Canada Goose Holdings Inc (NYSE:GOOS, TSX:GOOS) posted higher-than-forecast sales for the fiscal first quarter as it benefitted from continued strong demand in China and growth in the Asia Pacific region.
Sales during the three months ended June 30 were boosted by the launch of new non-winter items, such as lightweight styles suited to wet and warm environments and its first rain boot.
Revenue was up 4% to C$88.1 million, ahead of the Street consensus of C$86.1 million, per LSEG data.
China revenue grew 12.3% to $21.9 million from $19.5 million in the year-ago quarter.
In the Asia Pacific excluding China, revenue surged 78% to $8.9 million from $5 million in Q1 2023.
Its loss per share was $0.79, slightly better than the loss per share of $0.80 expected by analysts.
“Canada Goose had a solid start to the year, as our Spring-Summer 2024 collection attracted new and existing customers to shop in our stores and online, contributing to revenue growth in our first quarter, which was especially robust in the Asia Pacific region,” Canada Goose CEO Dani Reiss commented.