GOOS-CA: Another Top-line Beat/Bottom-Line Miss, Improvements Coming in FY27

研报英文原文证据摘录

GOOS-CA: Another Top-line Beat/Bottom-Line Miss, Improvements Coming in FY27

Canada Goose Holdings, Inc. Equity Research

Investment Thesis

Key themes surrounding the name include:

1. DTC Trends Inflecting. After three years of negative/flat DTC comps, management has now

started to strike a more optimistic tone as trends have clearly inflected. Notably, GOOS has now

seen 12+ months of positive comps, with strength continuing through FY26. This is being driven

by greater investment in product newness supported by brand heat initiatives (Snow Goose by

Haider Ackermann) and increased marketing spend. Additionally, the new retail execution plan is

driving higher conversion across all regions, as GOOS revamps the way its stores operate. This

includes retooling the store management process to cater to the seasonal business, maintaining

appropriate staff levels, while also looking at in-store processes to better capitalize on labor,

allowing for more floor time and better knowledge of products.

2. Wholesale Channel Stabilizing. After reducing the channel by ~30% over the last 36 months

GOOS now sees a path for stabilization going forward. With a greater focus on partners that

better align with GOOS's brand values, the company has 1) reduced the total number of doors by

targeting those wholesalers that were heavily discounting, 2) Reduced the overall supply to the

wholesale channel and 3) focused on more premium accounts. With the bulk of the work done, the

channel is now poised to start growing, supported by strong near-term order books, with visibility

over the next 12 months. Additionally, with better quality of earnings, the channel's GM structure

has begun to materially improve, setting a new bar going forward.

3. Investing in Top-Line Growth.