Q4 FY23 Highlights1:
- Grew total revenue 31.4% with strong growth from Asia
Pacific and EMEA2 of 65.4% and 27.3%, respectively
- Diversified product sales mix to 47.1% non-heavy weight
down, up from 45.4%
- Expect stronger growth outlook in fiscal 2024 revenue and
profitability metrics
Canada Goose Holdings Inc. (“Canada Goose” or the “Company”)
(NYSE:GOOS, TSX:GOOS) today announced financial results for the
fourth quarter ended April 2, 2023 (“Q4 2023” or “Q4 ended April 2,
2023”). All amounts are in Canadian dollars unless indicated.
“I am pleased with our fourth quarter results, particularly the
strong revenue results generated in Greater China and EMEA,” said
Dani Reiss, Chairman and CEO. “This is a testament to the strength
of the brand and this momentum has continued alongside early
encouraging results in North America in fiscal 2024 year to date.
Lastly, I am excited by the progress our global teams have made in
advancing our strategic growth pillars– to accelerate consumer
focused growth, build out DTC, and create new and expand product
categories, rapidly. We remain confident in our ability to execute
and leverage these pillars, and we continue to build our brand
strength to generate profitable growth sustainable over the long
term.”
Strategic Update:
As part of its strategic plan to fiscal 2028, the Company
intends to execute on the following three strategic growth pillars
first introduced at its Investor Day on February 7, 2023:
- Accelerate Consumer Focused Growth: We have significant
opportunity to grow lifetime value of our longstanding and new
customers with a focus on women and Gen Z. Through authentic
storytelling and unique experiences, we plan to intensify our
customer relationship marketing to build stronger connections with
our clients and to bring new consumers to our brand. We plan to
reallocate marketing investments to drive greater return on
investment, conversion and ultimately lifetime value. And in fiscal
2024, we will begin to further unlock our CRM opportunities,
leveraging our customer data platform to segment and personalize
engagement with our clients through all touchpoints more
meaningfully.
- Build our DTC Network: We expect to more than double our
retail footprint from the 51 permanent stores at the end of Q4
fiscal 2023 by the end of fiscal 2028 while continuing to grow our
digital presence, both through Omnichannel and online. In fiscal
2024 we are targeting 16 new permanent store openings, concentrated
in Mainland China, the USA and Japan, the vast majority of which we
expect to be operational in the second half of the year. As it
applies to our store network, we are laser focused on enhancing
store performance and we are looking to digital to help support
this goal by driving more traffic to the stores, helping our stores
to better know and connect with their high value clients and
optimizing our inventory allocations around the globe. We will
continue to grow our digital presence and enhance our capabilities
including Omnichannel.
- Create New and Expand Existing Categories, rapidly: We
intend to deliver year-round relevance consistent with Canada
Goose’s position as a performance luxury lifestyle brand. By the
end of fiscal 2023, we diversified our product mix such that
non-heavy-weight down sales represented 42.9% up from 38.5% in
fiscal 2022. We expect continued growth in all categories including
in heavyweight and lightweight down and accelerated growth of newer
categories such as rainwear, apparel and footwear as well as the
addition of further categories including eyewear, luggage and home.
We expect to launch sneakers this summer, targeting the discerning
sneakerhead, though broader customers will also enjoy a shoe that
can be worn all-year round. And in early fall, new collections of
hyper feminine styles, ultra flattering shaping and silhouettes as
well as comfortable and new fabrics designed to perfectly
transition throughout the fall and winter seasons are
anticipated.
In the fourth quarter, we launched our Transformation Program to
support the strategic pillars described above. This multi-phase
program will work to increase operational efficiencies by
optimizing production and procurement, developing people and
resources, and focusing on our consumers to allow sustainable
growth, profitability and long term value.
Key Fourth Quarter Fiscal 2023 Results34
CAD $ millions
(except share and per share
data)
Fourth quarter ended
$
Change
%
Change
April 2, 2023
April 3,
2022
Revenue
293.2
223.1
70.1
31.4
%
Gross profit
190.3
154.1
36.2
23.5
%
Gross margin
64.9
%
69.1
%
(420
)bps
Operating income
17.2
0.9
16.3
1,811.1
%
Operating margin
5.9
%
0.4
%
550
bps
Net loss attributable to shareholders
of the Company
(3.1
)
(9.1
)
6.0
65.9
%
Loss per share attributable to
shareholders of the Company
Basic
$
(0.03
)
$
(0.09
)
0.06
66.7
%
Diluted
$
(0.03
)
$
(0.09
)
0.06
66.7
%
Weighted average number of shares
outstanding
Basic
104,519,045
106,133,970
Diluted3
104,519,045
106,133,970
Non-IFRS Financial Measures4:
Adjusted EBIT5
27.6
12.4
15.2
122.6
%
Adjusted EBIT margin
9.4
%
5.6
%
380
bps
Adjusted net income attributable to
shareholders of the Company5
14.7
4.0
10.7
267.5
%
Adjusted net income per basic share
attributable to shareholders of the Company
$
0.14
$
0.04
0.10
250.0
%
Adjusted net income per diluted share
attributable to shareholders of the Company
$
0.14
$
0.04
0.10
250.0
%
Revenue
Q4 2023 revenue increased 31.4% on a reported basis and 30.1% on
a constant currency revenue basis6.
Revenue By Segment
Fourth quarter ended
$ Change
% Change
CAD $ millions
April 2, 2023
April 3, 2022
As reported
Foreign exchange
impact
In constant currency6
As reported
In constant currency6
DTC
227.5
185.6
41.9
(1.9
)
40.0
22.6
%
21.6
%
Wholesale
45.5
34.9
10.6
(1.1
)
9.5
30.4
%
27.2
%
Other
20.2
2.6
17.6
—
17.6
676.9
%
676.9
%
Total revenue
293.2
223.1
70.1
(3.0
)
67.1
31.4
%
30.1
%
DTC revenue grew 22.6% largely due to continued retail store
expansion and improved growth and performance within our existing
store network. We ended Q4 2023 with 51 permanent stores compared
to 41 permanent stores at the end of the comparative quarter. DTC
comparable sales7 grew 6.9% driven by growth within the existing
store network more than offsetting lower e-Commerce business as
consumers return to experiential shopping.
Wholesale revenue increased 30.4% due to an increase in order
value globally and an increased volume of shipments from prior
quarters being realized in Q4 2023 relative to the comparative
quarter.
Other revenue increased to $20.2m primarily due to higher
product availability to employees, friends and family.
Revenue by Geography
Fourth quarter ended
$ Change
% Change
CAD $ millions
April 2, 2023
April 3, 2022
As reported
Foreign exchange
impact
In constant currency6
As reported
In constant currency6
Canada
55.2
39.1
16.1
—
16.1
41.2
%
41.2
%
United States
67.5
70.7
(3.2
)
(2.4
)
(5.6
)
(4.5
)%
(7.9
)%
Asia Pacific
114.1
69.0
45.1
0.8
45.9
65.4
%
66.5
%
EMEA
56.4
44.3
12.1
(1.4
)
10.7
27.3
%
24.2
%
Total revenue
293.2
223.1
70.1
(3.0
)
67.1
31.4
%
30.1
%
Revenue increased in Canada, EMEA and Asia Pacific compared to
the comparative quarter resulting from an increase in DTC revenue.
Re-opening in Asia Pacific after lifting of COVID-19 restrictions
and strong growth in both channels in EMEA positively impacted
results. The revenue decline in the United States, amid a
challenging macro-economic backdrop, was partially offset by retail
expansion and consumers returning to experiential shopping.
Gross profit and gross margin
Gross profit increased $36.2m primarily due to higher revenue,
partially offset by lower gross margins. Gross margins were
unfavorably impacted by an increase in obsolete raw material
provisioning, higher product costs and the unfavourable impact of
the fair value adjustment for inventory acquired through the Japan
Joint Venture, partially offset by pricing.
Operating income and adjusted EBIT8
Operating income increased largely due to higher gross profit.
The increase was partially offset by higher operating costs related
to incremental personnel costs driven by headcount, higher costs
related to an expanded store networks, higher fees in support of
strategic activities including the Transformation Program and costs
associated with the Japan Joint Venture. The increase in operating
expenses was partially offset by lower impairment charges in Q4
2023 compared to the prior year quarter. Adjusted EBIT increased
primarily due to higher gross profit partially offset by
incremental personnel costs driven by headcount, the increased
store network and the operating costs of the Japan Joint
Venture.
Net income and adjusted net income8
Net loss was higher than the comparative quarter primarily due
to higher net interest, finance and other costs, as well as higher
income tax expense, partially offset by higher operating income.
Adjusted net income was higher than the prior year quarter due to
higher operating income partially offset by higher income tax
expense.
Balance Sheet Highlights
Cash was $286.5m as at Q4 ended April 2, 2023, compared to
$287.7m as at Q4 ended April 3, 2022. During the fourth quarter of
fiscal 2023, the Company repurchased 407,421 subordinate voting
shares for a total cash consideration of $10.0m.
Inventory was $472.6m as at Q4 ended April 2, 2023, compared to
$393.3m as at Q4 ended April 3, 2022. Higher inventory levels are
attributable to lower-than-expected sales in the Asia Pacific
region due to COVID-19 disruptions for most of fiscal 2023 and
production planning. Inventory of $27.3m was acquired through the
Japan Joint Venture, and the inventory level was $19.2m as at April
2, 2023. We monitor the levels of inventory in each of our sales
channels and across geographic regions and aim to align with demand
that we forecast in each region.
Full year and First Quarter Fiscal 2024 Outlook9
For fiscal 2024, the Company expects:
- Total revenue $1.400Bn to $1.500Bn.
- Non-IFRS adjusted EBIT $210m to $240m, representing a margin of
15% to 16%.
- Non-IFRS adjusted net income per diluted share $1.20 to
$1.48.
For the first quarter of fiscal 2024, the Company currently
expects:
- Total revenue $70m to $80m.
- Non-IFRS adjusted EBIT loss $(115)m to $(105)m.
- Non-IFRS adjusted net loss per basic share $(0.89) to
$(0.82).
This outlook is based on a number of assumptions for fiscal
2024, including the following:
- The macro-economic environment does not materially worsen in
any of the Company’s geographies.
- DTC revenue in the mid-to-high 70s as a percentage of total
revenue, driven by mid single digits to mid teens comparable sales
growth and continued channel expansion.
- Q1 fiscal 2024 DTC comparable sales growth in the high teens to
low 20s partially offset by later timing of wholesale shipments in
fiscal 2024.
- Approximate % of fiscal 2024 total revenue by quarter: Q1 5%,
Q2 20%, Q3 50%, Q4 25%.
- Wholesale revenue decline of 6% (including revenue offsets from
travel retail locations) reflective of the continued editing of our
wholesale door count (-6%) and expansion of retail store
network.
- 16 permanent retail stores to open which we expect to be fully
operational in the second half of the year, concentrated in
Mainland China, the USA and Japan.
- Gross margin in the high 60s as a % of total revenue, with DTC
and wholesale gross margins in the mid 70s and mid to high 40s,
respectively.
- No benefits included from the Transformation Program in fiscal
2024.
- Effective tax rate in the low 20s as a percentage of income
before taxes for fiscal 2024.
- Weighted average diluted shares outstanding of 106.3m for
fiscal 2024.
Within the meaning of applicable securities laws, this outlook
constitutes forward-looking information. The purpose of this
outlook is to provide a description of management's expectations
regarding the Company's annual financial performance and may not be
appropriate for other purposes. Actual results could vary
materially as a result of numerous factors, including the extent
and duration of operational disruptions that may affect our
business as a result of the COVID-19 pandemic and other risk
factors, many of which are beyond the Company’s control. See
“Cautionary Note Regarding Forward-Looking Statements”.
Conference Call Information
The Company will host the conference call at 9:00 a.m. Eastern
Standard Time on May 18, 2023. The conference call can be accessed
by using the following link: https://register.vevent.com/register/BI2844b16a4ed04161a843d5d168af045f.
After registering, an email will be sent including dial-in details
and a unique conference call pin required to join the live call. A
live webcast of the conference call will also be available on the
investor relations page of the Company's website at http://investor.canadagoose.com.
About Canada Goose
Founded in 1957 in a small warehouse in Toronto, Canada, Canada
Goose (NYSE:GOOS, TSX:GOOS) is a lifestyle brand and a leading
manufacturer of performance luxury apparel. Every collection is
informed by the rugged demands of the Arctic, ensuring a legacy of
functionality is embedded in every product from parkas and rainwear
to apparel and accessories. Canada Goose is inspired by relentless
innovation and uncompromised craftsmanship, recognized as a leader
for its Made in Canada commitment. In 2020, Canada Goose announced
HUMANATURE, its purpose platform that unites its sustainability and
values-based initiatives, reinforcing its commitment to keep the
planet cold and the people on it warm. Canada Goose also owns
Baffin, a Canadian designer and manufacturer of performance outdoor
and industrial footwear. Visit www.canadagoose.com for more
information.
Condensed Consolidated Interim Statements of (Loss)
Income (unaudited) (in millions of Canadian dollars,
except share and per share amounts)
Fourth quarter ended
For the year ended
April 2, 2023
April 3, 2022
April 2, 2023
April 3, 2022
$
$
$
$
Revenue
293.2
223.1
1,217.0
1,098.4
Cost of sales
102.9
69.0
401.8
364.8
Gross profit
190.3
154.1
815.2
733.6
Gross margin
64.9
%
69.1
%
67.0
%
66.8
%
SG&A expenses
173.1
153.2
679.7
576.9
SG&A expenses as % of revenue
59.0
%
68.7
%
55.9
%
52.5
%
Operating income
17.2
0.9
135.5
156.7
Operating margin
5.9
%
0.4
%
11.1
%
14.3
%
Net interest, finance and other costs
21.8
7.0
42.0
39.0
(Loss) income before income
taxes
(4.6
)
(6.1
)
93.5
117.7
Income tax expense
5.4
3.0
24.6
23.1
Effective tax rate
(117.4
)%
(49.2
)%
26.3
%
19.6
%
Net (loss) income
(10.0
)
(9.1
)
68.9
94.6
Net loss attributable to non-controlling
interest
(6.9
)
—
(3.8
)
—
Net (loss) income attributable to
shareholders of the Company
(3.1
)
(9.1
)
72.7
94.6
Weighted average number of shares
outstanding
Basic
104,519,045
106,133,970
105,058,643
108,296,802
Diluted
104,519,045
106,133,970
105,622,312
109,154,721
(Loss) earnings per share attributable
to shareholders of the Company
Basic
$
(0.03
)
$
(0.09
)
$
0.69
$
0.87
Diluted
$
(0.03
)
$
(0.09
)
$
0.69
$
0.87
Non-IFRS Financial Measures10:
Adjusted EBIT
27.6
12.4
175.1
171.3
Adjusted EBIT margin
9.4
%
5.6
%
14.4
%
15.6
%
Adjusted net income attributable to
shareholders of the Company
14.7
4.0
110.7
116.7
Adjusted net income per basic share
attributable to shareholders of the Company
$
0.14
$
0.04
$
1.05
$
1.08
Adjusted net income per diluted share
attributable to shareholders of the Company
$
0.14
$
0.04
$
1.05
$
1.07
Condensed Consolidated Interim Statements of Comprehensive
(Loss) Income (unaudited) (in millions of Canadian
dollars, except per share amounts)
Fourth quarter ended
For the year ended
April 2, 2023
April 3, 2022
April 2, 2023
April 3, 2022
$
$
$
$
Net (loss) income
(10.0
)
(9.1
)
68.9
94.6
Items that will not be reclassified to
earnings, net of tax:
Items that will not be reclassified to
earnings, net of tax:
Actuarial (loss) gain on post-employment
obligation
(0.4
)
(0.1
)
0.6
0.1
Items that may be reclassified to
earnings, net of tax:
Cumulative translation adjustment gain
(loss)
5.4
(15.4
)
16.1
(25.5
)
Net (loss) gain on derivatives designated
as cash flow hedges
(4.1
)
11.3
0.4
8.7
Reclassification of net loss on cash flow
hedges to income
1.1
1.9
6.0
4.7
Other comprehensive income (loss)
2.0
(2.3
)
23.1
(12.0
)
Comprehensive (loss) income
(8.0
)
(11.4
)
92.0
82.6
Attributable to:
Shareholders of the Company
(1.2
)
(11.4
)
95.7
82.6
Non-controlling interest
(6.8
)
—
(3.7
)
—
Comprehensive (loss) income
(8.0
)
(11.4
)
92.0
82.6
Condensed Consolidated Statements of Financial Position
(unaudited) (in millions of Canadian dollars)
April 2, 2023
April 3, 2022
Assets
$
$
Current assets
Cash
286.5
287.7
Trade receivables
50.9
42.7
Inventories
472.6
393.3
Income taxes receivable
0.9
1.1
Other current assets
52.3
37.5
Total current assets
863.2
762.3
Deferred income taxes
67.5
53.2
Property, plant and equipment
156.0
114.2
Intangible assets
135.1
122.2
Right-of-use assets
291.8
215.2
Goodwill
63.9
53.1
Other long-term assets
12.5
20.4
Total assets
1,590.0
1,340.6
Liabilities
Current liabilities
Accounts payable and accrued
liabilities
195.6
176.2
Provisions
21.6
18.5
Income taxes payable
31.5
24.5
Short-term borrowings
27.6
3.8
Current portion of lease liabilities
76.1
58.5
Total current liabilities
352.4
281.5
Provisions
36.5
31.3
Deferred income taxes
16.4
15.8
Term loan
391.6
366.2
Lease liabilities
258.7
192.2
Other long-term liabilities
56.9
25.7
Total liabilities
1,112.5
912.7
Equity
Equity attributable to shareholders of the
Company
469.5
427.9
Non-controlling interests
8.0
—
Total equity
477.5
427.9
Total liabilities and equity
1,590.0
1,340.6
Non-IFRS Financial Measures and Other Specified Financial
Measures
This press release includes references to certain non-IFRS
financial measures such as adjusted EBIT, adjusted net income and
constant currency revenue and certain non-IFRS ratios such as,
adjusted EBIT margin, adjusted net income attributable to
shareholders of the Company and adjusted net income per basic and
diluted share attributable to the shareholders of the Company.
These financial measures are employed by the Company to measure its
operating and economic performance and to assist in business
decision-making, as well as providing key performance information
to senior management. The Company believes that, in addition to
conventional measures prepared in accordance with IFRS, certain
investors and analysts use this information to evaluate the
Company’s operating and financial performance. These financial
measures are not defined under IFRS nor do they replace or
supersede any standardized measure under IFRS. Other companies in
our industry may calculate these measures differently than we do,
limiting their usefulness as comparative measures. Additional
information, including definitions and reconciliations of non-IFRS
measures to the nearest IFRS measure can be found in our
Management’s Discussion and Analysis of Financial Conditions and
Results of Operations (“MD&A”) under “Non-IFRS Financial
Measures and Other Specified Financial Measures. Such
reconciliations can also be found in this press release under
“Reconciliation of Non-IFRS Measures” and, in the case of constant
currency revenue, under “Revenue”.
This press release also includes DTC comparable sales growth
which is a supplementary financial measure defined as sales on a
constant currency basis from e-Commerce sites and stores which have
been operating for one full year (12 successive fiscal months). The
measure excludes store sales from both periods for the specific
trading days when the stores were closed, whether those closures
occurred in the current period or the comparative period.
Reconciliation of Non-IFRS Measures
The tables below reconcile net income to adjusted EBIT and
adjusted net income attributable to shareholders of the Company for
the periods indicated. Adjusted EBIT margin is equal to adjusted
EBIT for the period presented as a percentage of revenue for the
same period.
Beginning with the third quarter of fiscal 2023, we no longer
include pre-store opening costs in the reconciliation of net income
to adjusted EBIT and adjusted net income attributable to
shareholders of the Company, as we believe these costs are a part
of our operating base as we accelerate new store openings.
Comparable periods have been restated to reflect this change.
Fourth quarter ended
For the year ended
CAD $ millions
April 2, 2023
April 3, 2022
April 2, 2023
April 3, 2022
Net (loss) income
(10.0
)
(9.1
)
68.9
94.6
Add (deduct) the impact of:
Income tax expense
5.4
3.0
24.6
23.1
Net interest, finance and other costs
21.8
7.0
42.0
39.0
Operating income
17.2
0.9
135.5
156.7
Unrealized foreign exchange loss on Term
Loan Facility (a)
0.4
1.1
12.1
2.7
Net temporary store closure costs (b)
—
—
3.2
0.2
Head office transition costs (d)
2.0
—
6.7
—
Japan Joint Venture costs (f)
1.9
0.7
10.2
0.7
Impairment losses (g)
1.0
7.7
1.0
7.7
Strategic initiatives (h)
4.1
—
4.1
—
Legal proceeding costs (i)
—
1.9
2.2
2.9
Other (m)
1.0
0.1
0.1
0.4
Total adjustments
10.4
11.5
39.6
14.6
Adjusted EBIT
27.6
12.4
175.1
171.3
Adjusted EBIT margin
9.4
%
5.6
%
14.4
%
15.6
%
Fourth quarter ended
For the year ended
CAD $ millions
April 2, 2023
April 3, 2022
April 2, 2023
April 3, 2022
Net (loss) income
(10.0
)
(9.1
)
68.9
94.6
Add (deduct) the impact of:
Unrealized foreign exchange loss on Term
Loan Facility (a)
0.4
1.1
12.1
2.7
Net temporary store closure costs (b)
(c)
—
—
3.3
0.2
Head office transition costs (d) (e)
2.4
—
8.3
—
Japan Joint Venture costs (f)
1.9
0.7
10.2
0.7
Japan Joint Venture remeasurement loss on
contingent consideration and put option (l)
12.7
—
8.0
—
Impairment losses (g)
1.0
7.7
1.0
7.7
Strategic initiatives (h)
4.1
—
4.1
—
Legal proceeding costs (i)
—
1.9
2.2
2.9
Deferred tax adjustment (j)
3.7
4.5
3.7
4.5
Acceleration of unamortized costs on Term
Loan Facility Repricing (k)
—
—
—
9.5
Other (m)
1.0
0.1
0.1
0.4
Total adjustments
27.2
16.0
53.0
28.6
Tax effect of adjustments
(2.2
)
(2.9
)
(6.5
)
(6.5
)
Adjusted net income
15.0
4.0
115.4
116.7
Adjusted net income attributable to
non-controlling interest (n)
(0.3
)
—
(4.7
)
—
Adjusted net income attributable to
shareholders of the Company
14.7
4.0
110.7
116.7
Weighted average number of diluted shares
outstanding
104,519,045
106,133,970
105,622,312
109,154,721
Adjusted net income per diluted share
attributable to shareholders of the Company
$
0.14
$
0.04
$
1.05
$
1.07
- Unrealized gains and losses on the translation of the Term Loan
Facility from USD to CAD, net of the effect of derivative
transactions entered into to hedge a portion of the exposure to
foreign currency exchange risk all of which are included in
SG&A expenses.
- Net temporary store closure costs of $nil and $3.2m were
incurred in the fourth quarter and year ended April 2, 2023,
respectively (fourth quarter and year ended April 3, 2022 - $nil
and $0.2m, respectively).
- Net temporary store closure costs incurred in (b) as well as
$nil and $0.1m of interest expense on lease liabilities for
temporary store closures for the fourth quarter and year ended
April 2, 2023, respectively (fourth quarter and year ended April 3,
2022 - $nil and less than $0.1m, respectively).
- Costs incurred for the corporate head office transition,
including depreciation on right-of-use assets.
- Corporate head office transition costs incurred in (d) as well
as $0.4m and $1.6m of interest expense on lease liabilities for the
fourth quarter and year ended April 2, 2023, respectively (fourth
quarter and year ended April 3, 2022 - $nil and $nil,
respectively).
- Costs incurred in connection with the establishment of the
Japan Joint Venture. This is driven by the impact of gross margin
that would otherwise have been recognized on the sale of inventory
recorded at net realizable value less costs to sell, as well as
other costs of establishing the Japan Joint Venture.
- Impairment losses for non-financial retail assets recorded as
the result of the annual impairment assessment.
- Relates to engagement fees incurred in connection with our
Transformation Program.
- Costs for legal proceeding fees including for the defence of
class action lawsuits.
- Deferred tax adjustment recorded as the result of Swiss tax
reform in Canada Goose International AG.
- Non-cash unamortized costs accelerated in connection with the
repricing amendment for the Term Loan Facility entered into on
April 9, 2021.
- Changes to the fair value remeasurement of the contingent
consideration and put option liability related to the Japan Joint
Venture. The Company recorded a loss of $3.0m and a gain of $(2.9)m
during the fourth quarter and year ended April 2, 2023,
respectively, on the fair value remeasurement of the contingent
consideration. A fair value loss on remeasurement of $9.7m and
$10.9m has been recorded during the fourth quarter and year ended
April 2, 2023, respectively, on the fair value remeasurement of the
put option liability. These gains and losses are included in net
interest, finance and other costs within the statements of
income.
- Costs related to the transition of logistics agencies,
restructuring costs related to the company’s manufacturing
facilities, rent abatements received as well as individually
immaterial items.
- Calculated as net loss attributable to non-controlling interest
within the statements of income of $6.9m and $3.8m less $(7.2)m and
$(8.5)m for the gross margin adjustment and the put option
liability and contingent consideration revaluation related to the
non-controlling interest within the Japan Joint Venture for the
fourth quarter and year ended April 2, 2023, respectively.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements,
including statements relating to our fiscal 2024 full year and
first quarter financial outlook, the execution of our proposed
strategy including retail footprint expansion, early leading
indicators and impacts for ongoing fiscal periods, our operating
performance and prospects, and the general impact of the COVID-19
pandemic on the business. These forward-looking statements
generally can be identified by the use of words such as “believe,”
“could,” “continue,” “expect,” “estimate,” “may,” “potential,”
“would,” “will,” and other words of similar meaning. Each
forward-looking statement contained in this press release,
including, without limitation, our fiscal 2024 full year and first
quarter financial outlook and the related assumptions included
herein is subject to risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by such statement. Our business is subject to substantial risks and
uncertainties. Applicable risks and uncertainties include, among
others, the impact of the ongoing COVID-19 pandemic and the extent
and duration of related disruptions to our operations, as well as
the evolution of the global economic conditions, and are discussed
under “Cautionary Note regarding Forward-Looking Statements” and
“Factors Affecting our Performance” in our MD&A as well as
under “Risk Factors” in our Annual Report on Form 20-F for the year
ended April 2, 2023. You are also encouraged to read our filings
with the SEC, available at www.sec.gov, and our filings with
Canadian securities regulatory authorities available at
www.sedar.com for a discussion of these and other risks and
uncertainties. Investors, potential investors, and others should
give careful consideration to these risks and uncertainties. We
caution investors not to rely on the forward-looking statements
contained in this press release when making an investment decision
in our securities. The forward-looking statements in this press
release speak only as of the date of this release, and we undertake
no obligation to update or revise any of these statements.
______________________________ 1 Comparisons to prior year
quarter ended April 3, 2022 (“Q4 2022” or “Q4 ended April 3,
2022”). 2 EMEA comprises Europe, the Middle East, Africa, and Latin
America 3 Subordinate voting shares issuable on exercise of stock
options are not treated as dilutive if including them would
decrease the loss per share. Accordingly, 643,505 potentially
dilutive shares have been excluded from the calculation of diluted
loss per share for the fourth quarter ended April 2, 2023, compared
to 564,433 for the fourth quarter ended April 3, 2022. 4 See
“Non-IFRS Financial Measures and Other Specified Financial
Measures”. 5 Information for the comparative fiscal quarter has
been recast to reflect a revision in the Company’s calculation of
adjusted EBIT and adjusted net income. See “Reconciliation of
Non-IFRS Measures”. 6 Constant currency revenue is a non-IFRS
financial measure. See “Non-IFRS Financial Measures and Other
Specified Financial Measures”. 7 DTC comparable sales is a
supplementary financial measure. See “Non-IFRS Financial Measures
and Other Specified Financial Measures”. 8 See “Non-IFRS Financial
Measures and Other Specified Financial Measures”. 9 The Company is
not able to provide, without unreasonable effort, a reconciliation
of the guidance for non-IFRS adjusted EBIT and non-IFRS adjusted
net income per diluted share to the most directly comparable IFRS
measure because the Company does not currently have sufficient data
to accurately estimate the variables and individual adjustments
included in the most directly comparable IFRS measure that would be
necessary for such reconciliations, including (a) income tax
related accruals in respect of certain one-time items (b) the
impact of foreign currency exchange and (c) non-recurring expenses
that cannot reasonably be estimated in advance. These adjustments
are inherently variable and uncertain and depend on various factors
that are beyond the Company's control and as a result it is also
unable to predict their probable significance. Therefore, because
management cannot estimate on a forward-looking basis without
unreasonable effort the impact these variables and individual
adjustments will have on its reported results in accordance with
IFRS, it is unable to provide a reconciliation of the non-IFRS
measures included in its fiscal 2024 guidance. 10 See “Non-IFRS
Financial Measures and Other Specified Financial Measures”.
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Investors: ir@canadagoose.com
Media: media@canadagoose.com
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