Canada Goose Holdings Inc. (NYSE:GOOS) Q1 2023 Earnings Conference Call August 10, 2022 9:00 AM ET

Company Participants

Amy Schwalm - VP of Investor Relations

Dani Reiss - CEO

Jonathan Sinclair - CFO

Conference Call Participants

Oliver Chen - Cowen

Ike Boruchow - Wells Fargo

Jonathan Komp - Robert W. Baird

Michael Binetti - Credit Suisse

Omar Saad - Evercore ISI

Meaghen Annett - TD Securities

Brooke Roach - Goldman Sachs

Adrienne Yih-Tennant - Barclays

Jay Sole - UBS

Operator

Good day, and welcome to the Canada Goose First Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instruction] Please note, this event is being recorded.

I would now like to turn the conference over to Amy Schwalm, VP of Investor Relations. Please go ahead.

Amy Schwalm

Thank you, operator, and good morning, everyone. With me are Dani Reiss, Chairman and CEO; Jonathan Sinclair, EVP and CFO; and Carrie Baker, President.

Our call today, including the Q&A portion, contains forward-looking statements. Each forward-looking statement, including 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 forward-looking statements, factors and assumptions is available in our press release issued this morning as well as the Risk Factors section of our most recent annual report filed with the securities regulators. These documents are also available on the Investor Relations section of our website. The forward-looking statements made on this call speak only as of today, and we undertake no obligation to update or revise them.

Lastly, our commentary includes certain non-IFRS financial measures which are reconciled at the end of our press release.

With that, I will turn the call over to Dani.

Dani Reiss

Thanks, Amy. Good morning, everyone. This morning, we released our results for first quarter of fiscal 2023. And I'll start with some highlights from the quarter. In Q1, we reported revenue growth of 24%, hitting almost $7 million. This was ahead of our expectations, and we are very happy with the trajectory of our business as we move into the fall season. North America continued to be a standout market for our brand. As of June, our stores in Mainland China have all reopened, and we are seeing positive signals as consumers are returning to stores. In addition, our maiden Canada model continued to help insulate gross margins for us at a time when others are seeing erosion.