"We didn't make as much financial progress as we would have liked,"
"Some of this was due to external factors outside of our control such as the ongoing challenging consumer environment and the warm winter."
"But after a period of rapid growth and retail expansion, we also recognize that our resources were spread across too many priorities, impacting our ability to deliver our ambitious near- and long-term targets," Reiss said.
The comments came as Canada Goose reported net income attributable to shareholders of
On an adjusted basis, Canada Goose said it earned
Shares in the company closed
On the product front, Canada Goose's president of brand commercial, said the company would keep working to be the "brand of choice beyond the parka."
"Canada Goose is globally renowned for warmth and outer wear. Our opportunity and our aspirations, however, are much bigger,"
The company began selling and marketing more heavily its lightweight puffers, sweaters, wind and rain wear and its shoes in recent years.
Now, Baker said it will look to make "more significant strides on the style spectrum while retaining our heritage" and "more tightly curate our social media content to beef up our celebrity and influencer programs."
Canada Goose named famed fashion director
Ackerman's first seasonal capsule collection will launch in Fall/Winter 2024.
To "get more out of the store network" and refine the company's luxury experience, Baker said Canada Goose will also slow the pace of new store openings, better balance team schedules with traffic levels and optimize their replenishment process.
The company's final goal — simplifying its business — is based on "fewer people working more effectively on fewer priorities," said
The company laid off 17 per cent of its global corporate workforce in March and through combining teams working on "overlapping tasks," it eliminated more than 25 per cent of senior management roles, Clymer said.
The company also scraped meetings they found were unnecessary and killed reports "that took time but weren't being used to drive the business."
It will continue to scrutinize these areas in fiscal 2023, when it expects its total revenue to be in the low-single-digits year-over-year. It also expects its adjusted net income per diluted share for the full year to grow by a mid-teen percentage compared with a year earlier.
This report by The Canadian Press was first published
Companies in this story: (TSX:GOOS)
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