2023-08-03 10:31:00 ET
Canada Goose Holdings Inc. ( NYSE: GOOS ) fell 6.6% after the company reported quarterly earnings.
Total revenue increased 21% to $84.8M compared to the prior year while DTC revenue grew 60%. Sales from DTC channels increased as part of the total revenue mix to 66% from 50% in the same reporting period last year.
Wholesale revenue decreased 18%, consistent with expectations, due to continued streamlining of wholesale relationships. Revenue grew by 24% in North America, 52% in Asia Pacific, and was down 7% in EMEA.
Net loss was -$0.78 per basic share, compared with a net loss of -$0.59 per basic share for the first quarter of fiscal 2023. Adjusted net loss was -I’m $0.70 per basic share, compared with -$0.56 per basic share for the first quarter of fiscal 2023.
“In the first quarter, we welcomed more new customers across every market into our expanding global retail network, and we continued to see product categories like apparel and accessories resonate with our customers,” Chief Executive Officer Dani Reiss said in a statement.
Last month, LVMH Moët Hennessy ( OTCPK:LVMHF ) reported that the U.S. market was showing weakness as Americans curb spending.
"We experienced a little bit of pressure with the American customer to varying degrees amongst brands," Chief Financial Officer Jean-Jacques Guiony said on an earnings call at the time.
"We have a situation where, by and large, the aspirational customer is suffering a bit. We are experiencing drops with enterprise products with online sales with second-tier cities, which is a clear sign that the aspirational customer is not shopping as much as they used to."
GOOS is down 20% over the past 12 months.
More on Canada Goose:
- Canada Goose Holdings Non-GAAP EPS of -C$0.70, revenue of C$84.8M
- LVMH's U.S. consumer pullback could reverberate across luxury brands
- Canada Goose stock slides margin contraction, weak Q1 guide receive scrutiny
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Canada Goose drops as wholesale revenue drops