Canada Goose Holdings, a manufacturer of performance luxury apparel, has reported revenue decline to $194.8 million (Canadian dollars) in its second quarter (Q2) FY21 that ended on September 27, 2020 compared to $294.0 million in same period last year. Company’s net income for the quarter fell to $10.4 million (Q2 FY20: $60.6 million).
“We have accelerated our best strategic opportunities in today’s environment. Mainland China has already returned to growth and our digital business is accelerating in a meaningful way at the right time,” Dani Reiss, president & CEO at Canada Goose, said in a press release. “This is a strong backdrop as we head into peak Canada Goose season.”
Gross profit for the reported quarter dropped to $94.2 million ($160.4 million). Selling, general and administrative expenses for Q2 FY20 was $62.4 million ($73.5 million). Operating income during Q2 FY20 was $15.1 million ($75.4 million).
DTC revenue was down to $46.2 million ($74.2 million) driven by lower retail traffic due to Covid-19 disruptions globally. While wholesale revenue decreased to $118.5 million ($218.1 million). However, other sales jumped to $30.1 million ($1.7 million) driven by PPE sales.
Fibre2Fashion News Desk (JL)
Canada Goose Holdings, a manufacturer of performance luxury apparel, has reported revenue decline to $194.8 million (Canadian dollars) in its second quarter (Q2) FY21 that ended on September 27, 2020 compared to $294.0 million in same period last year. Company's net income for the quarter fell to $10.4 million (Q2 FY20: $60.6 million).