Canada Goose's Greater China Revenue Surges 44%, Asia-Pacific Market Overtakes North America

Canada Goose's growth is tilting back toward the Chinese market.

On July 30, Canada Goose disclosed its first-quarter results for fiscal year 2027, ended June 28.

The company's revenue increased by 10.3% year-over-year to CAD 118.9 million, or 8.6% on a constant currency basis, exceeding the market expectation of CAD 108.8 million.

By channel, DTC revenue rose 8.6% year-over-year to CAD 84.8 million, but comparable sales still declined by 3.2%. Weak same-store sales performance in offline stores was only partially offset by double-digit growth in e-commerce businesses across various regions.

Wholesale business became another major source of incremental growth. Revenue from this channel surged 66.5% year-over-year to CAD 29.8 million, which the company attributed to larger planned order sizes, increased replenishment orders from partners, and changes in shipment timing.

Greater China emerged as the primary growth engine for Canada Goose this quarter.

During the quarter, revenue in Greater China jumped 44.2% year-over-year to CAD 37.5 million, or 39.6% on a constant currency basis. Revenue in the Asia-Pacific market excluding Greater China also grew by 23.8%.

The combined revenue for the entire Asia-Pacific region reached CAD 53.6 million, surpassing that of North America.

In contrast, revenue in the U.S. market fell by 19%, dragging down overall North American revenue by 4.9%. Revenue in the Europe, Middle East, and Africa (EMEA) market declined by 5.7%.

The company stated that growth in the Chinese market was driven by local consumption and tourism spending. Spring/summer products such as lightweight jackets, T-shirts, and raincoats also created more purchasing opportunities for consumers outside the traditional down jacket sales season.

This continues Canada Goose's transformation strategy in recent years toward "all-season" offerings. The company aims to reduce its reliance on cold weather and the autumn/winter peak season, while expanding the proportion of categories beyond its core down products.

This spring and summer, Canada Goose continued to increase brand investment, launching the Snow Goose Spring Capsule Collection, the 2026 Summer Collection, and the "Nature Intelligence" brand platform, adopting a marketing strategy that combines brand building with performance conversion.

Management noted that brand appeal continues to rise in mainland China and continental Europe, and plans to further increase marketing investments in the second and third quarters to convert brand awareness into sales during the autumn/winter peak season.

On the profit front, benefiting from gross margin growth and the absence of one-time expenses incurred in the same period last year, Canada Goose's operating loss narrowed from CAD 158.7 million to CAD 103.8 million. The net loss attributable to shareholders decreased from CAD 125.2 million to CAD 90.8 million.

Although first-quarter revenue and adjusted loss per share both exceeded expectations, Canada Goose did not raise its full-year guidance. It still expects low single-digit revenue growth for fiscal year 2027, with an adjusted EBIT margin of 11% to 12%.

Management also expects consumer demand to be weaker than the previous year in this fiscal year, with core markets still facing pressures such as slowing foot traffic, declining consumer confidence, and reduced tourism activity.