The clothing supplier Canada Goose Holdings Inc. started the 2022/23 financial year with a significant increase in sales. On Thursday, the Toronto-based down jacket specialist said it posted revenue of CA$69.9 million (EUR 53.2 million) for the first quarter ended July 3, up 24 .2 percent. Adjusted for exchange rate changes, revenues increased by 24.0 percent.
The growth in North America was particularly high: In Canada, sales increased by 80.8 percent to 17.9 million Canadian dollars, in the USA by 68.8 percent (currency-adjusted +60.2 percent) to 15.7 million Canadian dollars Dollar. The EMEA region, which includes Europe, the Middle East and Africa, also went up: Revenues there grew by 37.4 percent (currency-adjusted +53.1 percent) to 20.2 million Canadian dollars. In the Asia-Pacific region, however, business was impacted by the tightened corona protection measures in China. Because eight of the 16 Chinese stores had to be temporarily closed, quarterly sales in the entire region shrank by 28.1 percent (-35.3 percent at constant currency) to 16.1 million Canadian dollars.
Higher marketing expenses and investments in stationary and digital expansion as well as one-off costs in connection with the establishment of the new joint venture for the Japanese market weighed on the result. The net loss attributable to the shareholders rose by 8.5 percent to 62.4 million Canadian dollars (47.5 million euros). Adjusted for special effects, the deficit even increased by 15.1 percent to 58.5 million Canadian dollars because one-time refinancing costs had been booked in the same quarter of the previous year.