s quarterly performance, Dani Reiss, chairman and CEO of Canada Goose, said, “We’re off to a strong start, brand heat is rising, and our DTC performance is delivering. We’re executing with precision, from bold storytelling to smarter retail moves, and it’s showing up in results. I’m optimistic about the momentum we continue to see as we deliver more relevant product and run a tighter, more focused business.”

First Quarter Fiscal 2026 Business Highlights

Notable highlights from the first quarter included the following:

  • Launched its S/S 2025 collection, with apparel being the fastest-growing category within the campaign.
  • Launched its second Snow Goose capsule with a summer campaign set in the Utah desert, featuring celebrities, influencers and model Lara Stone.
  • Strengthened its presence in key markets, including two temporary store conversions, bringing the total number of Canada Goose’s permanent store count to 76.
  • Showcased a new store design in its recently renovated Amsterdam store with elevated finishes, ceiling artwork and a dedicated VIP space.
  • Published its fiscal year 2025 Impact Report, providing an update on the progress of its sustainable impact strategy.
  • Achieved a 9 percent reduction in Scope 1 emissions and a 25 percent reduction in Scope 3 emissions year-over-year. Also invested in 10 renewable energy projects to fully match its Scope 2 emissions in fiscal 2025.

First Quarter Financial Highlights

  • Total revenue increased 22.4 percent to CN$107.8 million ($78mm USD), up 21.5 percent on a constant currency basis.
  • DTC revenue increased 23.8 percent to CN$78.1 million, or up 22.8 percent on a constant currency basis driven by DTC comparable sales growth of 14.8 percent and revenue from non-comparable stores.
  • Wholesale revenue increased 11.9 percent to CN$17.9 million or 11.3 percent on a constant currency basis, primarily due to the timing of shipments and increased demand from wholesale partners.
  • Other revenue increased 31.1 percent to CN$11.8 million or 30.0 percent on a constant currency basis due to a higher number of Friends & Family events.
  • Gross profit increased 25.9 percent to CN$66.2 million. Gross margin for the quarter was 61.4 percent compared to 59.7 percent in the first quarter of fiscal 2026, primarily due to higher margin contribution from its European knitwear facility. Pricing, product mix and channel mix did not have a significant impact on a year-on-year basis.
  • Selling, general and administrative (SG&A) expenses were CN$224.9 million, compared to CN$149.5 million in the prior year period. The increase in SG&A was primarily due to a one-time financial award of CN$43.8 million ($32mm USD) from the resolution of an arbitration with a former supplier. The company also incurred costs to expand the global retail network. Additionally, there was increased marketing spend for the Spring-Summer 25 and Snow Goose campaigns and further investment in product design and merchandising.
  • Operating loss was CN$158.7m, compared to CN$(96.9)m in the prior year period.
  • Net loss attributable to shareholders was CN$125.2 million, or CN$1.29 per basic and diluted share. This compares with a net loss of CN$77.4 million, or CN$0.80 per basic and diluted share in the prior year period.
  • Adjusted EBIT was a negative CN$106.4 million, compared to a negative CN$96.0 million in the prior year period.
  • Adjusted net loss attributable to shareholders was a negative CN$88.2 million, or CN$0.91 per basic and diluted share. This compares with an adjusted net loss of CN$76.1 million, or CN$0.79 per basic and diluted share in the prior year period.

Balance Sheet Highlights
Inventory of CN$439.5 million for the first quarter ended June 29, 2025, was down 9 percent year-over-year, reflecting higher demand and a continued proactive approach to managing inventory.

The company ended the first quarter of fiscal 2026 with net debt of CN$541.7 million, compared with CN$765.9 million at the end of the first quarter of fiscal 2025. This reduction was mainly due to higher cash balances and lower borrowings from its credit facilities compared to the previous year. Canada Goose said it began the fiscal year with a larger cash balance, supported by disciplined working capital management and cash generated from operating activities in recent quarters.

Fiscal 2026 Outlook
Considering the ongoing macroeconomic uncertainty and dynamic consumer spending patterns resulting from the unpredictable global trade environment, Canada Goose is not providing a financial outlook for fiscal 2026.

Image courtesy Canada Goose