Outwear clothing brand Canada Goose has announced a 12.5% increase in gross profit for the fiscal year 2024 (FY 2024), reaching C$917.4m, up from C$815.2m in fiscal 2023 (FY 2023).
The company's gross margin also improved, rising to 68.8% from 67.0% in fiscal 2023.
For the year ending 31 March 2024, Canada Goose saw its total revenue climb to C$1.33bn, marking a 10% increase from C$1.21bn in the prior year.
Despite the revenue growth, net income attributable to shareholders fell to C$58.4m from C$72.7m a year earlier.
Its earnings per diluted share also decreased to C$0.57 from C$0.69 in the previous fiscal year, while adjusted earnings before interest and taxes (EBIT) slightly declined to C$171.8m from C$174.1m in FY23.
The company's selling, general and administrative (SG&A) expenses for the fiscal rose to C$792.9m in FY 2024, up from C$667.6m in the prior year.
This was driven by the expansion of the retail network, consulting fees for the Transformation Program, and severance costs from workforce reductions.
During the fiscal, the retailer’s operating income decreased to C$124.5m from C$147.6m in the previous year.
In the fourth quarter of FY 2024, Canada Goose saw a 22% increase in gross profit to C$233.0m.
Net income attributable to shareholders turned positive at C$5.0m in Q4 FY 2024, compared to a net loss of $3.1m in the same quarter of the previous year.
The company’s total revenue for the fourth quarter rose by 22% to C$358.0m from C$293.2m in Q4 FY 2023.
Canada Goose chairman and CEO Dani Reiss said: “Our fourth quarter results came in ahead of guidance, reflecting the power of our iconic brand and the disciplined execution of our strategy by our team.
“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.
“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.”
Looking ahead to fiscal 2025, Canada Goose expects total revenue to grow in the low-single-digits year-over-year.
