Canada Goose (NYSE: GOOS) reported Q1 EPS of (Cdn$0.35), versus (Cdn$0.21) reported last year. Revenue for the quarter came in at Cdn$26.1 million, versus Cdn$71.1 million reported last year.

First Quarter Fiscal 2021 Highlights (in Canadian dollars):

• Total revenue $26.1m
• Net loss $(50.1)m, or $(0.46) per diluted share
• Non-IFRS adjusted EBIT $(46.5)m
• Non-IFRS adjusted net loss $(38.4)m, or $(0.35) per diluted share

“Adversity demands change, drives innovation and reveals winners. For Canada Goose, that has never been more true than today, as we begin to see signs of recovery around the world, heading into our most important season,” said Dani Reiss, President & CEO. “Where we face uncertainty, we have practiced discipline and flexibility, and where we see opportunity, we have accelerated our strategic plans.”

Outlook

While there has been a gradual sequential improvement in performance, the negative financial impacts of COVID-19 have continued in the second quarter of fiscal 2021, with a significant revenue decline expected.

In the wholesale channel, which represented 74.2% of sales in the second quarter of fiscal 2020, shipments to partners continue to be materially lower as they restart their retail operations. A controlled and selective approach is being employed in the early stages of re-opening. On an annual basis, the Company expects lower wholesale revenue, and later shipment timing, relative to fiscal 2020.

In the DTC channel, consistent with earlier experiences in Greater China, reopened retail stores globally have had slow starts, with traffic considerably lower than in the comparative quarter. The current period is a low point for online purchasing due to the limited in-season relevance of the offering. Preparations for the peak online selling season continue to remain on-track.

Given prevailing global uncertainties, including the potential for second wave outbreaks, the pace of retail traffic recovery, and the impact of economic developments and travel restrictions on consumer discretionary spending, all of which are unknown, the Company continues to not provide an outlook for fiscal 2021.

For earnings history and earnings-related data on Canada Goose (GOOS) click here.