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Momentum continues with DTC comparable sales growth1 of 10%, 3 consecutive quarters of positive growth
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TORONTO — Canada Goose Holdings Inc. (NYSE, TSX: GOOS) announced today financial results for the second quarter of fiscal 2026 ended September 28, 2025. All amounts are in Canadian dollars unless otherwise indicated.
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“Our second quarter results reflect strong DTC performance and positive comparable sales growth – clear proof our strategy is working,” said Dani Reiss, Chairman and CEO of Canada Goose. “We’re exactly where we planned to be, investing with intention, elevating our product offering, brand and consumer experiences, and entering peak season with confidence.”
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Second Quarter Fiscal 2026 Business Highlights
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Notable highlights from our second quarter included the following:
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- Launched our Fall/Winter 2025 collection, showcasing style-forward storytelling framed through a modern urban perspective, elevating our hero products with bold designs and seasonal relevance.
- Strengthened our global brand cultural resonance through purposeful partnerships. Our collaboration with NBA MVP and Champion, Shai Gilgeous-Alexander, fused sport, style, and heritage, and the appointment of acclaimed actor Hsu Kuang-Han as Global Brand Ambassador has deepened engagement across Asia Pacific, particularly in Mainland China.
- Continued to expand and elevate our store footprint. We relocated our Paris store to Champs-Élysées where consumers can find a new elevated design, a vault showcasing iconic products, and curated selections from our Canada Goose art collection. We also opened 1 new store in the quarter, bringing the total permanent store count to 77.
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Second Quarter Financial Highlights2
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All Year-Over-Year Comparisons Unless Otherwise Noted
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- Total revenue increased 1.8% to $272.6m, down 0.8% on a constant currency basis3.
- DTC revenue increased 21.8% to $126.6m, or up 20.5% on a constant currency basis3 driven by DTC comparable sales growth of 10.2% and revenue from non-comparable stores. Performance was driven by a combination of sharper DTC execution, a stronger mix of in-season product newness and more consistent marketing.
- Wholesale revenue decreased 1.0% to $135.9m, or 4.8% on a constant currency basis3. The decrease is in line with revenue in the comparative quarter.
- Other revenue decreased 62.0% to $10.1m, or 63.2% on a constant currency basis3 due to lower number of Friends & Family events as planned and employee sales.
- Gross profit increased 3.7% to $170.1m. Gross margin for the quarter was 62.4% compared to 61.3% in the second quarter of fiscal 2025 primarily due to a higher proportion of DTC revenue, partially offset by higher product costs and product mix.
- Selling, general and administrative (SG&A) expenses were $187.7m, compared to $162.5m in the prior year period. The increase in SG&A was primarily driven by store execution ahead of peak season, including labor and training, expansion of the global retail network and our planned increase in marketing spend with Fall/Winter 2025 campaigns.
- Operating loss was $17.6m, compared to operating income of $1.6m in the prior year period.
- Net loss attributable to shareholders was $15.2m, or $0.16 per basic and diluted share, compared with a net income attributable to shareholders of $5.4m, or $0.06 per basic and diluted share in the prior year period.
- Adjusted EBIT4 was negative $14.2m, compared to positive $2.5m in the prior year period.
- Adjusted net loss attributable to shareholders4was ($13.3)m, or ($0.14) per basic and diluted share, compared with an adjusted net income attributed to shareholders of $5.2m, or $0.05 per basic and diluted share in the prior year period.
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Balance Sheet Highlights
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Inventory of $460.7m for the second quarter ended September 28, 2025 was down 3% year-over-year, reflecting higher demand and our continued proactive approach to managing inventory over the past year. Inventory turnover was flat.
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The Company ended the second quarter of fiscal 2026 with net debt4 of $707.1m, compared to $826.4m at the end of the second quarter of fiscal 2025. This reduction was mainly due to disciplined working capital management, cash generated from operating activities in recent quarters and lower borrowings from our credit facilities compared to the previous year. During the quarter, the Company executed an amendment to refinance its existing term loan facility, resulting in a total principal amount outstanding of USD300 million with an interest rate of SOFR plus 3.50%, and a maturity date of August 23, 2032.
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Director Retirement and Resignation
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The Company also announced today that Stephen Gunn has retired and resigned from its Board of Directors. Mr. Gunn joined the Company’s Board of Directors in 2017 and served as a member of the Company’s Audit Committee. Effective as of October 1, 2025, Belinda Wong, an independent member of the Company’s Board of Directors, has been designated as an “audit committee financial expert” and has been appointed to the Audit Committee of the Board of Directors. Effective upon Mr. Gunn’s resignation as a director, the size of the Company’s Board of Directors went from ten to nine directors.
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Early Renewal of Normal Course Issuer Bid
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The Company further announced today that its renewed normal course issuer bid (the “NCIB”) will commence on November 10, 2025, following the early termination of its current normal course issuer bid. The Toronto Stock Exchange (“TSX”) has approved purchases for cancellation of up to 4,578,677 subordinate voting shares of Canada Goose over the twelve-month period commencing on November 10, 2025 and ending no later than November 9, 2026. This represents approximately 10% of the 45,786,775 subordinate voting shares comprising the public float (the “Public Float”) determined in accordance with TSX requirements as at October 27, 2025. As at October 27, 2025, there were 46,066,744 subordinate voting shares issued and outstanding. The Company’s current normal course issuer bid commenced on November 22, 2024 for a 12-month period that would have ended November 21, 2025 for a maximum of 4,556,841 subordinate voting shares. No subordinate voting shares were purchased under the current normal course issuer bid. As permitted by the TSX, the current normal course issuer bid will terminate early on November 9, 2025, the day prior to the effective date of the NCIB.
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