Canada Goose Holdings Inc. Chairman & CEO Dani Reiss reported Thursday that the fourth quarter capped a year of meaningful progress and execution against company goals.

“Revenue growth was broad-based across regions and channels, supported by stronger conversion in DTC, improved wholesale performance, and continued momentum across our expanded product offering,” Reiss noted. “Our brand and product continue to resonate with customers, and that strength showed up in healthier demand, improving retail productivity, and a more returns-focused approach to operating the business.”

Total company revenue for the fiscal fourth quarter ended March 29 increased 17.9 percent year-over-year (y/y) to CN$453.3 million, and up 18.2 percent on a constant-currency (cc) basis. Revenue easily beat the CN$300.6 million analysts’ consensus estimate for the quarter. Adjusted EPS of 37 cents beat the 29 cents analyst forecast, while Adjusted EBIT of CN$64.9 million surpassed the CN$61.0 million estimate.

  • DTC (direct-to-consumer) revenue increased 15.2 percent (+15.8 percent cc) y/y to CN$361.7 million in the fourth quarter, reportedly reflecting positive growth across all regions, driven by strength across retail and e-commerce channels. DTC comparable sales growth was 10.0 percent.
  • Wholesale revenue increased 54.4 percent (+51.6 percent cc) y/y to CN$49.1 million in Q4, said to be driven by earlier shipments related to the brand’s Spring/Summer 2026 order book compared to the prior-year period, and higher in-season orders from Wholesale partners.
  • Other revenue increased 9.8 percent (+10.6 percent cc) y/y to CN$42.5 million in Q4, growth that was attributable to higher revenue generated from friends and family events.

Profitability & Expenses
Gross profit increased 14.9 percent y/y to CN$315.4 million due to higher revenue in Q4. Gross margin was down 170 basis points y/y to 69.6 percent of revenue in Q4, compared to 71.3 percent in the fourth quarter of fiscal 2025, reflecting product mix associated with the early delivery of the Spring/Summer 2026 collection, a higher proportion of Wholesale revenue, and higher freight and duty costs attributable to regional sales mix.

Selling, general and administrative (SG&A) expenses were CN$250.5 million in Q4, compared to CN$219.3 million in the prior-year Q4 period. The increase was said to be primarily due to higher depreciation and amortization, including an CN$8.4 million store impairment charge, and higher incentive compensation related to full-year fiscal 2026 financial performance.

Operating Income was CN$64.9 million in Q4, compared to operating income of CN$55.1 million in the prior-year period, attributable to higher gross profit, partially offset by higher SG&A expenses.

Net income attributable to shareholders was CN$28.1 million, or 28 cents per diluted share, in the fourth quarter, compared with a net income attributable to shareholders of CN$27.1 million, or 28 cents per diluted share in the prior-year period.

Adjusted EBIT was CN$64.9 million in Q4, compared to CN$59.7 million in the prior-year period. Adjusted EBIT margin was 14.3 percent in Q4, compared to 15.5 percent in the prior-year Q4 period. This decrease in Adjusted EBIT margin was said to be primarily driven by the CN$8.4 million store impairment charge.

Adjusted net income attributable to shareholders was CN$36.3 million, or 37 cents per diluted share, in Q4, compared with an Adjusted net income attributable to shareholders of CN$32.0 million, or 33 cents per diluted share in the prior-year period.

Business Initiatives and Investments
In fiscal 2026, Canada Goose said it advanced a set of foundational investments and initiatives designed to strengthen the business for long‑term, sustainable growth.

“In our fourth quarter and throughout the year, we executed with discipline against these priorities, making deliberate choices across product, brand, and channels, as well as our key markets, to improve the quality and durability of our performance,” the company said in its Q4 earnings release.

Full Year Fiscal 2026 Financial Summary
Total fiscal 2026 full-year revenue increased 13.3 percent y/y to CN$1.53 billion. Growth was 12.4 percent on a constant-currency (cc) basis.

  • DTC revenue increased 15.9 percent (+15.4 percent cc) y/y to CN$1.16 billion, reportedly led by strong retail and e-commerce performance across all regions. DTC comparable sales growth was 8.4 percent.
  • Wholesale revenue increased 11.7 percent (+8.5 percent cc) y/y to CN$291.2 million, said to be primarily due to higher demand from our wholesale partners.
  • Other revenue decreased 10.3 percent (+9.6 percent cc) y/y to CN$79.6 million, reportedly due to fewer friends and family events and product sales to employees.
  • Gross profit increased 13.0 percent y/y to CN$1.07 billion due to higher revenue.
  • Gross margin for the year was 69.7 percent compared to 69.9 percent in fiscal 2025 primarily due to higher freight and duty costs attributable to regional mix, partially offset by channel mix resulting from a higher proportion of DTC revenue.
  • SG&A expenses were CN$976.7 million, compared to CN$779.0 million in the prior year. The increase in SG&A was said to reflect strategic investments in brand and marketing, product design and development, and the company’s retail network supporting long-term value creation. GOOS also incurred charges for discrete, non-recurring items, including an arbitration payment to a former supplier and a bad-debt provision related to a U.S. wholesale partner.
  • Operating income was CN$88.8 million, compared to operating income of CN$164.1 million in the prior year, attributable to higher SG&A expenses.
  • Net income attributable to shareholders was CN$22.5 million, or 23 cents per diluted share, in fiscal 2026, compared with a net income attributable to shareholders of CN$94.8 million, or 97 cents per diluted share in in fiscal 2025.
  • Adjusted EBIT was CN$148.0 million, compared to CN$171.4 million in the prior year. Adjusted EBIT margin was 9.7 percent of revenue, compared to 12.7 percent in the prior year.
  • Adjusted net income attributable to shareholders was CN$77.1 million, or 78 cents per diluted share, in fiscal 2026, compared with an Adjusted net income attributable to shareholders of CN$109.4 million, or CN$1.12 per diluted share in the prior year.

Balance Sheet Highlights
The company ended the fourth quarter of fiscal 2026 with net debt of CN$383.2 million, compared to CN$408.8 million at the end of the fourth quarter of fiscal 2025, with net debt leverage remaining stable at 1.3 times EBITDA over both periods. This reduction was mainly due to higher cash balances resulting from disciplined working capital management, and lower borrowings from our credit facilities compared to the previous year.

Inventory of CN$386.3 million at quarter-end was flat year-over-year, reflecting higher demand and “a continued proactive approach to managing inventory.”

Fiscal 2027 Outlook
Based on improved visibility into the business and the progress of initiatives already underway, Canada Goose introduced an annual financial outlook for fiscal 2027. The company’s outlook is said to reflect the current assessment of operating conditions, underlying demand trends, and the level of execution we believe is achievable.

For fiscal 2027, Canada Goose expects:

  • Revenue to increase approximately low-single digits compared to the prior year.
  • Adjusted EBIT margin to be in the range of 11 percent to 12 percent.

In addition, the outlook assumes:

  • Revenue growth is driven by pricing actions already implemented, increased depth in our product assortment, a larger wholesale order book, and new store openings, partially offset by lower consumer demand relative to fiscal 2026, including softer traffic in key markets, reduced consumer confidence, and lower travel.
  • Gross margin expands, reflecting the benefit of pricing actions and operational efficiencies embedded in fiscal 2026 production and favorable channel mix, partially offset by product mix, raw material inflation, and supply chain cost pressures from current disruptions, with the tariff environment assumed to be unchanged from fiscal 2026.
  • SG&A declines as a percentage of revenue, as we balance disciplined cost management with targeted investments across channels, marketing, and technology, driving operating leverage on a consolidated basis.

Image courtesy Canada Goose Holdings Inc.