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Canada Goose Seeks Momentum After Q4 Earnings Beat
Canada Goose (TSX:GOOS)(NYSE:GOOS) has faced challenges in the post-pandemic years. However, it still has a strong case going forward as its brand has retained its shine on the domestic and international front. Shares of the luxury winter clothing manufacturer have climbed marginally so far in 2024. The stock was down over 40% year-over-year as of close on Wednesday, May 15, 2024.
The company unveiled its fourth quarter (Q4) fiscal 2024 earnings on Thursday, May 16, 2024.“During the period, we increased revenue and gross profit, underpinned by positive comparable sales growth, and expanded our adjusted EBIT margin, while navigating a difficult environment,” said Canada Goose CEO Dani Reiss.“This capped off a solid year, with noteworthy progress across our strategic priorities – we expanded our retail presence in key markets, grew revenue across product categories, and streamlined our organization to accelerate decision-making and improve cost efficiencies.”
In Q4 FY2024, Canada Goose opened three more permanent stores in Honolulu, U.S., Nanjing, China, and Melbourne, Australia. That brought its grand total to 17 permanent stores opened through the 2024 fiscal year. The total permanent store count now reads at 68 to close out this fiscal year.
Total revenue rose 22% year-over-year to $358 million while rising 23% on a constant currency basis. Meanwhile, gross profit jumped 22% to $233 million and adjusted EBIT was reported at $40.1 million – up from $26.6 million in the prior year. For the full-year fiscal 2024, total revenue rose 10% to $1.33 billion and Canada Goose posted gross profit of $917 million, which was up 12.5% compared to fiscal 2023.
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