Canada Goose narrowed its first-quarter loss by a third as a resurgent wholesale order book swung the segment back into profit, even as looming US tariffs on Canadian-origin apparel threaten to complicate the picture from August.
Canada Goose opened fiscal 2027 with improved profitability as its wholesale business returned to the black, expanding margins and narrowing losses even as store traffic softened in North America and EMEA. Revenue for the quarter ended June 28 rose 10.3% to CAD 118.9 million (€73.7 million / US$86.8 million), and management maintained its full-year outlook while flagging uncertainty around proposed US tariffs on Canadian-origin apparel.
| Canada Goose Holdings — Income Statement | |||
| Q1 FY2027, ended June 28 (CAD millions) | |||
| Q1 FY2027 | Q1 FY2026 | Change | |
| Revenue | 118.9 | 107.8 | 10.3% |
| — DTC | 84.8 | 78.1 | 8.6% |
| — Wholesale | 29.8 | 17.9 | 66.5% |
| — Other | 4.3 | 11.8 | -63.6% |
| Gross profit | 74.2 | 66.2 | 12.1% |
| Gross margin | 62.4% | 61.4% | +100 bps |
| SG&A expenses | 178.0 | 224.9 | -20.9% |
| Operating loss | (103.8) | (158.7) | 34.6% |
| Net interest, finance and other costs | 21.1 | 5.4 | -290.7% |
| Income tax recovery | (31.9) | (38.6) | -17.4% |
| Net loss | (93.0) | (125.5) | 25.9% |
| — Attributable to shareholders | (90.8) | (125.2) | 27.5% |
| EPS, basic and diluted | $(0.93) | $(1.29) | 27.9% |
Source: Canada Goose Holdings Inc. Q1 Fiscal 2027 press release and 6-K condensed consolidated interim financial statements, July 30, 2026. All figures in CAD millions.
The wholesale rebound starts to pay off
Wholesale revenue jumped 66.5% year over year to CAD 29.8 million (€18.5 million / US$21.8 million), supported by larger seasonal orders, stronger in-season replenishment and shipment timing.
| Canada Goose Holdings — Revenue & Operating Income by Segment | |||
| Q1 FY2027, ended June 28 (CAD millions) | |||
| Q1 FY2027 | Q1 FY2026 | Change | |
| Revenue | |||
| DTC | 84.8 | 78.1 | 8.6% |
| Wholesale | 29.8 | 17.9 | 66.5% |
| Other | 4.3 | 11.8 | -63.6% |
| Total revenue | 118.9 | 107.8 | 10.3% |
| Operating income (loss) | |||
| DTC | (22.2) | (23.4) | 5.1% |
| Wholesale | 1.3 | (3.5) | 137.1% |
| Other | (1.3) | (4.6) | 71.7% |
| Total segment operating loss | (22.2) | (31.5) | 29.5% |
| Corporate expenses | (81.6) | (127.2) | 35.8% |
| Total operating loss | (103.8) | (158.7) | 34.6% |
Source: Canada Goose Holdings Inc. Q1 Fiscal 2027 6-K financial statements and MD&A, July 30, 2026. All figures in CAD millions.
Direct-to-consumer revenue increased 8.6% to CAD 84.8 million (€52.6 million / US$61.9 million). Comparable sales fell 3.2% as weaker store traffic in North America and EMEA offset double-digit e-commerce growth across all regions.
Asia Pacific becomes a bigger profit driver
Asia Pacific revenue grew 44.2%, helping lift gross margin by 100 basis points to 62.4%. Canada Goose said a stronger regional mix and pricing actions helped offset inflationary pressures, reinforcing the region’s growing importance to both growth and profitability.
A cleaner cost base lifts profitability, but tariffs pose the next test
Operating loss narrowed to CAD 103.8 million (€64.4 million / US$75.8 million) from CAD 158.7 million (€98.4 million / US$115.9 million) a year earlier.
Even with the stronger quarter, trade policy remains a key variable. Canada Goose said proposed US tariffs on Canadian-origin goods are expected to take effect on August 19, during the company’s largest selling periods. Management reiterated guidance for low-single-digit revenue growth and an adjusted EBIT margin of 11% to 12%, assuming no material impact from the measures.
