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Sales soar but losses deepen at Canada Goose

Luxury outerwear brand Canada Goose has reported soaring sales and a 58.5% jump in revenue to C$44.7m (£26.73m) for the first quarter of 2019.

However, operating losses widened to C$19.9m (£11.90m) compared with C$14.8m (£8.85m) in the same period last year. The drop was blamed on “unallocated corporate expenses”, including investment in marketing and IT.

EBITDA amounted to a loss of C$13.5m (£8.07m) compared with a loss of C$13.6m (£8.13m) in the same period last year. 

The rise in sales was driven by a growth in direct-to-consumer revenue, which leapt to C$23.2m (£13.87m) compared with C$8.3m (£4.96m) in the same period last year. Canada Goose attributed this rise to strong own store sales and an ecommerce boost.

Wholesale revenue for the period also rose, up to C$21.5m (£12.7m) from C$19.9m (£11.9m), driven by higher order values from partner retailers.

Commenting on the results, Dani Reiss, president and chief executive of Canada Goose, said: “Our products and our brand continue to resonate with people around the world, and our direct-to-consumer channel was a standout performer in the quarter.

“Productivity across our retail store network in this off-peak period was exceptional, reducing the loss impact of our strategic growth investments and giving us a favorable tailwind for the rest of the year.”  

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