Canada Goose Holdings Inc. (NYSE:GOOS) Q1 2024 Results Conference Call August 3, 2023 8:30 AM ET

Company Participants

Ana Raman - Vice President, Investor Relations

Dani Reiss - Chairman and CEO

Jonathan Sinclair - EVP and CFO

Carrie Baker - President

Conference Call Participants

Brooke Roach - Goldman Sachs

Robert Ohmes - Bank of America

Sam Poser - Williams Trading

Jay Sole - UBS

Jonathan Komp - Baird

Ike Boruchow - Wells Fargo

Operator

Thank you for standing by. Welcome to Canada Goose First Quarter 2024 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session [Operator Instructions]. As a reminder, today's program is being recorded.

And now I would now like to introduce your host for today's program, Ana Raman, Vice President, Investor Relations. Please go ahead.

Ana Raman

Thank you, operator, and good morning, everyone. With me are Dani Reiss, Chairman and CEO; Jonathan Sinclair, EVP and CFO; and Carrie Baker, President. After Dani's and Jonathan's prepared remarks, we will open it up for your questions. Our call today, including the Q&A portion, includes forward-looking statements. Each forward-looking statement, including without limitation, discussion of our financial outlook, is subject to risks and uncertainties that could cause actual results to differ materially from those projected. Certain material factors and assumptions were considered and applied in making these forward-looking statements. Additional information regarding these statements, factors and assumptions is available in our earnings press release issued this morning as well as in our filings with US and Canadian securities regulators. These documents are also available on the Investor Relations section of our Web site. The forward-looking statements made on this call speak only as of today and we undertake no obligation to update or revise any of these statements. We report in Canadian dollars so all amount discuss today are in Canadian dollars unless otherwise indicated. Please note that financial results described on today's call will compare first quarter results ended July 2, 2023 with the same period ended July 3, 2022, unless noted otherwise. Lastly, our commentary today will also include certain non-IFRS financial measures, which are reconciled at the end of our earnings press release.

With that, I'll turn the call over to Dani.

Dani Reiss

Thanks, Ana, and good morning, everyone. We kicked off the year with another strong quarter marked by healthy consumer demand for our products. Q1 revenue grew 21% over the same period last year to $84.8 million as more consumers around the world sought out our products for their style, performance and unmatched craftsmanship. Later, Jonathan will discuss our first quarter financial performance and our expectations for the second quarter. Today I'm going to focus on the progress we've made in Q1 across our three strategic pillars, driving consumer focused growth, building our DTC network and expanding our product categories. First, driving consumer focused growth. Revenue growth in our DTC channel was strong in Q1, up 60% year-on-year. During the quarter, we grew the number of customer shopping in our stores across our major markets led by Asia Pacific, which doubled from the same period last year as traffic returned following the removal of COVID restrictions. We are focused on creating great customer experiences, attracting customers to our well-known brand and keep loyal fans coming back for more. In Q1, we launched AI driven support on our e-commerce sites to offer real time self-serve to our customers. We're already seeing benefits from this initiative with over 25% of incoming customer conversations received in the quarter positively resolved through this tool. Initiatives like this with the unlocking of data through our CRM program will help us better engage with customers and provide elevated experiences.