4Q EPS: Brand Heat Persists, Margin Recovery Ahead

研报英文原文证据摘录

4Q EPS: Brand Heat Persists, Margin Recovery Ahead

Retailing/Specialty Stores: Specialty Retail

Canada Goose Holdings

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 19, 2026

Price: $9.50 | C$13.20 (05/15/2026) 4Q EPS: Brand Heat Persists, Margin Recovery

Price Target: $13.00 | C$18.00 Ahead

BUY (1)

ESG SCORE: 60/100

Oliver Chen, CFA THE TD COWEN INSIGHT

646 562 1424

Reit Buy. GOOS reported solid topline, +18% y/y vs. Street +7%. GM declined (170bps) vs.

oliver.chen@tdsecurities.com

Street's +~15bps expectation, driven primarily by wholesale penetration & higher freight. Most

Gabriella Garr encouraged by: (1) DTC execution, with 5 straight quarters of positive comps, (2) wholesale

646 562 1356 inflecting to growth (+52% 4Q), (3) credible margin expansion story into FY27, guiding to

gabriella.garr@tdsecurities.com

+130-230bps EBIT margin expansion.

Jonna Kim, CFA

646 562 1419 We view 4Q results as encouraging, with brand momentum supported by improved

jonna.kim@tdsecurities.com marketing effectiveness, product newness, and sustained gains in conversion and customer

Julia Shelanski engagement. Topline growth was strong and balanced, with DTC execution sustaining

646 562 1459 momentum and wholesale re-emerging as a meaningful contributor. Q4 revenue grew +18%,

julia.shelanski@tdsecurities.com with strength across DTC (+16%) and wholesale (+52%), led by international markets (Asia

+23% & EMEA +25%), partially offset by softer North America (+11%) traffic trends. We maintain

Key Data

our Buy rating and C$18 PT based on 16x FY2 P/E. Current valuation at 12x appears modest

Symbol NYSE: GOOS | TSX: GOOS.TO

compared to 3-yr avg. 14x & MONC's 19x.

Beta: 1.67 | 1.77

52-Week Range: $15.24-$8.92 | C$20.85-C$12.42 Margins Impacted By Mix, With Encouraging Signs Of Leverage.