Canada Goose is not particularly concerned about tariffs — and Wall Street responded, driving the company’s stock up on Wednesday after it reported strong fourth-quarter and year-end results. The stock traded up 19.6 percent to close at $10.67 on the New York Stock Exchange.
The Canadian outerwear brand said net income attributable to shareholders in the fourth quarter ended March 30 soared to $27.1 million, or 28 cents a share, from $5 million, or 5 cents a share, in the prior-year period. Sales rose 7 percent to $384.6 million from $358 million the year before. All figures are in Canadian dollars.
The direct-to-consumer category significantly outperformed wholesale in the period with DTC sales increasing 15.7 percent to $314.1 million from $271.5 million, while wholesale revenue dropped 23.2 percent to $31.8 million from $45.1 million, primarily due to lower sales in Europe and delayed shipments, the company said.
In an analyst call Wednesday morning, Dani Reiss, chairman and chief executive officer, said that the “vast majority” of its products are made in Canada and are not impacted by the tariffs on imports into the U.S.
Elizabeth Danaher Clymer, president of finance, strategy, administration and operations, said 75 percent of all products are made in Canada and currently exempt from tariffs into the U.S. while the remaining 25 percent are produced in Europe, “but they will have minimal financial impact.”
Even so, the company declined to provide a projection for fiscal 2026. Neil Bowden, chief financial officer, pointed to the “very turbulent period” of the past several months that has given rise to “material changes in the global trading environment. With changes occurring frequently and with limited line of sight to the impact of these changes on the economy and consumer health, at this time, we do not believe it is prudent to provide a financial outlook for the year.”
Turning to product performance, Carrie Baker, president of brand and commercial, said apparel was the fastest-growing category in both the fourth quarter and year. That includes pieces other than outerwear such as sweatshirts, sweatpants, sweaters and Ts. She singled out a few standout performers in the period including the Snow Goose line, which benefited from a successful marketing campaign, and the Sea Mantra collection, which is the company’s “most technically advanced range jackets yet,” she said.
Regarding the company’s retail business, Reiss said its DTC channels “showed positive momentum” from a very strong December, delivering 7 percent DTC comparable sales growth for the quarter.
“We took significant steps to become a better retailer in order to drive higher sales productivity in our stores,” he said. “Our focus on enhancing store staffing, inventory position and the in-store experience contributed to higher conversion rates in comparable stores for the year. We evolved our marketing and brand strategy delivering impactful brand moments during our Snow Goose campaign, which now serves as the blueprint for future campaigns. And we successfully managed our inventory, which is now down year-over-year for six consecutive quarters resulting in cleaner inventory across all channels and paving the way for a much more product newness in the coming years.”
DTC comps were even better in North America, where sales rose 17 percent in the fourth quarter, outperforming Europe and Asia, Baker said. But the online launch of the company’s eyewear in February gave a boost to digital sales globally.
Reiss said that in fiscal 2026, Canada Goose will seek to build “brand heat through focused marketing investments,” which have already proven that they can improve sales, launch new products and strengthen seasonal collections to connect with customers.
Baker said the plan is to increase marketing spend as a percentage of revenue going forward. “What we saw in fiscal 2025 is clear: when we make bold moves that spark attention, search and sales follow,” she said, adding that “high-profile campaigns, exclusive products and impactful storytelling” are all in the cards.
Part of that messaging will undoubtedly focus on the planned expansion of products that can be worn year-round. Baker said the plan is to nearly double the mix of updated and new styles to tempt consumers to shop Canada Goose more often. Part of that will be fueled by Haider Ackermann’s designs. The designer was named Canada Goose’s first creative director last year, a position he continues to hold even though he subsequently was named creative director of the Tom Ford women’s and men’s fashion brand.
“Starting in spring/summer 2026, Haider Ackermann‘s creative vision will extend across both Snow Goose and our mainline collections,” Baker said. “To bring this to life, we’re making meaningful investments to accelerate progress starting with our product creation teams by better connecting design, development, sourcing and merchandising through a more integrated and collaborative process, and we’re already seeing faster speed-to-market.”
The company will also selectively expand its retail footprint, renovate existing locations and work to improve its wholesale business, Reiss said.
For the year, net income attributable to shareholders jumped to $94.8 million from $58.4 million in the fiscal year ended March 31, 2024. Sales for the year rose to $1.35 billion from $1.33 billion in fiscal 2024. DTC sales in the year grew 5.1 percent to just under $1 billion but wholesale revenue fell 16.5 percent.
