Stock Monitor: Vince Holding Post Earnings Reporting
LONDON, UK / ACCESSWIRE / July 11, 2018 / If you want access to our free earnings report on Canada Goose Holdings Inc. (NYSE: GOOS) ("Canada Goose"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=GOOS. The Company reported its fourth quarter fiscal 2018 and full fiscal year 2018 operating and financial results on June 15, 2018. The maker of down jackets and other cold-weather gear outperformed top- and bottom-line expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the fourth quarter of the fiscal year 2018, Canada Goose's total revenues soared 144% to C$124.8 million compared to C$51.1 million in Q4 FY17. The Company's revenue numbers beat analysts' estimates of C$78.9 million.
For the full fiscal year 2018, Canada Goose's revenues surged 46.4% to C$591.2 million from C$403.8 million in FY17.
During Q4 FY18, Canada Goose's gross profit increased to C$78.3 million, up 64% compared to C$27.8 million in Q4 FY17. As a percentage of total revenues, the Company's gross profit was 62.7% in the reported quarter compared to 54.4% in the prior year's same quarter.
Canada Goose reported an operating income of C$14.8 million, with an operating margin of 11.9%, in Q4 FY18 compared to an operating loss of C$28. 6 million, with a negative operating margin of 56.0%, in Q4 FY17.
Canada Goose posted a net income of C$6.63 million, or C$0.07 per diluted share, compared to a net loss of C$23.31 million, or C$0.23 loss per diluted share, in Q4 FY17. The Company’s adjusted earnings per share (EPS) came in at C$0.09 in the reported quarter versus an adjusted loss per share of C$0.15 in the year earlier comparable quarter, and were ahead of Wall Street's estimates for a loss per share of $0.09.
For FY18, Canada Goose's net income was C$96.1 million, or C$0.86 per diluted share, compared to C$21.6 million, or C$0.21 per diluted share, in FY17. The Company's adjusted EPS soared 95.3% to C$0.84 in the reported period versus C$0.43 in the year ago corresponding period.
During FY18, Canada Goose's Wholesale segment's revenues increased 16.5% to C$336.2 million compared to C$288.5 million in FY17, driven by an order book growth from existing accounts and higher re-order volumes late in the year.
The Wholesale segment's gross profit was C$157.8 million, with a gross margin of 46.9%, in FY18 compared to C$125.1 million and 43.3%, respectively, in FY17. The increase in gross margin was due to product mix, with a greater proportion of higher margin jackets from the segment's Fall/Winter collection, and lower material costs. The segment’s operating income came in at C$120.6 million, with an operating margin of 35.9%, in FY18 compared to C$94.4 million and 32.7%, respectively, in FY17.
For FY18, Canada Goose's Direct-to-Consumer (DTC) segment's revenues soared 121.3% to C$255.0 million from C$115.2 million in FY17, driven by the strong performance of existing retail stores and ecommerce sites, including a full year of operations for Toronto and New York City retail stores, and incremental revenues from four new retail stores and eight national ecommerce sites opened during FY18.
During FY18, the DTC segment's gross profit came in at C$189.8 million, with a gross margin of 74.4%, compared to C$87.0 million and 75.5%, respectively, in FY17. The increase in gross margin was primarily driven by product mix, with a greater proportion of lower margin styles and products. The segment's operating income totaled C$134.7 million, with an operating margin of 52.8%, in FY18 compared to C$59.5 million and 51.7%, respectively, in FY17.
For the full fiscal year 2019, Canada Goose is forecasting an annual revenue growth of at least 20%, and an annual growth in adjusted net income per diluted share of at least 25%. The Company is expecting its Wholesale segment's revenue growth to be in the mid-single-digits on a percentage basis. For FY19, Canada Goose is planning to open five new retail stores in operation by the onset of the peak winter selling season, and six retail stores in operation in off-peak periods, compared to two in FY18.
Over the next three fiscal years, Canada Goose is projecting an average annual revenue growth of at least 20%, and an average annual growth in adjusted net income per diluted share of at least 25%.
Stock Performance Snapshot
July 10, 2018 - At Tuesday's closing bell, Canada Goose's stock advanced 2.36%, ending the trading session at $61.58.
Volume traded for the day: 1.52 million shares, which was above the 3-month average volume of 1.30 million shares.
Stock performance in the last month - up 42.45%; previous three-month period - up 74.00%; past twelve-month period - up 223.76%; and year-to-date - up 95.12%
After yesterday's close, Canada Goose's market cap was at $6.57 billion.
Price to Earnings (P/E) ratio was at 95.33.
The stock is part of the Consumer Goods sector, categorized under the Textile - Apparel Clothing industry. This sector was up 0.5% at the end of the session.
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