纺织服饰行业全球观察之加拿大鹅FY2026Q3：北美亚太齐头并进，直营渠道延续高增

Investment Rating - The report provides a "Buy" rating for the textile and apparel industry, indicating an expectation that stock performance will exceed the market by more than 10% over the next 12 months [42]. Core Insights - Canada Goose reported FY2026Q3 results with revenues of CAD 695 million, a year-over-year increase of 14.25%, surpassing Bloomberg's expectation of CAD 655 million [2]. - The company's net profit for FY2026Q3 was CAD 135 million, down 3.51% from CAD 140 million in the same period last year, and below the expected CAD 153 million [2]. - The gross margin for FY2026Q3 was 74.00%, a slight decrease of 0.35 percentage points year-over-year, primarily due to product mix, partially offset by favorable channel mix [2]. - Operating profit margin for FY2026Q3 was 28.83%, down 4.78 percentage points year-over-year, compared to the expected 32.02% [2]. - The SG&A expense ratio for FY2026Q3 was 45.15%, an increase of 4.41 percentage points year-over-year, attributed to bad debt provisions in wholesale channels, absence of foreign exchange gains, and higher labor costs in the expanded global retail network [2]. - The net profit margin for FY2026Q3 was 19.87%, down 3.75 percentage points year-over-year [2]. Summary by Region - Asia-Pacific: Revenue of CAD 302 million in FY2026Q3, up 11.50% year-over-year, with strong consumer demand in mainland China [2]. - Canada: Revenue of CAD 104 million in FY2026Q3, up 14.05% year-over-year [2]. - United States: Revenue of CAD 200 million in FY2026Q3, up 23.34% year-over-year, driven by strong foot traffic and conversion rates [2]. - Europe and other regions: Revenue of CAD 90 million in FY2026Q3, up 5.90% year-over-year, impacted by reduced tourist traffic, especially in the UK [2]. Summary by Channel - Direct sales channel: Revenue of CAD 591 million in FY2026Q3, up 14.14% year-over-year, mainly due to strong performance in retail and e-commerce in Asia-Pacific and North America [2]. - Wholesale channel: Revenue of CAD 88 million in FY2026Q3, up 16.64% year-over-year, benefiting from the timing of shipments to partners [2]. - Other: Revenue of CAD 15 million in FY2026Q3, up 5.56% year-over-year [2]. Operational Metrics - Cash conversion days for FY2026Q3 were 254.16 days, a decrease of 117.14 days year-over-year [2]. - Accounts receivable turnover days for FY2026Q3 were 45.37 days, an increase of 4.6 days year-over-year [2]. - Inventory turnover days for FY2026Q3 were 341.45 days, a decrease of 42.31 days year-over-year [2]. - Accounts payable turnover days for FY2026Q3 were 132.65 days, an increase of 79.42 days year-over-year [2]. Performance Outlook - To support an increase in adjusted EBIT margin for FY2027, the company plans to implement more efficient operations, optimize the global retail network, leverage to improve gross margins, and achieve broader revenue growth [2].