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Canada Goose Holdings Inc.$50.44$3.256.89%

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 Canada Goose Reports Results for Third Quarter Fiscal Year 2018
   Thursday, February 08, 2018 6:46:00 AM ET

--Total revenue was $265.8 million, representing year-over-year growth of 27.2%

--Gross margin expanded to 63.6% from 57.5% in the prior year

--Net income was $62.9 million, or $0.56 per diluted share, and adjusted net income was $64.6 million, or $0.58 per diluted share

--Adjusted EBITDA was $94.7 million, compared to $66.1 million in the prior year, representing year-over-year growth of 43.2%

Canada Goose Holdings Inc. ("Canada Goose" or the "Company") (GOOS, TSX: GOOS ) today announced financial results for its third quarter ended December 31, 2017. The Company’s Management’s Discussion and Analysis and Unaudited Condensed Consolidated Interim Financial Statements for the three and nine month periods ended December 31, 2017 will be filed on SEDAR at www.sedar.com, the EDGAR section of the U.S. Securities and Exchange Commission website at www.sec.gov and posted on the Company’s website at investor.canadagoose.com.

"In our peak selling season, we delivered strong performance across geographies, channels and categories this quarter, reflecting the continued demand for the Canada Goose brand around the world. Year to date, we added e-commerce sites in seven new markets, opened five new stores across three continents, including our partner operated store in Tokyo, and we successfully added more than 700 employees. As we look ahead, we continue to build deeper relationships with our fans and bring new people into the world of Canada Goose," stated Dani Reiss, President & Chief Executive Officer.

Fiscal 2018 Third Quarter Results (in Canadian dollars, compared to the same period in Fiscal 2017):

-- Total revenue increased by $56.8 million from $209.1 million to $265.8 million in the third quarter of fiscal 2017, representing year-over-year growth of 27.2%. -- Wholesale revenue was $134.2 million as compared to $137.0 million in the third quarter of fiscal 2017. In the first half of fiscal 2018, we shipped approximately $18 million of customer orders that were originally planned for the third quarter based on the order book, which was enabled by efficiency in manufacturing and sales planning to allow us to accelerate our shipment timing in response to requests from retail partners approaching their peak selling season. This was partially offset by strong demand in the wholesale channel.

-- Direct-to-consumer revenue was $131.6 million as compared to $72.0 million in the third quarter of fiscal 2017. The increase was primarily driven by incremental revenue from four new company operated retail stores and additional seven new e-commerce sites which opened in fiscal 2018. We experienced continued strong performances of our existing e-commerce sites and retail stores.

-- Gross profit increased to $169.0 million from $120.3 million in the third quarter of fiscal 2017. As a percentage of total revenue, gross profit was 63.6% compared to 57.5% in the third quarter of fiscal 2017. -- Wholesale gross profit was $68.5 million, a gross margin of 51.0%, as compared to $65.5 million, a gross margin of 47.8%, in the third quarter of fiscal 2017. The increase in wholesale gross profit and higher gross margin were due to a greater proportion of wholesale revenue from higher margin parkas within our fall and winter line and lower material costs.

-- Direct-to-consumer gross profit increased to $100.6 million, a gross margin of 76.4% from $54.8 million, a gross margin of 76.1%, in the third quarter of fiscal 2017. Lower material costs have a less significant impact on gross margin in our direct-to-consumer channel as a result of higher selling prices.

-- Selling, general and administrative expenses were $76.8 million as compared to $62.0 million in the third quarter of fiscal 2017, driven by employee headcount increases and operational and selling expenditures to support the growth of our direct-to-consumer channel.

-- Net income for the third quarter was $62.9 million, or $0.56 per diluted share, compared to net income of $39.1 million, or $0.38 per diluted share, in the third quarter of 2017.

-- Adjusted EBITDA was $94.7 million compared to $66.1 million in the prior year, representing year-over-year growth of 43.2%.

-- Adjusted net income per diluted share for the third quarter of fiscal 2018 was $0.58, based on 111.6 million diluted shares outstanding, compared to an adjusted net income per diluted share of $0.44, based on 101.8 million diluted shares outstanding in the third quarter of fiscal 2017. Adjusted pro forma net income per share for the third quarter of fiscal 2017, which includes the effect of the Initial Public Offering ("IPO") in the calculation of the weighted average number of shares outstanding as if the IPO had occurred at the beginning of fiscal 2017, was $0.42 per share based on 106.3 million shares.

Conference Call Information

A conference call to discuss third quarter fiscal 2018 results is scheduled for today, February 8, 2018, at 9:00 a.m. Eastern Time. Dani Reiss, President and Chief Executive Officer and John Black, Chief Financial Officer, will host the conference call. Those interested in participating in the call are invited to dial (866) 393-4306 or (763) 488-9145 if calling internationally. Please dial in approximately 10 minutes prior to the start of the call and reference Conference ID 5693535 when prompted. A live audio webcast of the conference call will be available online at http://investor.canadagoose.com .

About Canada Goose

Founded in a small warehouse in Toronto, Canada in 1957, Canada Goose has grown into one of the world’s leading makers of performance luxury apparel. Every collection is informed by the rugged demands of the Arctic and inspired by relentless innovation and uncompromised craftsmanship. From Antarctic research facilities and the Canadian High Arctic, to the streets of New York, London, Milan, Paris, and Tokyo, people are proud to wear Canada Goose products. Employing more than 2,000 people worldwide, Canada Goose is a recognized leader for its Made in Canada commitment, and is a long-time partner of Polar Bears International. Visit canadagoose.com for more information.

Note Regarding Non-IFRS Financial Measures

This press release includes references to adjusted net income, EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income per share and per diluted share, and adjusted pro forma net income per share and per diluted share. The Company presents these measures because its management uses these as supplemental measures in assessing its operating performance, and believes they are helpful to investors, securities analysts and other interested parties, in evaluating the Company’s performance. The measures referenced above are not measurements of financial performance under IFRS and they should not be considered as alternatives to measures of performance derived in accordance with IFRS. In addition, these measures should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items. These measures have limitations as analytical tools, and you should not consider such measures either in isolation or as substitutes for analyzing the Company’s results as reported under IFRS. The Company’s definitions and calculations of these measures are not necessarily comparable to other similarly titled measures used by other companies. These non-IFRS financial measures are defined and reconciled to the most comparable IFRS measures in the tables at the end of this press release.

Cautionary Note Regarding Forward-Looking Statements

The foregoing financial information as at and for the three and nine months ended December 31, 2017 are unaudited and subject to quarter-end and year-end adjustments in connection with the completion of our customary financial closing procedures. Such changes could be material.

This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as "anticipate," "expect," "plan," "could," "may," "will," "believe," "estimate," "forecast," "goal," "project," and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, our expectations regarding industry trends, our business plan and growth strategies, our expectations regarding seasonal trends, our ability to implement our growth strategies, our ability to keep pace with changing consumer preferences, our ability to maintain the strength of our brand and protect our intellectual property, as well as the risks identified under the heading "Risk Factors" in our Annual Report on Form 20-F for the fiscal year ended March 31, 2017, and filed with the Securities and Exchange Commission ("SEC"), and the securities commissions or similar securities regulatory authorities in each of the provinces and territories of Canada ("Canadian securities regulatory authorities"), as well as the other information we file with the SEC and Canadian securities regulatory authorities. We caution investors not to rely on the forward-looking statements contained in this press release when making an investment decision in our securities. You are encouraged to read our filings with the SEC, available at www.sec.gov, and our filings with Canadian securities regulatory authorities available at www.sedar.com for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this release, and we undertake no obligation to update or revise any of these statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

 
Condensed Consolidated Interim Statements of Income and
Comprehensive Income
(unaudited)
(in thousands of Canadian dollars, except share and per share
amounts)
 
                                                                                                                      Three months ended                                                                        Nine months ended
                                                                                                                                                                   December 31                                                                                                 December 31
                                                                                                                    2017                               2016                               2017                               2016
                                                                                        ----------------------------------------------------- ----------------------------------------------------- ----------------------------------------------------- ---------------------------------
Revenue                                                                                     265,825                            209,051                                               466,360                            352,681
Cost of sales                                                                                96,805          88,767         197,005         168,403  
                                                                                        -------------------------------- -------------------- -------------------------------- -------------------- -------------------------------- -------------------- --------------------------------
Gross profit                                                                                169,020                                               120,284                                               269,355                                               184,278
  Gross margin                                                                                 63.6                    %                             57.5                    %                             57.8                    %                             52.3                    %
Selling, general and administrative expenses                                                 76,791                                                62,005                                               139,168                                               110,270
  SG&A expenses as % of revenue                                                                28.9                    %                             29.7                    %                             29.8                    %                             31.3                    %
Depreciation and amortization                                                                 2,404           1,965           6,886           4,901  
                                                                                        -------------------------------- -------------------- -------------------------------- -------------------- -------------------------------- -------------------- --------------------------------
Operating income                                                                             89,825                                                56,314                                               123,301                                                69,107
  Operating income as % revenue                                                                33.8                    %                             26.9                    %                             26.4                    %                             19.6                    %
Net interest and other finance costs                                                          3,386           3,087          10,077           8,620  
                                                                                        -------------------------------- -------------------- -------------------------------- -------------------- -------------------------------- -------------------- --------------------------------
Income before income taxes                                                                   86,439                                                53,227                                               113,224                                                60,487
Income tax expense                                                                           23,514          14,139          25,261          15,416  
                                                                                        -------------------------------- -------------------- -------------------------------- -------------------- -------------------------------- -------------------- --------------------------------
  Effective tax rate                                                                           27.2                    %                             26.6                    %                             22.3                    %                             25.5                    %
Net income                                                                                   62,925                                                39,088                                                87,963                                                45,071
Other comprehensive loss                                                                     (1,663 )                             (322 )                             (362 )                             (729 )
                                                                                        -------------------------------- -------------------- -------------------------------- -------------------- -------------------------------- -------------------- --------------------------------
Total comprehensive income                                                                   61,262          38,766          87,601          44,342  
                                                                                        ================================ ==================== ================================ ==================== ================================ ==================== ================================
Earnings per share
Basic                                                                                   $      0.59                                           $      0.39                                           $      0.82                                           $      0.45
Diluted                                                                                        0.56            0.38            0.79            0.44  
                                                                                        ================================ ==================== ================================ ==================== ================================ ==================== ================================
Weighted average number of shares outstanding
    Basic                                                                               107,442,446                                           100,000,000                                           106,980,180                                           100,000,000
    Diluted                                                                             111,612,786                                           101,811,155                                           111,058,977                                           101,751,470
Other data: (1)
Adjusted net income                                                                          64,577                                                44,918                                                84,224                                                59,167
Adjusted net income per diluted share                                                   $      0.58                                           $      0.44                                           $      0.76                                           $      0.58
EBITDA                                                                                       93,086                                                58,853                                               132,572                                                75,578
Adjusted EBITDA                                                                              94,681                                                66,134                                               127,514                                                92,443
Adjusted EBITDA margin                                                                         35.6                    %                             31.6                    %                             27.3                    %                             26.2                    %
                                                                                                                                                                                                                                                                       
(1) Adjusted net income, adjusted net income per diluted share,
EBITDA, adjusted EBITDA, and adjusted EBITDA margin are non-IFRS
financial measures. See -- "Reconciliation of Non-IFRS Financial
Measures" for a description of these measures and a reconciliation
to the nearest IFRS measure.
 
 
Condensed Consolidated Interim Statements of Financial Position
(unaudited)
As at December 31, 2017 and March 31, 2017
(in thousands of Canadian dollars)
 
                                                  December 31               March 31
                                                                                               2017                   2017
                                                                                     -------------- -------------------- --------------------
Assets                                                                                            $                                         $
Current assets
Cash                                                                                         62,127                                     9,678
Trade receivables                                                                            78,379                                     8,710
Inventories                                                                                 124,826                                   125,464
Income taxes receivable                                                              --                                     4,215
Other current assets                                                                         17,446                 15,156
                                                                                     -------------- -------------------- --------------------
Total current assets                                                                        282,778                                   163,223
                                                                                                                          
Deferred income taxes                                                                         6,804                                     3,998
Property, plant and equipment                                                                57,136                                    36,467
Intangible assets                                                                           135,212                                   131,912
Other long-term assets                                                                          483                            --
Goodwill                                                                                     45,269                 45,269
                                                                                     -------------- -------------------- --------------------
Total assets                                                                                527,682                380,869
                                                                                     ============== ==================== ====================
                                                                                                                          
Liabilities
Current liabilities
Accounts payable and accrued liabilities                                                     96,121                                    58,223
Provisions                                                                                   15,779                                     6,046
Income taxes payable                                                                         15,730         --
                                                                                     -------------- -------------------- --------------------
Total current liabilities                                                                   127,630                                    64,269
                                                                                                                          
Provisions                                                                                   11,298                                     9,526
Deferred income taxes                                                                        13,861                                    10,888
Revolving facility                                                                   --                                     6,642
Term loan                                                                                   132,619                                   139,447
Other long-term liabilities                                                                   6,548                  3,929
                                                                                     -------------- -------------------- --------------------
Total liabilities                                                                           291,956                                   234,701
                                                                                                                          
Shareholders’ equity                                                                        235,726                146,168
                                                                                     -------------- -------------------- --------------------
Total liabilities and shareholders’ equity                                                  527,682                380,869
                                                                                     ============== ==================== ====================
                                                                                                                          
 
Condensed Consolidated Interim Statements of Cash Flows
(unaudited)
For the nine months ended December 31
(in thousands of Canadian dollars)
 
                                                                                                      2017                                  2016
                                                                                                             -------------------------------------------------------- ------------------------------------
                                                                                                                                               $                                     $
CASH FLOWS FROM OPERATING ACTIVITIES:
 Net income                                                                                                          87,963                                                   45,071
 Items not affecting cash
  Depreciation and amortization                                                                                       9,271                                                    6,471
  Income tax expense                                                                                                 25,261                                                   15,416
  Interest expense                                                                                                    9,867                                                    7,543
  Unrealized foreign exchange (gain) loss                                                                            (8,520 )                                                  1,882
  Write off of deferred financing charges on refinancing revolving                                           --                                                      946
  facility
  Share-based compensation                                                                                            1,372              2,536  
                                                                                                             -------------- -------------------- -------------------- -------------- --------------------
                                                                                                                    125,214                                                   79,865
Changes in non-cash operating items                                                                                 (24,347 )                                                (18,320 )
Income taxes paid                                                                                                    (4,902 )                                                (17,017 )
Interest paid                                                                                                        (7,739 )                              (7,895 )
                                                                                                             -------------- -------------------- -------------------- -------------- --------------------
Net cash from operating activities                                                                                   88,226             36,633  
                                                                                                             -------------- -------------------- -------------------- -------------- --------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment                                                                           (19,904 )                                                (15,209 )
Investment in intangible assets                                                                                      (6,590 )                                                 (6,053 )
Business combination                                                                                                   (570 )                                (500 )
                                                                                                             -------------- -------------------- -------------------- -------------- --------------------
Net cash used in investing activities                                                                               (27,064 )                             (21,762 )
                                                                                                             -------------- -------------------- -------------------- -------------- --------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
(Repayment) borrowings on revolving facility                                                                         (8,861 )                                                 57,554
Repayment of credit facility                                                                                 --                                                  (55,203 )
Deferred financing fees on term loan syndication                                                                       (437 )                                         --
Recapitalization transactions:
                                                                                                             --                                                  212,519
  Borrowings on term loan, net of deferred financing charges of
  $3,427
  and original issue discount paid of $2,167
  Repayment of subordinated debt                                                                             --                                                  (85,306 )
  Redemption of Class A senior preferred shares                                                              --                                                  (53,144 )
  Redemption of Class A junior preferred shares                                                              --                                                   (4,063 )
  Return of capital on Class A common shares                                                                 --                                                     (698 )
  Shareholder advance                                                                                        --                                                  (63,576 )
Exercise of stock options                                                                                               585     --  
                                                                                                             -------------- -------------------- -------------------- -------------- --------------------
Net cash (used in) from financing activities                                                                         (8,713 )                               8,083  
                                                                                                             -------------- -------------------- -------------------- -------------- --------------------
Increase in cash                                                                                                     52,449                                                   22,954
Cash, beginning of period                                                                                             9,678              7,226  
                                                                                                             -------------- -------------------- -------------------- -------------- --------------------
Cash, end of period                                                                                                  62,127             30,180  
                                                                                                             ============== ==================== ==================== ============== ====================
                                                                                                                                                                                      
 
Reconciliation of Non-IFRS Measures
The tables below reconcile net income to EBITDA, adjusted EBITDA,
and adjusted net income for the periods presented:
 
CAD $000s                                                                                                                                       Three months ended                                                                              Nine months ended
(unaudited)                                                                                                                                                                                  December 31                                                                                                       December 31
                                                                                                                                           2017                                  2016                                  2017                                  2016
                                                                                                            -------------------------------------------------------- -------------------------------------------------------- -------------------------------------------------------- ------------------------------------
Net income                                                                                                          62,925                                39,088                                                   87,963                                45,071
Add the impact of:
Income tax expense                                                                                                  23,514                                                   14,139                                                   25,261                                                   15,416
Net interest and other finance costs                                                                                 3,386                                                    3,087                                                   10,077                                                    8,620
Depreciation and amortization                                                                                        3,261              2,539              9,271              6,471  
                                                                                                            -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
EBITDA                                                                                                              93,086                                                   58,853                                                  132,572                                                   75,578
Add (deduct) the impact of:
Bain Capital management fees (a)                                                                            --                                                    1,348                                           --                                                    1,560
Transaction costs (b)                                                                                       --                                                    2,890                                                    1,546                                                    5,624
Unrealized gain on derivatives (c)                                                                          --                                           --                                           --                                                    4,422
Unrealized foreign exchange gain on Term Loan Facility (d)                                                           1,160                                                    1,561                                                   (8,420 )                                                  1,561
International restructuring costs (e)                                                                       --                                           --                                           --                                                      175
Share-based compensation (f)                                                                                           294                                                    1,037                                                      684                                                    2,536
Agent terminations and other (g)                                                                            --                                                      116                                           --                                           --
Non-cash rent expense (h)                                                                                              141                329              1,132                987  
                                                                                                            -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Adjusted EBITDA                                                                                                     94,681             66,134            127,514             92,443  
                                                                                                            ============== ==================== ==================== ============== ==================== ==================== ============== ==================== ==================== ============== ====================
                                                                                                                                                                                                                                                                                        
CAD $000s                                                                                                                                                                             Three months ended                                                                                                 Nine months ended
(unaudited)                                                                                                                                                                                  December 31                                                                                                       December 31
                                                                                                                                           2017                                  2016                                  2017                                  2016
                                                                                                            ----------------------------------  -------------------- ----------------------------------  -------------------- ----------------------------------  -------------------- ----------------------------------
Net income                                                                                                          62,925                                                   39,088                                                   87,963                                                   45,071
Add (deduct) the impact of:
Bain Capital management fees (a)                                                                            --                                                    1,348                                           --                                                    1,560
Transaction costs (b)                                                                                       --                                                    2,890                                                    1,546                                                    5,624
Unrealized gain on derivatives (c)                                                                          --                                           --                                           --                                                    4,422
Unrealized foreign exchange loss (gain) on Term Loan Facility (d)                                                    1,160                                                    1,561                                                   (8,420 )                                                  1,561
International restructuring costs (e)                                                                       --                                                        0                                           --                                                      175
Share-based compensation (f)                                                                                           294                                                    1,037                                                      684                                                    2,536
Agent terminations and other (g)                                                                            --                                                      116                                           --                                           --
Non-cash rent expense (h)                                                                                              141                                                      329                                                    1,132                                                      987
Amortization on intangible assets acquired by Bain Capital (i)                                                         318                544              1,406              1,632  
                                                                                                            -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Total adjustments                                                                                                    1,913                                                    7,825                                                   (3,652 )                                                 18,497
Tax effect of adjustments                                                                                             (261 )                              (1,995 )                                 (87 )                              (4,401 )
                                                                                                            -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Adjusted net income                                                                                                 64,577             44,918             84,224             59,167  
                                                                                                            ============== ==================== ==================== ============== ==================== ==================== ============== ==================== ==================== ============== ====================
                                                                                                                                                                                                                                                                                        
(a)   In connection with Bain’s purchase of a 70% equity interest in our
                         business on December 9, 2013 (the "Acquisition"), we entered into a
                         management agreement with certain affiliates of Bain Capital for a
                         term of five years ("Management Agreement"). This amount represents
                         payments made pursuant to the Management Agreement for ongoing
                         consulting and other services. In connection with the IPO on March
                         21, 2017, the Management Agreement was terminated in consideration
                         for a termination fee of $9.6 million and Bain Capital no longer
                         receives management fees from the Company.
(b)                      In connection with the IPO in March 2017 and Secondary Offering in
                         July 2017, we incurred expenses related to professional fees,
                         consulting, legal, and accounting that would otherwise not have been
                         incurred. These fees are reflected in the table above, and do not
                         reflect expected future operating expenses after completion of these
                         activities.
(c)                      Represents non-cash unrealized gains on foreign exchange forward
                         contracts recorded in fiscal 2016 that relate to fiscal 2017. We
                         manage our exposure to foreign currency risk by entering into
                         foreign exchange forward contracts. Management forecasts its net
                         cash flows in foreign currency using expected revenue from orders it
                         receives for future periods. The unrealized gains and losses on
                         these contracts are recognized in net income from the date of
                         inception of the contract, while the cash flows to which the
                         derivatives related are not realized until the contract settles.
                         Management believes that reflecting these adjustments in the period
                         in which the net cash flows occur is more appropriate.
(d)                      Represents non-cash unrealized gains and losses on the translation
                         of the Term Loan Facility from USD to CAD, net of the effect of
                         derivative transactions entered into to hedge a portion of the
                         exposure to foreign currency exchange risk.
(e)                      Represents expenses incurred to establish our international
                         headquarters in Zug, Switzerland, including closing several smaller
                         offices across Europe, relocating personnel, and incurring temporary
                         office costs.
(f)                      Represents non-cash share-based compensation expense on stock
                         options issued prior to the IPO under our pre-IPO plan.
(g)                      Represents accrued expenses related to termination payments to be
                         made to our third-party sales agents. As part of a strategy to
                         transition certain sales functions in-house, we terminated the
                         majority of our third party sales agents and certain distributors,
                         primarily during fiscal 2015 and 2016, which resulted in indemnities
                         and other termination payments. As sales agents have now largely
                         been eliminated from the sales structure, management does not expect
                         these charges to recur in future fiscal periods.
(h)                      Represents non-cash lease amortization charges during pre-opening
                         periods for new store leases.
(i)                      As a result of the Acquisition, we recognized an intangible asset
                         for customer lists in the amount of $8.7 million, which had a useful
                         life of four years and has been fully amortized in the third quarter
                         of fiscal 2018.
                          
 
Pro forma income per share and adjusted net income per share
(unaudited)
CAD $000s                                                             Three months                       Nine months
(except per share data)                                                                                            ended                                                ended
                                                                                                             December 31                                          December 31
                                                                                                                    2016                                                 2016
Pro forma income per share
Net income                                                                                               $        39,088                      $                        45,071
                                                                                                                                               
Weighted average number of common shares                                                                     100,000,000                                          100,000,000
Pro forma for IPO as at April 1, 2016                                                                          6,308,154                         6,308,154
                                                                                                         ------------------------------------ --------------------------------
Pro forma weighted average number of common shares outstanding                                               106,308,154                                          106,308,154
over
the year
                                                                                                                                               
Pro forma income per share                                                                               $          0.37                      $                          0.42
                                                                                                                                               
                                                                                                                                               
Pro forma adjusted net income per share
Adjusted net income                                                                                      $        44,918                      $                        59,167
                                                                                                                                               
Pro forma weighted average number of shares                                                                  106,308,154                                          106,308,154
                                                                                                                                               
Pro forma adjusted net income per share                                                                  $          0.42                      $                          0.56
                                                                                                                                                          

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20180208005286r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20180208005286/en/

SOURCE: Canada Goose Holdings Inc.

ICR, Inc. 
Investors: 
Allison Malkin/Caitlin Morahan 
203-682-8200 
Allison.Malkin@ICRinc.com / Caitlin.Morahan@ICRinc.com 
or 
Media: 
Julia Young 
646-277-1280 
Julia.Young@ICRinc.com


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