Revenue increased 21% year-over-year to $84.8
million DTC comparable sales1 grew 28% year-over-year Reiterates
full year fiscal 2024 guidance
Canada Goose Holdings Inc. (NYSE, TSX: GOOS), a global
performance luxury and lifestyle brand, announced today financial
results for the first quarter of fiscal 2024, which ended July 2,
2023. All amounts are in Canadian dollars unless otherwise
indicated.
“We had a strong start to the year, with first quarter results
reflecting solid demand for our brand, especially as more customers
shop directly with us,” said Dani Reiss, Chairman and CEO of Canada
Goose. “We remain focused on our growth pillars to drive results
over the long-term. In the first quarter, we welcomed more new
customers across every market into our expanding global retail
network, and we continued to see product categories like apparel
and accessories resonate with our customers.”
First Quarter Fiscal 2024 Financial Highlights2:
- Total revenue increased 21% to $84.8m compared to the
prior year, up 18% on a constant currency basis3.
- DTC revenue grew 60% or 54% on a constant currency basis3,
driven by growth of in-store retail sales. Sales from DTC channels
increased as part of the total revenue mix to 66% from 50% in the
same reporting period last year. DTC comparable sales1 increased
28% year-over-year.
- Wholesale revenue decreased 18% or 19% on a constant currency
basis3, consistent with our expectations, due to continued
streamlining of wholesale relationships as we optimize for greater
DTC sales within our channel mix, partially offset by earlier
shipments of orders to wholesale customers.
- Revenue grew by 24% in North America, 52% in Asia Pacific, and
was down 7% in EMEA4. The decrease in EMEA revenue year-over-year
was primarily due to the decline in wholesale revenue, which was in
line with expectations, partially offset by an increase in DTC
revenue.
- Gross profit grew 29% to $55.2m, compared to the prior
year. Gross margin for the quarter expanded to 65.1% compared to
61.1% in the first quarter of fiscal 2023, primarily due to a
higher mix of DTC channel sales, pricing, and favourable product
mix from the sale of higher margin styles within Heavyweight Down
and non-Heavyweight Down categories, partially offset by higher
products costs due to higher input cost inflation.
- Selling, general and administrative (SG&A)5 expenses
were $154.9m, compared to $124.9m in the comparable period last
year. The increase in SG&A was primarily due to our investments
in initiatives to improve long-term operational efficiency through
our Transformation Program and new store openings, including the
annualization of store openings in fiscal 2023.
- Operating loss6 was $(99.7)m, compared to $(82.2)m in
the first quarter of fiscal 2023. The increase in operating loss
was attributable to higher SG&A costs, partially offset by
higher gross profit.
- Adjusted EBIT6, 7 was $(91.1)m, compared to $(75.9)m in
the first quarter of fiscal 2023.
- Net loss was $(85.0)m, or $(0.78) per basic share,
compared with a net loss of $(63.6)m, or $(0.59) per basic share
for the first quarter of fiscal 2023.
- Adjusted net loss7 was $(73.1)m, or $(0.70) per basic
share, compared with an adjusted net loss of $(58.8)m, or $(0.56)
per basic share for the first quarter of fiscal 2023.
Revenue By Segment
First quarter ended
$ Change
% Change
CAD $ millions
July 2, 2023
July 3, 2022
As reported
Foreign exchange
impact
In constant currency8
As reported
In constant currency8
DTC
55.8
34.8
21.0
(2.2)
18.8
60.3 %
54.0 %
Wholesale
27.1
33.2
(6.1)
(0.2)
(6.3)
(18.4) %
(19.0) %
Other
1.9
1.9
—
—
—
— %
— %
Total revenue
84.8
69.9
14.9
(2.4)
12.5
21.3 %
17.9 %
Revenue by Geography
First quarter ended
$ Change
% Change
CAD $ millions
July 2, 2023
July 3, 2022
As reported
Foreign exchange
impact
In constant currency8
As reported
In constant currency8
Canada
23.5
17.9
5.6
—
5.6
31.3 %
31.3 %
United States
18.1
15.7
2.4
(1.2)
1.2
15.3 %
7.6 %
North America
41.6
33.6
8.0
(1.2)
6.8
23.8 %
20.2 %
Asia Pacific
24.5
16.1
8.4
(1.5)
6.9
52.2 %
42.9 %
EMEA
18.7
20.2
(1.5)
0.3
(1.2)
(7.4) %
(5.9) %
Total revenue
84.8
69.9
14.9
(2.4)
12.5
21.3 %
17.9 %
Balance Sheet Highlights
Inventory was $522.1m for the first quarter ended July 2, 2023,
up 3% from the first quarter ended July 3, 2022, with decelerating
year-over-year growth compared to the fourth quarter of fiscal
2023. This was due to closer alignment between supply and
anticipated demand and moving greater production to our own
facilities.
During the first quarter of fiscal 2024, the Company repurchased
1,156,959 subordinate voting shares for a total cash consideration
of $26.3m, ending the quarter with a cash balance of $48.0m,
compared with $81.8m at first quarter ended July 3, 2022.
First Quarter Fiscal 2024 Business Highlights
During our first quarter, Canada Goose continued to engage
consumers through our innovative products and customer experiences.
Notable business highlights from our first quarter included the
following:
- Opened three new permanent stores, including one store in EMEA
(Dublin, Ireland) and two in North America (Las Vegas, Nevada and
Bellevue, Washington), bringing our total permanent store count to
54 at the end of the first quarter. We also reimagined and
relocated the Beijing Sanlitun Flagship Store, opening our largest
square footage store in the world. This Flagship store offers
customers a truly authentic Canada Goose brand experience,
featuring Canadian art, a VIP lounge, and our Snow Room. In July,
we opened a permanent store at the Beverly Center in Los
Angeles.
- DTC non-Heavyweight Down sales this quarter was higher than
total DTC revenue for the same period last year. Customer demand
for apparel increased year-over-year and it was one of our fastest
growing categories. The Hybridge Knit Jacket, Chilliwack Fleece
Bomber, and the Hybridge Hoody topped our list as the best-selling
pieces in the Apparel category during the quarter.
Subsequent to First Quarter Fiscal 2024
- Launched our first-ever sneaker line, the Glacier Trail,
delivering ultra-versatile performance and year-round relevance
while meeting the needs of the modern explorer. This is an
expansion of our footwear category, which we introduced in November
2021.
- Expanded Generations, our recommerce platform, to Canada,
giving more consumers the opportunity to shop and trade pre-loved
Canada Goose products on an authorized reselling platform and was
initially launched in the USA in January 2023. Generations keeps
our products in circulation and extends their lifetime, directly
supporting the company's Sustainable Impact Strategy.
- Received the 2023 Glossy Fashion Award in three separate
categories: Best CSR Initiative, Best In-Store Experience and Best
Fashion Brand of the Year. We were also named the 2023 Social
Innovator of the Year by Positive Luxury in April 2023.
- Published our 2023 ESG report, which provides an update on our
strategy, performance, and community relationships during the
fiscal year. Key highlights include:
- Reduced scope 1 and scope 2 carbon emissions by nearly 45%
year-over-year by retrofitting our manufacturing plants and
investing in global renewable energy credits;
- Transitioned over 75% of materials to Preferred Fibres and
Materials (PFMs), including those that are recycled, organic,
natural, bio-degradable and plant-based, and achieved our bluesign®
commitment early, certifying that our products are safe for the
environment, workers, and customers; and,
- Published our Human Rights Commitment outlining our
responsibility to respecting and safeguarding the fundamental human
rights of anyone who engages with the company, directly or
indirectly.
Fiscal 2024 Full Year and Q2 Outlook9
The following outlook constitutes forward-looking information
within the meaning of applicable securities laws and is based on a
number of assumptions and subject to a number of risks. 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 certain
risk factors, many of which are beyond Canada Goose’s control.
Please see "Forward-looking Statements" below for more
information.
For fiscal 2024, we expect:
- Total revenue of $1.4b to $1.5b
- Non-IFRS adjusted EBIT of $210m to $240m, representing a margin
of 15% to 16%
- Non-IFRS adjusted net income per diluted share of $1.20 to
$1.48
For the second quarter of fiscal 2023, we expect:
- Total revenue of $270m to $290m
- Non-IFRS EBIT loss of $(30)m to $(20)m
- Non-IFRS adjusted net loss per basic share of $(0.24) to
$(0.17)
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.
- Approximate % of fiscal 2024 total revenue by quarter: 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.
Our Q2 fiscal 2024 outlook also assumes:
- DTC channel growth from existing and new stores along with
modest e-commerce growth, to be offset by the earlier timing of
wholesale shipments that took place in Q1 fiscal 2024 instead of Q2
fiscal 2024 and continued streamlining of wholesale
relationships.
- SG&A costs associated with a larger DTC network, timing of
marketing spending planned for Q2 of fiscal 2024 compared to Q1 in
fiscal 2023, and a larger operating cost base.
Conference Call Information
The Company will host the conference call at 8:30 a.m. Eastern
Standard Time on August 3, 2023. The conference call can be
accessed by using the following link:
https://register.vevent.com/register/BI11ceaedeef0a4e209f37d422f8eb8475.
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.
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 and new product
offerings, early leading indicators and impacts for ongoing fiscal
periods, and our operating performance and prospects. 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 second 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 on our operations
of the current global economic conditions and their evolution, and
are discussed under “Cautionary Note regarding Forward-Looking
Statements” and “Factors Affecting our Performance” in our
Management's Discussion and Analysis ("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.sedarplus.ca 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.
Condensed Consolidated Interim Statements of Loss
(unaudited) (in millions of Canadian dollars, except share
and per share amounts)
First quarter ended
July 2, 2023
July 3, 2022
Reclassified
$
$
Revenue
84.8
69.9
Cost of sales
29.6
27.2
Gross profit
55.2
42.7
Selling, general & administrative
expenses
154.9
124.9
Operating loss
(99.7
)
(82.2
)
Net interest, finance and other costs
14.5
5.9
Loss before income taxes
(114.2
)
(88.1
)
Income tax recovery
(29.2
)
(24.5
)
Net loss
(85.0
)
(63.6
)
Attributable to:
Shareholders of the Company
(81.1
)
(62.4
)
Non-controlling interest
(3.9
)
(1.2
)
Net loss
(85.0
)
(63.6
)
Loss per share attributable to
shareholders of the Company
Basic and diluted
$
(0.78
)
$
(0.59
)
Condensed Consolidated Statements of Financial Position
(unaudited) (in millions of Canadian dollars)
July 2, 2023
July 3, 2022
April 2, 2023
Assets
$
$
$
Current assets
Cash
48.0
81.8
286.5
Trade receivables
50.9
48.2
50.9
Inventories
522.1
504.7
472.6
Income taxes receivable
6.6
4.8
0.9
Other current assets
76.9
52.4
52.3
Total current assets
704.5
691.9
863.2
Deferred income taxes
92.5
73.9
67.5
Property, plant and equipment
172.0
110.5
156.0
Intangible assets
133.1
134.7
135.1
Right-of-use assets
281.3
253.2
291.8
Goodwill
62.8
64.7
63.9
Other long-term assets
12.3
17.8
12.5
Total assets
1,458.5
1,346.7
1,590.0
Liabilities
Current liabilities
Accounts payable and accrued
liabilities
178.6
165.6
195.6
Provisions
16.3
16.2
21.6
Income taxes payable
9.6
13.2
31.5
Short-term borrowings
48.4
30.8
27.6
Current portion of lease liabilities
75.3
59.9
76.1
Total current liabilities
328.2
285.7
352.4
Provisions
34.2
30.2
36.5
Deferred income taxes
12.3
18.3
16.4
Term loan
383.0
377.1
391.6
Lease liabilities
252.6
230.6
258.7
Other long-term liabilities
62.6
52.9
56.9
Total liabilities
1,072.9
994.8
1,112.5
Equity
Equity attributable to shareholders of the
Company
381.9
342.4
469.5
Non-controlling interests
3.7
9.5
8.0
Total equity
385.6
351.9
477.5
Total liabilities and equity
1,458.5
1,346.7
1,590.0
Condensed Consolidated Interim Statements of Cash Flows
(unaudited) (in millions of Canadian dollars)
First quarter ended
July 2, 2023
July 3, 2022
$
$
Operating activities
Net loss
(85.0
)
(63.6
)
Items not affecting cash:
Depreciation and amortization
29.2
25.8
Income tax recovery
(29.2
)
(24.5
)
Interest expense
7.4
7.0
Foreign exchange (gain) loss
(4.7
)
2.1
Gain on disposal of assets
(0.1
)
—
Share-based payment
2.5
2.7
Remeasurement of put option
8.1
—
Remeasurement of contingent
consideration
(1.0
)
—
(72.8
)
(50.5
)
Changes in non-cash operating items
(98.9
)
(123.5
)
Income taxes paid
(30.1
)
(16.2
)
Interest paid
(7.5
)
(6.7
)
Net cash used in operating
activities
(209.3
)
(196.9
)
Investing activities
Purchase of property, plant and
equipment
(5.2
)
(2.5
)
Investment in intangible assets
(0.2
)
(1.1
)
Initial direct costs of right-of-use
assets
(0.3
)
(0.1
)
Net cash inflow from business
combination
—
2.8
Net cash used in investing
activities
(5.7
)
(0.9
)
Financing activities
Mainland China Facilities borrowings
12.6
4.6
Japan Facility borrowings
8.3
3.9
Term loan repayments
(1.0
)
(1.0
)
Subordinate voting shares purchased and
cancelled under NCIB
(27.5
)
—
Principal payments on lease
liabilities
(13.4
)
(13.8
)
Net cash used in financing
activities
(21.0
)
(6.3
)
Effects of foreign currency exchange rate
changes on cash
(2.5
)
(1.8
)
Decrease in cash
(238.5
)
(205.9
)
Cash, beginning of period
286.5
287.7
Cash, end of period
48.0
81.8
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 loss and
constant currency revenue and certain non-IFRS ratios such as,
adjusted EBIT margin, adjusted net loss attributable to
shareholders of the Company and adjusted net loss 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 MD&A
for the first quarter of fiscal 2024 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 loss to adjusted EBIT and
adjusted net loss 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 loss
to adjusted EBIT and adjusted net loss 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.
Beginning with the first quarter of fiscal 2024, foreign
exchange gains and losses related to the term loan, net of hedging,
are now reflected in the presentation of net interest, finance and
other costs, which was previously presented in SG&A
expenses.
First quarter ended
CAD $ millions
July 2, 2023
July 3, 2022
Net loss
(85.0
)
(63.6
)
Add (deduct) the impact of:
Income tax recovery
(29.2
)
(24.5
)
Net interest, finance and other costs
14.5
5.9
Operating loss
(99.7
)
(82.2
)
Net temporary store closure costs (a)
—
2.2
Head office transition costs (c)
0.8
1.7
Japan Joint Venture costs (e)
—
1.4
Strategic initiatives (g)
7.8
—
Legal proceeding costs (h)
—
1.0
Total adjustments
8.6
6.3
Adjusted EBIT
(91.1
)
(75.9
)
Adjusted EBIT margin
(107.4
)%
(108.6
)%
First quarter ended
CAD $ millions
July 2, 2023
July 3, 2022
Net loss
(85.0
)
(63.6
)
Add (deduct) the impact of:
Net temporary store closure costs (a)
(b)
—
2.2
Head office transition costs (c) (d)
1.2
2.1
Japan Joint Venture costs (e)
—
1.4
Japan Joint Venture remeasurement loss on
contingent consideration and put option (f)
7.1
—
Strategic initiatives (g)
7.8
—
Legal proceeding costs (h)
—
1.0
Unrealized foreign exchange gain on Term
Loan Facility (i)
(2.2
)
(1.5
)
Deferred tax adjustment (j)
(0.5
)
—
Total adjustments
13.4
5.2
Tax effect of adjustments
(1.8
)
(1.3
)
Adjusted net loss
(73.4
)
(59.7
)
Adjusted net loss attributable to
non-controlling interest (k)
0.3
0.9
Adjusted net loss attributable to
shareholders of the Company
(73.1
)
(58.8
)
Weighted average number of basic shares
outstanding
103,710,762
105,234,474
Adjusted net loss per basic share
attributable to shareholders of the Company
$
(0.70
)
$
(0.56
)
(a)
Net temporary store closure costs of $nil were incurred in the
first quarter ended July 2, 2023 (first quarter ended July 3, 2022
- $2.2m).
(b)
Net temporary store closure costs incurred
in (a) as well as $nil of interest expense on lease liabilities for
temporary store closures for the first quarter ended July 2, 2023
(first quarter ended July 3, 2022 - less than $0.1m).
(c)
Costs incurred for the corporate head
office transition, including depreciation on right-of-use
assets.
(d)
Corporate head office transition costs
incurred in (c) as well as $0.4m of interest expense on lease
liabilities for the first quarter ended July 2, 2023 (first quarter
ended July 3, 2022 - $0.4m).
(e)
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.
(f)
Changes to the fair value remeasurement of
the contingent consideration and put option liability related to
the Japan Joint Venture. During the first quarter ended July 2,
2023, the Company recorded a gain of $(1.0)m and a loss of $8.1m on
fair value remeasurement of the contingent consideration and put
option, respectively (first quarter ended July 3, 2022 - $nil and
$nil, respectively). These gains and losses are included in net
interest, finance and other costs within the interim statements of
loss.
(g)
Relates to engagement fees incurred in
connection with our Transformation Program.
(h)
Costs for legal proceeding fees including
for the defence of class action lawsuits.
(i)
Unrealized gains and losses on the
translation of the term loan 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. These costs were
previously presented in SG&A expenses, are now reflected in the
presentation of net interest, finance and other costs.
(j)
Deferred tax adjustment recorded as the
result of Swiss tax reform in Canada Goose International AG.
(k)
Calculated as net loss attributable to non-controlling interest
within the interim statements of loss of $3.9m less $(3.6)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 first quarter ended July 2,
2023. Net loss attributable to non-controlling interest within the
interim statements of loss of $1.2m less $(0.3)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 first quarter ended July 3,
2022.
____________________________________________ 1 DTC Comparable
sales is a supplementary financial measure. See "Non-IFRS Financial
Measures and Other Specified Financial Measures" for more
information. 2 Comparisons to first quarter ended July 3, 2022. 3
Constant currency revenue is a non-IFRS financial measure. See
“Non-IFRS Financial Measures and Other Specified Financial
Measures” for more information. 4 EMEA comprises Europe, the Middle
East, Africa, and Latin America. 5 Certain comparative figures have
been reclassified to conform with current year presentation.
Foreign exchange gains and losses related to the term loan, net of
hedging, which were presented in SG&A expenses in the first
quarter ended July 3, 2022, are now reflected in the presentation
of net interest, finance and other costs. 6 Certain comparative
figures have been reclassified to conform with current year
presentation. Foreign exchange gains and losses related to the term
loan, net of hedging, which were presented in SG&A expenses in
the first quarter ended July 3, 2022, are now reflected in the
presentation of net interest, finance and other costs. 7 Adjusted
EBIT and adjusted net loss are non-IFRS financial measures, and
adjusted net loss attributable to shareholders of the Company and
adjusted net loss per basic and diluted share attributable to the
shareholders of the Company are non-IFRS financial ratios. See
“Non-IFRS Financial Measures and Other Specified Financial
Measures” for more information. 8 Constant currency revenue is a
non-IFRS financial measure. See “Non-IFRS Financial Measures and
Other Specified Financial Measures” for more information. 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.
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Investors: ir@canadagoose.com Media: media@canadagoose.com
Canada Goose (NYSE:GOOS)
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Canada Goose (NYSE:GOOS)
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