Canada Goose Holdings Inc. is speeding up its investments in e-commerce, restricting its manufacturing of new clothing, and cutting back on new store openings, as the effects of the COVID-19 pandemic continue to affect its business.
The company reported on Tuesday that its first-quarter revenue plunged 63 per cent compared to the same period last year, to $26.1-million. In June, Canada Goose projected that sales this quarter would be "negligible" as it was forced to shut down its own stores, and wholesale shipments of its products to other retailers were frozen in the midst of widespread business closures.
Canada Goose's net loss widened in the quarter ended June 28, to $50.1-million or 46 cents per share, compared to a net loss of $29.4-million or 27 cents a share in the same period last year.
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