Canada Goose Has Solid 2nd Quarter
CBJ — Canada Goose Holdings hopes to use its acquisition of footwear company Baffin Inc. to explore the potential for Canada Goose footwear.
Chief executive Dani Reiss said that purchasing Hamilton, Ont.-based Baffin for $32.5 million was “a dream acquisition,” but acknowledged that getting into footwear will come with challenges.
“It is a distinct business to apparel and it is difficult to cross over. Many others have chosen the faster and easier path of licensing, but struggle to find relevance,” he told a conference call with financial analysts.
Canada Goose reported a second-quarter profit of $49.9 million or 45 cents per diluted share, up from $37.1 million or 33 cents per diluted share the year before.
On an adjusted basis, Canada Goose says it earned 46 cents per diluted share in the quarter, up from an adjusted profit of 29 per diluted share a year ago.