Canada Goose (GOOS) Raymond James & Associates’ 46th Annual Institutional Investors Conference 2025 summary

Company overview and business evolution

• Transitioned from a single-product heavyweight down parka brand to a diversified luxury brand with categories like lightweight down, knitwear, footwear, and accessories.

• Achieved CAD 1.3 billion in revenue with a resilient gross margin in the high 60s and a global retail footprint nearing 80 stores.

• Stores are distributed across North America, Europe, and Asia, with significant presence in China and Japan.

• Direct-to-consumer (DTC) channel expansion has driven consumer base and category growth, though margin compression and high SG&A remain challenges.

• Vertically integrated manufacturing, primarily in Canada, supports gross margin resilience.

Strategic priorities and operational focus

• 2025 priorities include brand and product evolution, best-in-class retail execution, and operational simplification.

• Haider Ackermann appointed as first creative director, launching a limited Snow Goose capsule in November, with plans for broader influence.

• Focus on labor optimization and productivity, with store productivity at CAD 4,000 per square foot.

• Emphasis on simplifying operations and fostering entrepreneurship for agility and efficiency.

Financial performance and outlook

• Nine months ended December: CAD 964 million in sales, a 1% year-over-year decline due to planned wholesale reduction and softer comp store sales.

• December and January showed strong sales momentum, especially in the U.S., with double-digit comps.

• Gross margin remains strong, but SG&A as a percentage of revenue is higher than desired; adjusted EBIT in the mid-11% range.

• Operating margin closed at 12.9%, down from a peak of 24.9%, with mid-20s seen as long-term potential.