Canada Goose slows down in 2022. The Canadian conglomerate specialized in outdoor fashion closed the year with a 31.3% increase in sales. However, the company’s profit dropped to 68.9 million Canadian dollars (47.3 million euros).
The group reported sales of 1,217 million Canadian dollars (835 million euros) in the period, slightly below its forecasts, which called for growth between 1,300 million Canadian dollars (986.5 million euros) and 1,400 million Canadian dollars (1,062 million euros). were supposed.
However, the company’s profit stood at 68.9 million Canadian dollars (47.3 million euros), which is a decrease of 27.16% compared to the profit of 94.6 million Canadian dollars (65.8 million euros) registered by the company in 2021. In the fourth quarter, the company reported a loss of 10 million Canadian dollars (6.8 million euros).
Despite the shortfall in revenue, the company has celebrated the results, saying it has boosted its growth following the lifting of restrictions due to the pandemic, and increased sales in China in the Europe, Middle East and Africa region.
Canada Goose closed the year with a loss of 68.9 million Canadian dollars (47.3 million euros).
In the fourth quarter alone, the company increased its sales in Asia by 66.5%, registering a turnover of $114.1 million (78.2 million euros). The second market that recorded the highest growth was the local market, Canada, where the company grew by 41.2% during the period, to 55.4 million Canadian dollars (37.7 million euros).
In Europe, the company billed 56.4 million Canadian dollars (38.4 million euros), up 24.2% compared to April 2022. In the United States, however, the company reduced its sales to 7.9 percent for the final quarter of the year. % lower than the same period last year.
The Canadian company has set out a new growth plan that aims at billing 3,000 million Canadian dollars (2,084.5 million euros) within five years. The three pillars on which this objective is built are to win over segments of the population, especially women and Generation Z; Entering new businesses such as home furnishings, accessories and optics and doubling its store network.
The ultimate objective for the company is to have a turnover of 3,000 million Canadian dollars (2,084.5 million euros) in fiscal year 2028, representing an average annual growth of approximately 20%.