Canada Goose reports plunge in profit as it weathers crisis
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 closings of its store 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 last year.
On an adjusted basis, the company says it lost 12 cents per share for the quarter.