The luxury skiwear and lifestyle group reported an operating loss of $1,294,000 against a profit of $728,000 for the three months ended Dec. 31.
The net loss for Perfect Moment, which has installed former Canada Goose executives to its senior leadership team, was $2,482,000 against a profit of $1,204,000. Gross margin grew by 273 basis points to 54.8 percent, aided by the opening of a US distribution center in October.
Perfect Moment’s Q3 revenues contracted by 8.4 percent to $11,658,000 from $12,726,000. Wholesale declined by 6.3 percent to $7,335,000 and year-over-year ecommerce sales declined by 1 percent to $3,716,000. During the period, the company opened its first retail stores in New York and London and implemented strategies to lower its marketing costs by 30 percent from the year-ago quarter. Perfect Moment intends to leverage its physical store network to expand its brand identity and profile while driving higher levels of loyalty and engagement at the local level.
New appointments to the group’s executive suite include the naming of Chath Weerasinghe, formerly with Canada Goose, as CFO and Chief Operating Officer, and Vittorio Giacomelli to oversee product strategy, development, and innovation. Perfect Moment Co-founder and Chief Creative Officer Jane Gottschalk is now president as well.
On the product front, Perfect Moment intends to broaden its outerwear product range beyond core skiwear with fewer technical lifestyle products and a wider range of items for any occasion.
