Before the market opened on July 30 local time, Canada Goose reported its financial results for the first quarter of fiscal year 2027, ended June 28, 2026: the new fiscal year has started strongly, with total global revenue increasing 10.3% year-on-year to CAD 118.9 million (up 8.6% at constant currency). Gross margin and adjusted EBIT margin both improved, reflecting continued effective execution of the company’s strategy.
(Note: At the time of writing, 1 Canadian dollar is approximately equivalent to 0.71 USD)
“Our first quarter is another proof point that our strategy is working,” said Dani Reiss, Chairman & CEO of Canada Goose. “We’re successfully evolving Canada Goose into a year-round luxury brand, with customers engaging across more seasons and categories. We expanded gross margin, improved profitability, and deepened engagement around the world. Together, those results are building a stronger, more productive, and more profitable business.”
Luxe.CO observed that Canada Goose demonstrated strong growth momentum at the start of the new fiscal year. From a performance perspective, the Asia-Pacific market, led by Greater China, as well as the dual-channel strength of Direct-to-Consumer (DTC) and wholesale, were the two core growth drivers this quarter. Meanwhile, gross margin expansion and improved expense efficiency jointly enhanced profitability, with losses narrowing significantly year-on-year. (For detailed financial data by segment and region, see appendix.)
—— Greater China leads global growth
This quarter, revenue from Greater China surged 44.2% year-on-year to CAD 37.5 million (up 39.6% at constant currency), accounting for 31.5% of total revenue. This strongly propelled Asia-Pacific revenue to increase 37.4% year-on-year to CAD 53.6 million (up 34.6% at constant currency).
The Chinese Mainland market led regional growth, driven by consistently strong e-commerce performance and significantly improved conversion rates at several key offline stores, resulting in high-quality growth across Greater China. The wholesale channel benefited from well-paced shipments during the quarter, as well as solid performance in Hainan Island and South Korea. The release of domestic consumption vitality and strong cross-border travel demand jointly boosted regional market demand, with Chinese consumers actively spending in nearby Asian destinations, further supporting overall regional performance.
Carrie Baker, President of Brand and Commercial at Canada Goose, said during the earnings call that “we are very pleased with the performance of Chinese consumers, both domestically and while traveling abroad. In the Chinese Mainland market, growth momentum remains highly encouraging, driven by continued improvements in brand awareness and desirability relative to competitors. This demand travels with consumers—tourism retail demand is also healthy in markets such as South Korea and Hong Kong, China, and wholesale orders remain very strong. Whether shopping at home or abroad, the common thread is clear that our products are resonating with consumers, giving us strong confidence in our future growth trajectory.”
—— Dual-channel momentum from DTC and wholesale
This quarter, DTC revenue grew 8.6% year-on-year to CAD 84.8 million (up 6.7% at constant currency), primarily driven by double-digit growth in Asia-Pacific and North America. Both retail and digital channels recorded growth, with e-commerce achieving double-digit increases across all regions. Due to a decline in comparable store sales, DTC comparable sales fell 3.2%, though strong e-commerce performance partially offset the decline in physical retail.
Wholesale revenue surged 66.5% year-on-year to CAD 29.8 million (up 65.4% at constant currency), driven by larger order deliveries, in-season reorders from partners, and shipment timing during the quarter. The company noted that this performance reflects partners’ confidence in the brand and strong market demand for its expanded product assortment.
—— Profitability improves, losses narrow
Benefiting from an optimized channel and regional mix, gross margin increased by 100 basis points year-on-year to 62.4%. Combined with improved marketing efficiency and channel operations, overall profitability further strengthened. Operating loss narrowed from CAD 158.7 million in the same period last year to CAD 103.8 million, while net loss attributable to shareholders decreased from CAD 125.2 million to CAD 90.8 million. Adjusted EBIT margin improved from -98.7% to -87.3%, a year-on-year increase of 11.4 percentage points, marking the best first-quarter level since fiscal 2020.
Three Key Priorities for Fiscal 2027 Continue to Advance
Behind the results is Canada Goose’s continued execution of its three strategic priorities for fiscal 2027: deepening brand desirability and converting brand momentum into demand, building a scalable cross-season product system, and improving channel productivity and capital allocation efficiency. These three pillars are advancing in parallel, driving sustainable growth and enhanced profitability.
—— Brand and marketing:
This quarter, the brand further increased visibility through the promotion of its Spring/Summer 2026 collection, including the Snow Goose by Canada Goose spring capsule campaign, the Summer 2026 collection, and the launch of its new brand platform “Natural Intelligence.” Through a marketing strategy that combines brand-building with performance-driven conversion, the company continues to expand consumer reach and strengthen customer acquisition.
According to the financial report, brand desirability and awareness lead industry benchmarks across several key markets. E-commerce traffic achieved double-digit year-on-year growth, with strong new customer acquisition performance. Brand desirability in the Chinese Mainland and continental Europe continued to rise steadily.
Carrie Baker noted during the earnings call that return on advertising spend (ROAS) improved this quarter. Canada Goose plans to increase marketing investment in the second and third quarters to efficiently capture market momentum and convert consumer interest into incremental sales.
—— Product assortment:
Canada Goose is steadily advancing a cross-season, standardized product portfolio, significantly enhancing year-round relevance. The brand’s largest-ever Spring/Summer 2026 collection has been well received by consumers, performing strongly across both DTC and wholesale channels. Apparel, rainwear, and lightweight jackets led growth, collectively accounting for nearly 40% of total first-quarter revenue—exceeding the company’s entire first-quarter revenue in fiscal 2019.
Dani Reiss noted during the earnings call that these categories accounted for just 5% of the business in fiscal 2022, rising to 15% in fiscal 2026. At the same time, the core down outerwear category also delivered growth, reflecting a balanced dynamic in which emerging categories and classic products are advancing in tandem.
—— Channels and operations:
The company continues to enhance channel productivity and capital allocation efficiency to strengthen its long-term foundation. This quarter, the brand added a net of four new stores, bringing the total global store count to 92 by the end of the first quarter, including a new Vancouver flagship showcasing the brand’s latest design concept and elevating the offline retail experience.
At the same time, the brand improved retail execution through staff training, clienteling, and enhanced product availability, resulting in year-on-year increases in store conversion rates and units per transaction. With an expanded product assortment, increased wholesale orders, and early production for the Autumn/Winter 2026 season, inventory reached CAD 489.9 million at quarter-end, up 11% year-on-year. Inventory turnover improved to 1.0x, up 11% year-on-year, demonstrating solid operational management capabilities. During the quarter, the company also completed a repricing of its term loan, reducing the credit spread by 50 basis points.
In addition, Canada Goose continues to advance its sustainability efforts. Following the end of the first quarter, the brand released its Fiscal 2026 Impact Report, fully disclosing progress on its sustainability strategy. Scope 1 and Scope 2 greenhouse gas emissions have been reduced by half compared to the fiscal 2019 baseline.
Fiscal 2027 Outlook
Based on current business visibility and the progress of ongoing initiatives, Canada Goose reaffirmed its fiscal 2027 outlook: at constant currency, total annual revenue is expected to grow in the low single digits year-on-year, and adjusted EBIT margin is projected to remain in the range of 11% to 12%.
The company expects growth to be driven by both retail and e-commerce within the DTC channel, with wholesale contributing incremental gains. Gross margin is expected to continue expanding, supported by more efficient marketing investments and disciplined cost management, while maintaining strategic investment in key channels.
Appendix:
| Source: Financial report, earnings call
| Image Credit: Courtesy of the brand
| Editor: Luxeplace
