By Alan Hatfield
Canada Goose Holdings Inc. (NYSE: GOOS, TSX: GOOS) today reported record revenue in the fiscal 2022 fourth quarter led by growth in store-based revenue despite ongoing Covid-related impacts on some key markets.
The company reported total revenue of $223.1 million, a 6.8% increase on the $208.8 million reported in the prior year period. Existing store revenue led the growth, pushing DTC revenue up 8.0% over the prior year period to $185.4 million from $171.6 million. This was partially offset by a 12.3% decrease in e-Commerce revenue. Higher order values saw wholesale revenue increase by 3.5% over the prior year period to $35.1 million from $33.9 million.
Gross profit came in at $154.1 million, representing a gross margin of 69.1%, compared to gross revenue of $138.6 million and gross margin of 66.4% in the prior year period. Pricing increases and a greater share of sales to wholesale partners relative to international distributors led to the margin expansion, although this was partially offset by sales growth in non-parka categories, typically with lower margins.
“We closed fiscal 2022 with record sales for the year and confidence in our ability to accelerate earnings growth in Fiscal 2023 and beyond,” said Chief Executive Officer Dani Reiss in a statement. “We are expanding to new markets with new partnerships and stores complemented by a laser focus on customer experience. At the same time, we are leveraging our successful playbook to continue to expand product categories and year-round product relevance. Our brand momentum, team and track record of execution gives us the ultimate conviction in the road ahead.”