Canada Goose Holdings announced its financial results for the third quarter, highlighting a surge in revenues after new store openings both physical and online.
For the quarter ended December 31, 2018, the North American outdoorwear company said total revenues increased by 50.2% to $399.3m from $265.9m, or 49% in constant currencies.
Direct-to-consumer sales totalled $253.3m from $131.7m last year, driven by the strong online and in-store sales. Canada Goose said it opened five new stores during the quarter and an online store.
Wholesale revenue increased to $164m from $134.2m, on the back of higher order values from existing partners, coupled with earlier shipment timing relative to last year.
The Toronto-based company reported net income came in at $103.4m, or $0.93 per diluted share, compared to $63m, or $0.56 per diluted share. The 64% increase was due to higher operating income and a lower effective tax rate, said Canada Goose.
Adjusted EBITDA was $151.1m, compared to $94.7m.
“Fiscal 2019 is shaping up to be another year of impressive results. In our peak selling season we continued to deliver when and where it matters most, while also strengthening our foundation for future success on the global stage,” said Dani Reiss, Canada Goose President & CEO.
“We have successfully entered new markets, introduced new product, and increased capacity to meet growing demand in both channels. We remain deeply confident in the long runway we have ahead.”
Looking ahead for 2019, annual revenue growth is projected to be in the mid-to-high thirties on a percentage basis, compared to at least 30%.
Annual growth in adjusted net income per diluted share is now predicted to be in the mid-to-high forties on a percentage basis.
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Founded in 1957, Canada Goose is today one of the world’s leading makers of performance luxury apparel. The Made-In-Canada advocate employs more than 3,400 people worldwide.
In Asia, the Canadian brand has flagships in Tokyo, Beijing and Hong Kong.