On August 1, before the stock market opened, the high-end functional apparel brand Canada Goose released its first quarter financial report for fiscal year 2025, ending June 30, 2024. Global revenue increased by 4% year-on-year to CAD 88.1 million, demonstrating solid growth. Driven by the strong retail performance of seasonal collections in the Asia-Pacific region, global Direct-to-Consumer (DTC) revenue increased by 13% year-on-year.
Greater China continued its strong performance from the fourth quarter of fiscal year 2024, with revenue increasing by 12.3% year-on-year. Among this, Mainland Chinese consumers showed strong demand for Canada Goose’s seasonal products, coupled with the outstanding performance and high engagement of the sales team, which drove positive growth in comparable DTC sales in Mainland China. In July 2024, the brand opened two new specialty stores in Greater China, located in Wuhan and Cotai, Macau, bringing the total number of global specialty stores to 70.
Canada Goose 2025 Summer Collection
“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.”
In the earnings call following the report, Dani Reiss stated that their performance in Mainland China was a major highlight of the quarter. They continue to leverage strong brand strength and DTC initiatives to capture key shopping moments in this market.
Canada Goose Spessa Short Jacket and Vancouver Rain Boots
Specific performance details for the first quarter of fiscal year 2025 are as follows:
In terms of key operational initiatives in fiscal year 2025, Canada Goose focused on high-end retail execution, brand and product development, and internal operations, achieving significant progress.
High-End Retail Execution
Canada Goose provided more suitable size and style combinations based on local demand, improving actual sales ratios and accelerating market launches.
Brand and Product Development
- The limited edition PBI hoodie designed by the brand’s first creative director, Haider Ackermann, was a great success. The related promotional campaign was one of the most successful in the brand’s history, with media exposure more than doubling compared to previous campaigns.
- The brand also released the 2024 Spring/Summer collection and conducted related brand communication activities to showcase lightweight products suitable for humid and warm seasons.
- The brand launched its first rain boot product, the Vancouver rain boots, further expanding its functional and fashionable footwear category.
- Seasonal products performed particularly well, resonating strongly with consumers. Apparel, trench coats, and footwear products achieved year-on-year growth, with their revenue and sales volume expanding their share in the overall combination of DTC and wholesale channels.
Internal Operations
The brand improved operational excellence by streamlining the product development and procurement teams and optimizing capital layout, reducing inventory levels by 7% year-on-year.
Canada Goose Creative Director Haider Ackermann
In July, Canada Goose, adhering to its mission of “keeping the planet cold and the people on it warm,” released its fiscal year 2024 Environmental, Social, and Governance (ESG) report, updating the progress of its sustainable impact strategy initiatives. Key highlights include:
- Actively reducing its carbon footprint, with Scope 1 and Scope 2 emissions decreasing by 6% year-on-year.
- Prioritizing the procurement of more sustainable materials, increasing the procurement of preferred fibers and materials (PFMs) for products made in Canada. Currently, 100% of products made in Canada are free of per- and polyfluoroalkyl substances (PFAS).
- Achieving a new high in the amount of fabrics and materials donated to northern communities in Canada through the Resource Centre Program.
Canada Goose 2025 Summer Collection
| Sources: Official financial report, earnings call
| Image Credit: Provided by the brand
| Editor: LeZhi
