[Condensed Consolidated Interim Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Statements) This section provides an overview of the company's interim financial performance, position, and cash flows [Condensed Consolidated Interim Statements of Loss](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Loss) For the first quarter ended June 29, 2025, Canada Goose Holdings Inc. reported a significant increase in net loss and operating loss compared to the prior year, despite revenue growth, primarily driven by a substantial rise in selling, general & administrative expenses | Metric | Q1 FY2026 (June 29, 2025) (CAD millions) | Q1 FY2025 (June 30, 2024) (CAD millions) | Change (CAD millions) | Change (%) | | :-------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------------------- | :--------- | | Revenue | 107.8 | 88.1 | 19.7 | 22.4% | | Gross profit | 66.2 | 52.6 | 13.6 | 25.9% | | Selling, general & administrative expenses | 224.9 | 149.5 | 75.4 | 50.4% | | Operating loss | (158.7) | (96.9) | (61.8) | 63.8% | | Net loss | (125.5) | (74.0) | (51.5) | 69.6% | | Loss per share (Basic and diluted) | (1.29) | (0.80) | (0.49) | 61.3% | [Condensed Consolidated Interim Statements of Comprehensive Loss](index=3&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Comprehensive%20Loss) The company's comprehensive loss widened in Q1 FY2026, reflecting the increased net loss, partially offset by a higher cumulative translation adjustment gain | Metric | Q1 FY2026 (June 29, 2025) (CAD millions) | Q1 FY2025 (June 30, 2024) (CAD millions) | | :-------------------------- | :--------------------------------------- | :--------------------------------------- | | Net loss | (125.5) | (74.0) | | Other comprehensive income | 11.5 | 4.2 | | Comprehensive loss | (114.0) | (69.8) | [Condensed Consolidated Interim Statements of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Financial%20Position) As of June 29, 2025, total assets increased year-over-year, driven by higher cash balances, while total liabilities decreased, leading to an increase in total equity | Metric | June 29, 2025 (CAD millions) | June 30, 2024 (CAD millions) | March 30, 2025 (CAD millions) | | :-------------------------- | :--------------------------- | :--------------------------- | :---------------------------- | | Total assets | 1,530.5 | 1,460.5 | 1,631.9 | | Cash | 180.5 | 61.9 | 334.4 | | Inventories | 439.5 | 484.3 | 384.0 | | Total liabilities | 1,083.9 | 1,105.1 | 1,075.3 | | Total equity | 446.6 | 355.4 | 556.6 | [Condensed Consolidated Interim Statements of Changes in Equity](index=5&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Changes%20in%20Equity) Total equity increased year-over-year, primarily due to share-based payments and other comprehensive income, despite the net loss attributable to shareholders | Metric | June 29, 2025 (CAD millions) | June 30, 2024 (CAD millions) | | :--------------------------------------- | :--------------------------- | :--------------------------- | | Balance at period end (Total equity) | 446.6 | 355.4 | | Net loss attributable to shareholders of the Company | (125.2) | (77.4) | | Other comprehensive income | 11.7 | 4.2 | | Share-based payment | 4.0 | 2.3 | [Condensed Consolidated Interim Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Cash%20Flows) Net cash used in operating activities remained stable year-over-year, while net cash used in investing activities decreased. A shift from net cash inflow to outflow in financing activities resulted in a larger overall decrease in cash for the period | Metric | Q1 FY2026 (June 29, 2025) (CAD millions) | Q1 FY2025 (June 30, 2024) (CAD millions) | | :----------------------------------- | :--------------------------------------- | :--------------------------------------- | | Net cash used in operating activities | (142.8) | (142.9) | | Net cash used in investing activities | (1.3) | (2.3) | | Net cash (used in) from financing activities | (12.0) | 59.7 | | Decrease in cash | (153.9) | (83.0) | | Cash, end of period | 180.5 | 61.9 | [Notes to the Condensed Consolidated Interim Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section provides detailed notes on accounting policies, segment information, and financial risk management [Note 1. The Company](index=7&type=section&id=Note%201.%20The%20Company) Canada Goose Holdings Inc. is a luxury apparel company publicly listed on the TSX and NYSE, with a majority of voting power held by Bain Capital and DTR LLC. The company operates through DTC, Wholesale, and Other segments, and its business is highly seasonal, with peak revenues and cash flows concentrated in later fiscal quarters - Canada Goose designs, manufactures, and sells performance luxury apparel, including down-filled outerwear, jackets, fleece, and accessories[11](index=11&type=chunk) - The company is listed on the Toronto Stock Exchange and New York Stock Exchange under the symbol "GOOS"[12](index=12&type=chunk) - Principal shareholders, Bain Capital and DTR LLC, hold **52.5%** of total shares outstanding and **91.7%** of combined voting power as of June 29, 2025[12](index=12&type=chunk) [Organization](index=7&type=section&id=Organization) This section details the company's product categories and seasonal offerings - The Company's product offerings include various styles of down-filled outerwear, rain and everyday jackets, fleece, vests, apparel, footwear, and accessories for fall, winter, and spring seasons[11](index=11&type=chunk) [Statement of Compliance](index=7&type=section&id=Statement%20of%20compliance) This section outlines the accounting standards used for preparing the interim financial statements and their authorization - Interim Financial Statements are prepared in accordance with IFRS Accounting Standards, specifically IAS 34, Interim Financial Reporting[13](index=13&type=chunk) - The Interim Financial Statements were authorized for issuance by the Board of Directors on July 30, 2025[14](index=14&type=chunk) [Fiscal Year](index=7&type=section&id=Fiscal%20year) This section defines the company's fiscal year structure and reporting cycle - The Company's fiscal year is a 52 or 53-week reporting cycle, with the fiscal year ending on the Sunday closest to March 31. Fiscal 2026 is a 52-week fiscal year[15](index=15&type=chunk) [Operating Segments](index=7&type=section&id=Operating%20segments) This section describes the company's three operating segments: Direct-to-Consumer, Wholesale, and Other - The Company classifies its business into three operating and reportable segments: Direct-to-Consumer (DTC), Wholesale, and Other[16](index=16&type=chunk) - The DTC segment includes sales through e-Commerce platforms (including recommerce) and Company-owned retail stores[16](index=16&type=chunk) - The Wholesale segment comprises sales to retailers, international distributors, and travel retail locations[17](index=17&type=chunk) [Seasonality](index=8&type=section&id=Seasonality) This section explains the seasonal nature of the company's business, impacting revenue and cash flow patterns - The business is seasonal, with a significant portion of Wholesale revenue and operating income realized in the second and third quarters, and DTC revenue and operating income in the third and fourth quarters[20](index=20&type=chunk) - Cash flows from operating activities are typically highest in the third and fourth quarters due to DTC revenue and collection of Wholesale trade receivables[21](index=21&type=chunk) [Note 2. Material Accounting Policy Information](index=8&type=section&id=Note%202.%20Material%20accounting%20policy%20information) The interim financial statements are presented in Canadian dollars under IFRS Accounting Standards, with consistent application of accounting policies from the prior annual statements, except for minor reclassifications. The company is currently evaluating the impact of new IFRS standards, including IFRS 18, which will significantly change financial performance reporting - The Interim Financial Statements are presented in Canadian dollars, the Company's functional and presentation currency[22](index=22&type=chunk) - Management reclassified **$9.8 million** and **$15.2 million** from accounts payable and accrued liabilities to trade receivables as at June 30, 2024 and March 30, 2025, respectively, for sales taxes[24](index=24&type=chunk) [Basis of Presentation](index=8&type=section&id=Basis%20of%20presentation) This section outlines the currency and consistent application of accounting policies for the interim financial statements - Accounting policies and critical accounting estimates from the audited annual financial statements for March 30, 2025, have been applied consistently[22](index=22&type=chunk) [Principles of Consolidation](index=8&type=section&id=Principles%20of%20consolidation) This section describes the consolidation of the company's and its subsidiaries' accounts, eliminating intercompany transactions - The Interim Financial Statements include the accounts of the Company and its subsidiaries, with all intercompany transactions and balances eliminated[25](index=25&type=chunk) [Standards Issued and Not Yet Adopted](index=8&type=section&id=Standards%20issued%20and%20not%20yet%20adopted) This section discusses new IFRS standards, including IFRS 18, and their potential impact on financial reporting - Amendments to IFRS 9 and IFRS 7 (May 2024) clarify financial instrument recognition, derecognition, and disclosure, effective January 1, 2026. The Company is evaluating the impact[28](index=28&type=chunk) - IFRS 18 (April 2024) replaces IAS 1 to improve financial performance reporting, introducing a defined income statement structure and specific disclosure requirements for management-defined performance measures. Effective January 1, 2027, with earlier application permitted. The Company is evaluating the impact[29](index=29&type=chunk) [Note 3. Segment Information](index=9&type=section&id=Note%203.%20Segment%20information) In Q1 FY2026, Canada Goose saw revenue growth across all segments, particularly DTC, but total segment operating loss widened due to a significant increase in corporate expenses. Geographically, North America and Asia Pacific remain the largest revenue contributors, both showing growth - The Company measures segment performance based on revenue and segment operating loss, as utilized by the chief operating decision maker[30](index=30&type=chunk) - Corporate expenses, including marketing and management overhead, significantly increased to **$(127.2) million** in Q1 FY2026 from **$(69.0) million** in Q1 FY2025[33](index=33&type=chunk) [Segment Performance](index=10&type=section&id=Segment%20Performance) This section details revenue and operating loss performance across DTC, Wholesale, and Other segments | Metric | Q1 FY2026 (June 29, 2025) (CAD millions) | Q1 FY2025 (June 30, 2024) (CAD millions) | | :-------------------------- | :--------------------------------------- | :--------------------------------------- | | **Revenue** | | | | DTC | 78.1 | 63.1 | | Wholesale | 17.9 | 16.0 | | Other | 11.8 | 9.0 | | **Total segment revenue** | **107.8** | **88.1** | | **Operating loss** | | | | DTC | (23.4) | (23.1) | | Wholesale | (3.5) | (4.1) | | Other | (4.6) | (0.7) | | **Total segment operating loss** | **(31.5)** | **(27.9)** | | Corporate expenses | (127.2) | (69.0) | | **Total operating loss** | **(158.7)** | **(96.9)** | | Metric | Q1 FY2026 (June 29, 2025) (CAD millions) | Q1 FY2025 (June 30, 2024) (CAD millions) | | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Total depreciation and amortization expense | 28.2 | 30.0 | | - DTC | 23.1 | 24.7 | | - Wholesale | 0.8 | 1.0 | | - Other | 0.3 | 0.3 | | - Corporate expenses | 4.0 | 4.0 | [Geographic Information](index=11&type=section&id=Geographic%20information) This section presents revenue and non-current asset distribution across North America, Asia Pacific, and EMEA regions | Region | Q1 FY2026 (June 29, 2025) (CAD millions) | Q1 FY2025 (June 30, 2024) (CAD millions) | | :-------------------------------- | :--------------------------------------- | :--------------------------------------- | | Canada | 24.4 | 21.9 | | United States | 26.9 | 18.5 | | **North America** | **51.3** | **40.4** | | Greater China | 26.0 | 21.9 | | Asia Pacific (excluding Greater China) | 13.0 | 8.9 | | **Asia Pacific** | **39.0** | **30.8** | | EMEA | 17.5 | 16.9 | | **Total revenue** | **107.8** | **88.1** | | Region | June 29, 2025 (CAD millions) | June 30, 2024 (CAD millions) | March 30, 2025 (CAD millions) | | :-------------------------------- | :--------------------------- | :--------------------------- | :---------------------------- | | Canada | 201.4 | 216.1 | 202.2 | | United States | 107.0 | 134.3 | 118.7 | | **North America** | **308.4** | **350.4** | **320.9** | | Greater China | 49.5 | 72.9 | 60.0 | | Asia Pacific (excluding Greater China) | 47.4 | 43.2 | 47.5 | | **Asia Pacific** | **96.9** | **116.1** | **107.5** | | EMEA | 153.7 | 126.6 | 145.3 | | **Non-current, non-financial assets** | **559.0** | **593.1** | **573.7** | [Note 4. Earnings Per Share](index=12&type=section&id=Note%204.%20Earnings%20per%20share) Basic and diluted loss per share increased significantly in Q1 FY2026 due to a higher net loss attributable to shareholders, despite a slight increase in the weighted average number of shares outstanding. Potentially dilutive shares were excluded as their effect was anti-dilutive | Metric | Q1 FY2026 (June 29, 2025) | Q1 FY2025 (June 30, 2024) | | :--------------------------------------- | :------------------------ | :------------------------ | | Net loss attributable to shareholders of the Company (CAD millions) | (125.2) | (77.4) | | Weighted average number of shares outstanding | 96,913,707 | 96,611,725 | | Loss per share (Basic and diluted) | (1.29) | (0.80) | - **1,544,848** potentially dilutive shares were excluded from the calculation of diluted loss per share for Q1 FY2026 (**1,138,989** shares for Q1 FY2025) because their effect was anti-dilutive[41](index=41&type=chunk) [Note 5. Trade Receivables](index=13&type=section&id=Note%205.%20Trade%20receivables) Trade receivables increased year-over-year, primarily driven by higher trade accounts receivable and sales tax receivables, partially offset by expected credit losses and sales allowances | Metric | June 29, 2025 (CAD millions) | June 30, 2024 (CAD millions) | March 30, 2025 (CAD millions) | | :-------------------------------- | :--------------------------- | :--------------------------- | :---------------------------- | | Trade accounts receivable | 45.3 | 37.6 | 68.6 | | Sales tax receivables | 24.4 | 21.2 | 22.9 | | Credit card receivables | 3.5 | 2.3 | 4.5 | | Other receivables | 2.3 | 1.4 | 4.5 | | Less: expected credit loss and sales allowances | (2.4) | (2.3) | (2.5) | | **Trade receivables** | **73.1** | **60.2** | **98.0** | [Note 6. Inventories](index=13&type=section&id=Note%206.%20Inventories) Total inventories decreased year-over-year, mainly due to reductions in finished goods and raw materials. The provision for inventory obsolescence also decreased, reflecting improved inventory management or sales | Metric | June 29, 2025 (CAD millions) | June 30, 2024 (CAD millions) | March 30, 2025 (CAD millions) | | :--------------------------------------- | :--------------------------- | :--------------------------- | :---------------------------- | | Raw materials | 33.2 | 44.6 | 35.7 | | Work in progress | 17.8 | 19.6 | 17.1 | | Finished goods | 388.5 | 420.1 | 331.2 | | **Total inventories** | **439.5** | **484.3** | **384.0** | | Provision for inventory obsolescence | 49.1 | 62.4 | 50.8 | | Metric | Q1 FY2026 (June 29, 2025) (CAD millions) | Q1 FY2025 (June 30, 2024) (CAD millions) | | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Cost of goods manufactured | 38.6 | 32.8 | | Depreciation and amortization in costs of sales | 3.0 | 2.7 | | **Cost of sales** | **41.6** | **35.5** | [Note 7. Leases](index=14&type=section&id=Note%207.%20Leases) Both right-of-use assets and lease liabilities decreased year-over-year, influenced by lease modifications, derecognitions, and foreign currency translation impacts. The majority of lease payments not included in liabilities relate to short-term leases and variable rent - For Q1 FY2026, **$4.6 million** of lease payments were not included in the measurement of lease liabilities, primarily related to short-term leases and variable rent payments[47](index=47&type=chunk) [Right-of-Use Assets](index=14&type=section&id=Right-of-use%20assets) This section details the net book value, additions, and depreciation of the company's right-of-use assets | Metric | June 29, 2025 (CAD millions) | June 30, 2024 (CAD millions) | March 30, 2025 (CAD millions) | | :-------------------- | :--------------------------- | :--------------------------- | :---------------------------- | | Net book value | 268.9 | 293.8 | 280.2 | | Additions | 6.4 | 31.0 | N/A | | Depreciation | 20.3 | 20.7 | N/A | [Lease Liabilities](index=15&type=section&id=Lease%20liabilities) This section outlines current and non-current lease liabilities, including principal payments and total obligations | Metric | June 29, 2025 (CAD millions) | June 30, 2024 (CAD millions) | March 30, 2025 (CAD millions) | | :-------------------------- | :--------------------------- | :--------------------------- | :---------------------------- | | Total lease liabilities | 320.7 | 344.7 | 330.8 | | Current lease liabilities | 84.2 | 82.5 | 83.9 | | Non-current lease liabilities | 236.5 | 262.2 | 246.9 | | Principal payments | (19.4) | (20.8) | N/A | [Note 8. Accounts Payable and Accrued Liabilities](index=16&type=section&id=Note%208.%20Accounts%20payable%20and%20accrued%20liabilities) Accounts payable and accrued liabilities significantly increased year-over-year, primarily due to a one-time arbitration award of **$43.8 million** (USD32.0 million) against the company, which was recognized in SG&A expenses - An arbitration concluded with an unfavorable judgment against the Company, requiring a one-time financial award of **USD32.0 million** (**$43.8 million**) to a former supplier, inclusive of legal costs[49](index=49&type=chunk)[51](index=51&type=chunk) - The **$43.8 million** arbitration award was recorded as an accrued liability and recognized in SG&A expenses in the interim statements of loss[51](index=51&type=chunk) | Metric | June 29, 2025 (CAD millions) | June 30, 2024 (CAD millions) | March 30, 2025 (CAD millions) | | :-------------------------------- | :--------------------------- | :--------------------------- | :---------------------------- | | Trade payables | 64.7 | 39.9 | 51.4 | | Accrued liabilities | 130.4 | 68.2 | 86.8 | | Employee benefits | 27.0 | 30.5 | 31.6 | | Derivative financial instruments | 4.3 | 1.6 | 2.6 | | Other payables | 10.5 | 13.9 | 14.3 | | **Accounts payable and accrued liabilities** | **236.9** | **154.1** | **186.7** | [Note 9. Provisions](index=17&type=section&id=Note%209.%20Provisions) Total provisions decreased year-over-year, primarily driven by a reduction in sales returns provisions, while warranty provisions remained stable | Metric | June 29, 2025 (CAD millions) | June 30, 2024 (CAD millions) | March 30, 2025 (CAD millions) | | :-------------------- | :--------------------------- | :--------------------------- | :---------------------------- | | Current provisions | 35.7 | 40.8 | 40.1 | | - Warranty | 27.9 | 28.6 | 29.0 | | - Sales returns | 7.8 | 12.2 | 11.1 | | Non-current provisions | 16.3 | 14.6 | 16.0 | | - Asset retirement obligations | 16.3 | 14.6 | 16.0 | | **Total provisions** | **52.0** | **55.4** | **56.1** | [Note 10. Borrowings](index=17&type=section&id=Note%2010.%20Borrowings) The company's short-term borrowings decreased year-over-year, with no outstanding amounts on the Revolving Facility or Mainland China Facilities as of June 29, 2025. The Term Loan principal amount slightly decreased, while net interest, finance and other costs increased due to changes in foreign exchange and fair value remeasurements - The Company was in compliance with all covenants for its Revolving Facility and Term Loan as at and during the first quarter ended June 29, 2025[56](index=56&type=chunk)[60](index=60&type=chunk) [Revolving Facility](index=17&type=section&id=Revolving%20Facility) This section describes the company's Revolving Facility, its capacity, maturity, and current outstanding borrowings - The Company has a **$467.5 million** Revolving Facility, increasing to **$517.5 million** during peak season (June 1 - November 30), maturing May 15, 2028[54](index=54&type=chunk) - No borrowings outstanding on the Revolving Facility as at June 29, 2025 (June 30, 2024: **$54.3 million**)[56](index=56&type=chunk) - Unused borrowing capacity available under the Revolving Facility was **$271.2 million** as at June 29, 2025 (June 30, 2024: **$335.2 million**)[57](index=57&type=chunk) [Term Loan](index=18&type=section&id=Term%20Loan) This section details the Term Loan's principal amount, repayment schedule, maturity, and outstanding balance - The Term Loan has an aggregate principal amount of **USD300.0 million**, with quarterly repayments of **USD0.75 million** and a maturity date of October 7, 2027[59](index=59&type=chunk) - **USD287.3 million** aggregate principal amount outstanding under the Term Loan as at June 29, 2025 (June 30, 2024: **USD289.5 million**)[60](index=60&type=chunk) | Metric | June 29, 2025 (CAD millions) | June 30, 2024 (CAD millions) | March 30, 2025 (CAD millions) | | :------------------------------------------------ | :--------------------------- | :--------------------------- | :---------------------------- | | Term Loan, net of unamortized deferred transaction costs | 392.7 | 395.5 | 412.0 | [Mainland China Facilities](index=18&type=section&id=Mainland%20China%20Facilities) This section outlines the uncommitted loan facilities available to the Mainland China subsidiary and current utilization - A subsidiary in Mainland China has uncommitted loan facilities totaling **RMB560.0 million** (**$106.8 million**)[62](index=62&type=chunk) - No amounts owing on the Mainland China Facilities as at June 29, 2025 (June 30, 2024: **$16.6 million**)[62](index=62&type=chunk) [Japan Facility](index=19&type=section&id=Japan%20Facility) This section describes the loan facility available to the Japan subsidiary and its current outstanding balance - A subsidiary in Japan has a loan facility of **JPY4,000.0 million** (**$37.8 million**)[64](index=64&type=chunk) - **$8.5 million** (**JPY900.0 million**) owing on the Japan Facility as at June 29, 2025 (June 30, 2024: **$16.2 million** (**JPY1,900.0 million**))[64](index=64&type=chunk) [Short-term Borrowings](index=19&type=section&id=Short-term%20Borrowings) This section summarizes the company's short-term borrowing balances from various facilities | Metric | June 29, 2025 (CAD millions) | June 30, 2024 (CAD millions) | March 30, 2025 (CAD millions) | | :-------------------------- | :--------------------------- | :--------------------------- | :---------------------------- | | Mainland China Facilities | — | 16.6 | — | | Japan Facility | 8.5 | 16.2 | — | | Term Loan | 4.1 | 4.0 | 4.3 | | **Total short-term borrowings** | **12.6** | **36.8** | **4.3** | [Net Interest, Finance and Other Costs](index=19&type=section&id=Net%20interest,%20finance%20and%20other%20costs) This section details components of net interest, finance, and other costs, including foreign exchange and fair value remeasurements | Metric | Q1 FY2026 (June 29, 2025) (CAD millions) | Q1 FY2025 (June 30, 2024) (CAD millions) | | :------------------------------------------ | :--------------------------------------- | :--------------------------------------- | | Interest expense (Total) | 9.0 | 9.9 | | Foreign exchange (gains) losses on Term Loan net of hedges | (3.5) | 1.7 | | Fair value remeasurement on the put option liability | 1.1 | 2.1 | | Fair value remeasurement on the contingent consideration | (0.1) | (10.7) | | Interest income | (1.6) | (0.3) | | **Net interest, finance and other costs** | **5.4** | **3.2** | [Note 11. Shareholders' Equity](index=20&type=section&id=Note%2011.%20Shareholders'%20equity) Total share capital increased slightly year-over-year, primarily due to the settlement of Restricted Share Units (RSUs). The company did not make any repurchases under its Fiscal 2025 NCIB during the quarter, contrasting with prior year activity which included significant share repurchases and a tax on those repurchases [Share Capital Transactions for Fiscal 2025](index=20&type=section&id=Share%20capital%20transactions%20for%20the%20first%20quarter%20ended%20June%2029,%202025) This section details share capital changes for Q1 FY2026, including RSU settlements and no NCIB repurchases - The Company made no repurchases under the Fiscal 2025 NCIB during the first quarter ended June 29, 2025[70](index=70&type=chunk) | Metric | June 29, 2025 | March 30, 2025 | | :-------------------------------- | :------------ | :------------- | | Total share capital (CAD millions) | 113.3 | 109.6 | | Subordinate voting shares issued (Number) | 233,585 | N/A | | Subordinate voting shares issued (CAD millions) | 3.7 | N/A | [Share Capital Transactions for Fiscal 2024](index=20&type=section&id=Share%20capital%20transactions%20for%20the%20first%20quarter%20ended%20June%2030,%202024) This section details share capital changes for Q1 FY2025, including RSU settlements, NCIB repurchases, and related tax - The Company made no repurchases under the Fiscal 2024 NCIB during the first quarter ended June 30, 2024[74](index=74&type=chunk) - Since the commencement of the Fiscal 2024 NCIB, the Company purchased **3,586,124** subordinate voting shares for **$56.9 million**[74](index=74&type=chunk) - A **$0.6 million** tax on share repurchases was recorded in Q1 FY2025 and charged to retained earnings[75](index=75&type=chunk) | Metric | June 30, 2024 | March 31, 2024 | | :-------------------------------- | :------------ | :------------- | | Total share capital (CAD millions) | 108.8 | 104.9 | | Subordinate voting shares issued (Number) | 198,359 | N/A | | Subordinate voting shares issued (CAD millions) | 3.9 | N/A | [Note 12. Share-Based Payments](index=21&type=section&id=Note%2012.%20Share-based%20payments) Share-based compensation expense increased year-over-year. The company granted more stock options, RSUs, and PSUs in Q1 FY2026 compared to Q1 FY2025, leading to a higher number of outstanding units across all programs - For Q1 FY2026, the Company recorded **$4.1 million** as compensation expense for the vesting of stock options, RSUs, and PSUs (Q1 FY2025: **$2.2 million**), included in SG&A expenses[85](index=85&type=chunk) [Stock Options](index=21&type=section&id=Stock%20options) This section provides details on stock options, including outstanding units, grants, and weighted average exercise prices | Metric | Q1 FY2026 (June 29, 2025) | Q1 FY2025 (June 30, 2024) | | :-------------------------------- | :------------------------ | :------------------------ | | Options outstanding, end of period | 5,873,209 | 4,954,543 | | Granted | 1,151,845 | 770,434 | | Weighted average exercise price (Granted) | $16.82 | $18.98 | | Weighted average fair value of options issued | $5.40 | $6.43 | [Restricted Share Units (RSUs)](index=22&type=section&id=Restricted%20share%20units) This section outlines RSU grants, settlements, outstanding units, and their weighted average fair value - RSUs are treated as equity instruments and vest over three years, with settlement expected through the issuance of one subordinate voting share per RSU[80](index=80&type=chunk) | Metric | Q1 FY2026 (June 29, 2025) | Q1 FY2025 (June 30, 2024) | | :-------------------------------- | :------------------------ | :------------------------ | | RSUs outstanding, end of period | 829,806 | 674,805 | | Granted | 462,184 | 402,440 | | Settled | (233,585) | (171,875) | | Weighted average fair value of RSUs | $16.82 | $18.98 | [Performance Share Units (PSUs)](index=22&type=section&id=Performance%20share%20units) This section details PSU grants, outstanding units, vesting conditions, and weighted average fair value - PSUs vest on the third anniversary of the award date and are earned based on certain performance targets, with shares issued ranging from **0%** to **200%** of the award[81](index=81&type=chunk) | Metric | Q1 FY2026 (June 29, 2025) | Q1 FY2025 (June 30, 2024) | | :-------------------------------- | :------------------------ | :------------------------ | | PSUs outstanding, end of period | 1,160,222 | 717,277 | | Granted | 415,892 | 488,260 | | Weighted average fair value of PSUs | $16.82 | $18.98 | [Shares Reserved for Issuance](index=23&type=section&id=Shares%20reserved%20for%20issuance) This section specifies the maximum number of subordinate voting shares reserved for issuance under equity incentive plans - As of June 29, 2025, a maximum of **2,228,536** subordinate voting shares have been reserved for issuance under equity incentive plans[84](index=84&type=chunk) [Accounting for Share-Based Awards](index=23&type=section&id=Accounting%20for%20share-based%20awards) This section outlines key assumptions for valuing share-based awards, including stock price, interest rate, and volatility | Assumption | Q1 FY2026 (June 29, 2025) | Q1 FY2025 (June 30, 2024) | | :-------------------------- | :------------------------ | :------------------------ | | Weighted average stock price valuation | $16.82 | $18.98 | | Weighted average exercise price | $16.82 | $18.98 | | Risk-free interest rate | 2.69% | 4.17% | | Expected life in years | 5 | 5 | | Expected dividend yield | —% | —% | | Volatility | 40% | 40% | [Note 13. Related Party Transactions](index=23&type=section&id=Note%2013.%20Related%20party%20transactions) The company engages in various related party transactions, including business services, lease liabilities with former controlling shareholders and joint venture partners, and an Earn-Out payment related to the Paola Confectii acquisition. Total expenses and balances owing to related parties increased year-over-year | Metric | Q1 FY2026 (June 29, 2025) (CAD millions) | Q1 FY2025 (June 30, 2024) (CAD millions) | | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Transactions with related parties | 0.8 | 0.5 | | Balances owing to related parties | 0.5 | 0.4 | | Lease liability due to Baffin Vendor | 1.4 | 2.3 | | Lease liabilities due to Sazaby League (Japan Joint Venture) | 1.4 | 1.6 | | Earn-Out remuneration costs (Paola Confectii) | 8.5 | 0.9 | - The Earn-Out remuneration costs for the Paola Confectii business combination are based on an estimated value of **$23.0 million**, contingent on controlling shareholders remaining employees through November 1, 2025, and meeting certain performance conditions[91](index=91&type=chunk) [Note 14. Financial Instruments and Fair Value](index=25&type=section&id=Note%2014.%20Financial%20instruments%20and%20fair%20value) The company holds various financial instruments, including derivatives, borrowings, and liabilities related to put options and contingent consideration, categorized into Level 2 and Level 3 of the fair value hierarchy. Remeasurement of contingent consideration resulted in a decrease, while the put option liability increased, driven by the progression through their 10-year terms | Metric | June 29, 2025 (CAD millions) | June 30, 2024 (CAD millions) | March 30, 2025 (CAD millions) | | :--------------------------------------- | :--------------------------- | :--------------------------- | :---------------------------- | | Derivatives in other current assets | 10.8 | 14.7 | 24.2 | | Earn-Out in accounts payable and accrued liabilities | 17.6 | 2.3 | 9.0 | | Put option liability in other long-term liabilities | 39.7 | 30.0 | 39.0 | | Contingent consideration in other long-term liabilities | 1.4 | 6.2 | 1.5 | - For Q1 FY2026, the Company recorded a decrease of **$0.1 million** on the remeasurement of contingent consideration and an increase of **$0.7 million** on the remeasurement of the put option liability[96](index=96&type=chunk) - The change in fair value for contingent consideration and put option liability was driven by progression through their 10-year terms[96](index=96&type=chunk) [Note 15. Financial Risk Management Objectives and Policies](index=26&type=section&id=Note%2015.%20Financial%20risk%20management%20objectives%20and%20policies) Canada Goose manages capital, liquidity, credit, and market risks (foreign exchange and interest rate) to protect assets and cash flow. Strategies include maintaining sufficient working capital, utilizing credit facilities, employing credit insurance for receivables, and using forward foreign exchange contracts and interest rate swaps to hedge currency and interest rate exposures - The Company's primary risk management objective is to protect assets and cash flow to increase enterprise value[98](index=98&type=chunk) - The Board of Directors oversees the management of capital, liquidity, credit, market, foreign exchange, and interest rate risks[99](index=99&type=chunk) [Capital Management](index=26&type=section&id=Capital%20management) This section describes the company's objectives for managing capital to ensure working capital and long-term growth resources - The Company manages its capital to safeguard sufficient working capital over the annual operating cycle and provide financial resources for long-term growth[100](index=100&type=chunk) [Liquidity Risk](index=27&type=section&id=Liquidity%20risk) This section outlines how the company manages liquidity to meet operational needs, capital expenditures, and debt service - The Company ensures sufficient liquidity for business operations, capital expenditures, debt service, and general corporate purposes under normal and stressed conditions[101](index=101&type=chunk) - Primary liquidity sources are operating activities, Mainland China Facilities, Japan Facility, and Revolving Facility[101](index=101&type=chunk) | Contractual obligations by fiscal year | Q2 to Q4 2026 (CAD millions) | 2027 (CAD millions) | 2028 (CAD millions) | 2029 (CAD millions) | 2030 (CAD millions) | 2031 (CAD millions) | Thereafter (CAD millions) | Total (CAD millions) | | :------------------------------------ | :--------------------------- | :------------------ | :------------------ | :------------------ | :------------------ | :------------------ | :------------------------ | :------------------- | | Accounts payable and accrued liabilities | 236.9 | — | — | — | — | — | — | 236.9 | | Japan Facility | 8.5 | — | — | — | — | — | — | 8.5 | | Term Loan | 3.0 | 4.1 | 385.9 | — | — | — | — | 393.0 | | Interest commitments relating to borrowings | 23.5 | 31.2 | 15.6 | — | — | — | — | 70.3 | | Lease obligations | 83.4 | 89.5 | 61.6 | 51.7 | 40.7 | 32.1 | 47.3 | 406.3 | | Pension obligation | — | — | — | — | — | — | 0.9 | 0.9 | | **Total contractual obligations** | **355.3** | **124.8** | **463.1** | **51.7** | **40.7** | **32.1** | **48.2** | **1,115.9** | [Credit Risk](index=27&type=section&id=Credit%20risk) This section details the company's strategies for managing credit risk, including credit insurance and customer monitoring - Credit risk is managed through third-party credit insurance and internal monitoring of customer creditworthiness[107](index=107&type=chunk) - Approximately **$9.0 million** of trade accounts receivable were insured as at June 29, 2025 (June 30, 2024: **$12.0 million**), subject to a policy cap of **$30.0 million** per year[107](index=107&type=chunk) - A trade accounts receivable factoring program in Europe was terminated on April 12, 2024, with an immaterial impact[109](index=109&type=chunk) [Market Risk](index=28&type=section&id=Market%20risk) This section describes the company's exposure to market risks, specifically foreign exchange and interest rate fluctuations - Market risk encompasses foreign exchange risk and interest rate risk, which can cause fluctuations in the fair value of future cash flows[111](index=111&type=chunk) [Foreign Exchange Risk](index=28&type=section&id=Foreign%20exchange%20risk) This section details the company's exposure to foreign exchange risk and its use of forward contracts and cash flow hedges - The Company uses forward foreign exchange contracts to reduce foreign exchange risk associated with revenues, purchases, and expenses denominated in currencies such as USD, EUR, GBP, CNY, and JPY[112](index=112&type=chunk) | Metric | Q1 FY2026 (June 29, 2025) (CAD millions) | Q1 FY2025 (June 30, 2024) (CAD millions) | | :---------------------------------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Net loss on derivatives designated as cash flow hedges (OCI) | (0.1) | 0.1 | | Reclassification of net loss (gain) on cash flow hedges to income (Revenue) | (0.5) | 0.1 | | Reclassification of net loss (gain) on cash flow hedges to income (SG&A expenses) | (0.2) | (0.2) | | Reclassification of net loss (gain) on cash flow hedges to income (Inventory) | (0.1) | — | | Unrealized gains on non-hedge forward contracts (SG&A expenses) | 1.9 | 0.3 | | Unrealized losses on swaps designated as cash flow hedges (OCI) | (1.6) | (1.2) | | Reclassification of losses (gains) from OCI on swaps to net interest, finance and other costs | 0.8 | (0.3) | | Unrealized losses on long-dated forward exchange contract for Term Loan (net interest, finance and other costs) | 14.7 | (2.2) | - The Company entered into a five-year forward exchange contract to fix foreign exchange risk on a portion of the **USD300.0 million** Term Loan, selling **$368.5 million** and receiving **USD270.0 million**[118](index=118&type=chunk) [Interest Rate Risk](index=31&type=section&id=Interest%20rate%20risk) This section outlines the company's interest rate risk exposure on floating-rate debt and mitigation through interest rate swaps - The Company is exposed to interest rate risk on the Japan Facility (**0.93%**) and the Term Loan (**7.94%**)[120](index=120&type=chunk) - Interest rate risk on the Term Loan is partially mitigated by five-year interest rate swap agreements (terminating December 31, 2025) on a notional debt of **USD270.0 million**, with an average fixed rate of **1.76%**[121](index=121&type=chunk) - A **1.00%** increase in interest rates would increase interest expense by less than **$0.1 million** on the Japan Facility and **$1.0 million** on the Term Loan for Q1 FY2026[122](index=122&type=chunk) [Note 16. Selected Cash Flow Information](index=31&type=section&id=Note%2016.%20Selected%20cash%20flow%20information) Changes in non-cash operating items contributed to cash flow, with a significant decrease in inventories and an increase in trade receivables. Financing activities saw a shift from borrowings to repayments and principal payments on lease liabilities, alongside unrealized foreign exchange gains on the Term Loan [Changes in Non-Cash Operating Items](index=31&type=section&id=Changes%20in%20non-cash%20operating%20items) This section details the impact of changes in non-cash operating items, like inventories and trade receivables, on cash flow | Metric | Q1 FY2026 (June 29, 2025) (CAD millions) | Q1 FY2025 (June 30, 2024) (CAD millions) | | :-------------------------------- | :--------------------------------------- | :--------------------------------------- | | Trade receivables | 24.3 | 10.7 | | Inventories | (57.6) | (39.2) | | Other current assets | (8.6) | (5.5) | | Accounts payable and accrued liabilities | (4.4) | (25.3) | | Provisions | (4.4) | (7.8) | | Other | 21.5 | 4.0 | | **Change in non-cash operating items** | **(29.2)** | **(63.1)** | [Changes in Liabilities and Equity Arising from Financing Activities](index=32&type=section&id=Changes%20in%20liabilities%20and%20equity%20arising%20from%20financing%20activities) This section outlines changes in liabilities and equity from financing activities, including borrowings, repayments, and lease liabilities | Metric | Q1 FY2026 (June 29, 2025) (CAD millions) | Q1 FY2025 (June 30, 2024) (CAD millions) | | :---------------------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Japan Facility borrowings | 8.5 | 10.8 | | Term Loan repayments | (1.1) | (1.0) | | Principal payments on lease liabilities | (19.4) | (20.8) | | Unrealized foreign exchange gain (Term Loan) | (18.3) | 4.0 (loss) | | Additions and amendments to lease liabilities | 13.8 | 33.7 | | Contributed surplus on share issuances | 3.7 | 3.9 |

Core Viewpoint - Canada Goose, once a leading luxury down jacket brand, is facing significant challenges, including a potential sale of shares by its major shareholder Bain Capital, leading to market turbulence [1]. Group 1: Market Performance - Canada Goose experienced a dramatic decline in revenue growth in the Chinese market, dropping from 21.5% to a projected 1.1% for the fiscal year 2025, with a mere 1.0% increase in revenue year-on-year [3]. - The Chinese market, which was once its largest, now shows stark contrast to previous double-digit growth rates [3]. Group 2: Brand Challenges - The brand's image has been severely impacted by negative events, including fines for "false advertising" and controversial policies such as "no returns in mainland China," which have damaged consumer trust [4]. - Increased competition in the high-end down jacket market has emerged, with local brands like Bosideng rising and international brands like Moncler and Arc'teryx gaining market share [4]. - Canada Goose's focus on functionality over fashion and sustainability has led to criticisms of outdated brand image, as consumer preferences shift towards stylish and sustainable designs [5]. Group 3: Consumer Behavior - There is a noticeable shift in consumer attitudes towards more rational purchasing decisions, with "value for money" becoming a key consideration, leading to a decline in blind loyalty to luxury brands [6]. Group 4: Financial and Strategic Adjustments - The company's market value has plummeted over 80% since its peak in 2021, prompting a global workforce reduction of approximately 17% and multiple changes in leadership within the China region [7]. - Bain Capital, which invested $250 million in 2003 and facilitated the company's IPO in 2017, is now seeking an exit after a 12-year investment period, reflecting concerns about the brand's future [7]. - The challenges faced by Canada Goose are indicative of broader adjustments within the luxury goods industry, where rational consumer behavior, intensified competition, and brand missteps are prevalent [7].

Company Performance - Canada Goose (GOOS) closed at $14.34, down 2.65% from the previous trading session, underperforming the S&P 500's daily gain of 0.4% [1] - Over the past month, shares of Canada Goose have increased by 27.09%, significantly outperforming the Retail-Wholesale sector's gain of 4.05% and the S&P 500's gain of 4.61% [1] Upcoming Financial Results - Canada Goose is set to announce its earnings on July 31, 2025, with a forecasted EPS of -$0.62, indicating a 6.9% decline from the same quarter last year [2] - The consensus estimate projects revenue of $68.33 million, reflecting a 6.12% increase from the equivalent quarter last year [2] Full Year Projections - For the full year, the Zacks Consensus Estimates project earnings of $0.84 per share and revenue of $1 billion, representing changes of +5% and +3.15% respectively from the previous year [3] - Recent changes to analyst estimates suggest a favorable outlook on the business health and profitability of Canada Goose [3][4] Valuation Metrics - Canada Goose has a Forward P/E ratio of 17.54, which is in line with the industry average [6] - The company has a PEG ratio of 0.97, compared to the Retail-Apparel and Shoes industry's average PEG ratio of 1.97 [6] Industry Ranking - The Retail-Apparel and Shoes industry, part of the Retail-Wholesale sector, holds a Zacks Industry Rank of 212, placing it within the bottom 15% of over 250 industries [7] - The Zacks Industry Rank indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Core Viewpoint - The market anticipates a year-over-year decline in earnings for Canada Goose (GOOS) despite an expected increase in revenues when the company reports its quarterly results for June 2025 [1] Earnings Expectations - Canada Goose is projected to report a quarterly loss of $0.62 per share, reflecting a year-over-year change of -6.9% [3] - Revenues are expected to reach $68.33 million, which is a 6.1% increase from the same quarter last year [3] Estimate Revisions - The consensus EPS estimate has been revised down by 25% over the last 30 days, indicating a reassessment by analysts [4] - The Most Accurate Estimate aligns with the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [12] Earnings Surprise Prediction - A positive Earnings ESP is a strong indicator of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10] - Canada Goose currently holds a Zacks Rank of 4, making it challenging to predict an earnings beat [12] Historical Performance - In the last reported quarter, Canada Goose exceeded the expected earnings of $0.16 per share by delivering $0.23, resulting in a surprise of +43.75% [13] - The company has beaten consensus EPS estimates in the last four quarters [14] Market Reaction - The stock may experience upward movement if the actual results exceed expectations, while a miss could lead to a decline [2] - Other factors beyond earnings results may also influence stock performance, as stocks can decline despite an earnings beat or rise despite a miss [15]

Core Viewpoint - Canada Goose (GOOS) is highlighted as a strong investment opportunity with a Zacks Rank of 1 (Strong Buy) and a positive earnings outlook for the current year [1] Company Summary - Canada Goose is a global outerwear brand that specializes in the design, manufacturing, distribution, and retail of premium outerwear for men, women, and children [1] - The Zacks Consensus Estimate for Canada Goose's current year earnings has increased by 2.3% over the last 60 days [1]

Core Viewpoint - The high-end consumer market is experiencing a downturn, prompting Bain Capital, the controlling shareholder of Canada Goose, to consider selling part or all of its stake in the company [1][2][3] Group 1: Bain Capital's Exit - Bain Capital has held Canada Goose's controlling stake since 2013, and its potential exit reflects a long investment cycle that exceeds the typical 5-10 years for private equity funds [2] - The firm has successfully driven Canada Goose's international expansion and its dual listing in 2017, achieving approximately a 7-fold increase in valuation from acquisition to IPO [2][3] - The decision to exit is seen as a strategic move in response to market conditions, with Canada Goose's stock price down over 60% from its 2021 peak, despite a 31.27% increase since the beginning of 2025 [3] Group 2: Canada Goose's Performance - For the fiscal year 2025, Canada Goose reported revenue of $1.3484 billion, a modest increase of 1.1%, and a net profit of $94.8 million, indicating resilience amid a challenging consumer environment [4] - However, revenue growth has sharply declined, with sales growth rates dropping from 21.54% in 2022 to just 1.1% in 2025 [4] - The Chinese market, once a growth driver, showed only a 1% increase in revenue for fiscal 2025, a stark contrast to the 47% growth in the previous year [4] Group 3: Industry Challenges - The luxury goods sector is facing significant cooling, with a projected 3% decline in global organic sales in Q2 2025, worsening from a 1% drop in Q1 [3] - Structural changes in the industry, such as climate change affecting demand for down jackets, are creating additional challenges for Canada Goose [5] - Increased competition from brands like Moncler and local Chinese brands is intensifying market pressures, as these competitors offer similar products at lower prices [6] Group 4: Strategic Responses - Canada Goose is attempting to diversify its product offerings and improve operational efficiency by launching new product lines and acquiring outdoor brands [7] - The company is also focusing on enhancing its retail and e-commerce capabilities, particularly in the Chinese market, following multiple leadership changes [4][7] - Despite these efforts, analysts believe that Canada Goose's strategies may not be sufficient to compete effectively with rivals like Moncler, which has adopted a dual-brand strategy to mitigate cyclical challenges [7] Group 5: Future Implications - Bain Capital's potential exit could catalyze industry consolidation, signaling a shift in private equity's view on high-end functional apparel [8][9] - The future of Canada Goose will depend on its ability to address sustainability demands, digital transformation, and competition from emerging players [9] - The brand must reassess its value proposition in a warming world, questioning the ongoing demand for high-priced winter apparel [9]

Canada Goose (GO) Analysis - Zach's ranks Canada Goose as a number one strong buy [1][2] - The stock has doubled since its April lows [2][10] - Market cap is 13 billion [3] - Barclays upgraded the stock to equal weight from underweight, raising the price target from $11 to $14 [9] Taiwan Semiconductor (TSM) Analysis - Taiwan Semiconductor Manufacturing Corporation (TSMC) is the premier foundry for semiconductors and a backbone of the AI economy [15][16] - Analysts expect an earnings and revenue beat from Taiwan Semiconductor [30] - The Zach's EPS consensus for 2025 has risen from $9 to $928, representing 32% annual growth [28] - Marvell projects data center capex will cross $1 trillion in calendar year 2028 [27] - TSMC's first half sales represent a 40% jump over the Jan-June period last year [41]

Core Viewpoint - Bain Capital, the controlling shareholder of Canada Goose Holdings Inc., is considering selling part or all of its stake in the company [1] Group 1: Company Performance - Canada Goose's revenue growth has shown a significant slowdown, with projected revenue growth rates of 21.54%, 10.84%, 9.6%, and 1.1% from fiscal year 2022 to 2025 [4] - In fiscal year 2025, Canada Goose reported a revenue increase of 1.1% to CAD 1.348 billion, while net profit surged by 78.3% to CAD 104 million [4] - The Greater China market's revenue grew by 1.0% to CAD 427 million, but this was a significant decline from the 47% growth in fiscal year 2024 [5] Group 2: Market Dynamics - Canada Goose's global store count reached 74, with 30 stores located in 18 cities across Greater China [5] - The competition in the high-end down jacket market in China has intensified, with local brands like Bosideng and international brands like Moncler gaining traction [7] - Moncler has adopted a fashion-oriented transformation strategy and has entered the Chinese market aggressively, including opening a flagship store on Tmall [7] Group 3: Management Changes - Canada Goose has undergone multiple leadership changes in its China operations since 2022, with three different presidents appointed in a short span [5][6] Group 4: Regulatory Issues - Canada Goose faced a fine of RMB 450,000 for false advertising related to its products, which misled consumers about the quality of the down used in its jackets [8][9]

作者 | 源Sight 王言 Canada Goose加拿大鹅的处境更艰难了。 近日，有媒体援引知情人士消息称，加拿大鹅控股股东贝恩资本(Bain Capital)正在考虑出售其所持股份。2013年，贝恩资本收购了加拿大鹅控股权，并于 2017年推动公司上市。 截至今年3月底，贝恩资本持有加拿大鹅60.5%的多重投票股份，这一类别的股票投票权为普通股的10倍，使其在总投票权中的占比达到55.5%。不过，上 述知情人士表示，目前出售事宜尚处于初步探讨阶段，尚不确定是否会促成实际交易。 而在1个月前，加拿大鹅才在中国宣布一项重要人事任命。6月5日，加拿大鹅任命谢霖（Celine Xie）为中国区总裁，全面负责中国内地市场的直营业务， 并向加拿大鹅亚太区总裁Jonathan Sinclair汇报工作。而这已经是从2022年以来，加拿大鹅第三次更换中国区总裁。 如今，加拿大鹅面临的市场竞争也在加剧，羽绒服行业的高奢侈品牌已经不再只有加拿大鹅，Moncler、Mackage、Nobis和Moose Knuckles等品牌也加速 扩张。 在朝着全球性奢侈品牌转型的进程中，加拿大鹅走到了一个新的十字路口。 业绩压力 过去的 ...

Group 1 - Bain Capital, the controlling shareholder of Canada Goose, is considering selling its stake in the company, which it acquired in 2013 and took public in 2017 [2][4] - Canada Goose reported a revenue increase of 1.1% year-on-year to $1.3484 billion and a net profit of $94.8 million for the fiscal year 2025, maintaining growth despite a challenging consumer environment [2][5] - The company has seen significant revenue growth in the Asia-Pacific market, with a 15.2% increase in the fourth quarter and a 7.9% increase in the Greater China region [5][7] Group 2 - Canada Goose's revenue growth rates for the fiscal years 2022, 2023, and 2024 were 21.54%, 10.84%, and 9.6% respectively, indicating a slowdown due to declining global luxury consumption and rising operational costs [7] - The company appointed Celine Xie as the president of its China operations, marking the third change in leadership for this position since 2022, reflecting a commitment to strengthening its local leadership team [7] - Following the news of Bain Capital's potential sale, Canada Goose's stock price rose by 2.13% to $12.93 per share, with a year-to-date increase of 31.27% [9]