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Canada Goose reports Q4 profit of $2.5 million amid COVID-19 pandemic

Last Updated Jun 3, 2020 at 7:11 am PDT

Employees work with Canada Goose jackets at the Canada Goose factory in Toronto on April 2, 2015. THE CANADIAN PRESS/Nathan Denette
Summary

Canada Goose reduced cash expenses and investments by about $90 million in first quarter

Executive team has taken voluntary salary reductions of 20 per cent, chief executive is foregoing his entire salary

Canada Goose also says costs are down due to closures of its stores, among other things

TORONTO — Canada Goose Holdings Inc. says it reduced cash expenses and investments by about $90 million in its first quarter as it deals with fallout from the pandemic.

The clothing company says its executive team has taken voluntary salary reductions of 20 per cent, while chief executive Dani Reiss is foregoing his entire salary.

Canada Goose also says costs are down due to closures of its stores and down-filled jacket manufacturing, among other things.

The comments by the company came as it reported a profit of $2.5 million or two cents per diluted share in its fourth quarter which ended March 29. That compared with a profit of $9 million or eight cents per share in the same quarter a year earlier.

Revenue in the fourth quarter totalled $140.9 million, down from $156.2 million in the same quarter last year.

On an adjusted basis, Canada Goose says it lost 12 cents per share for the quarter compared with an adjusted profit of nine cents per share a year ago.

Companies in this story: (TSX:GOOS)