Q4 2025 Canada Goose Holdings Inc Earnings Call

Operator: Good morning and welcome to the Canada Goose fourth quarter fiscal 2025 earnings call. All participants are now listen-only mode. After the speaker's remarks, we will conduct a question and answer session.

Good morning, and welcome to the Canada Goose fourth quarter fiscal 2025 earnings call.

All participants are in a listen only mode.

After the Speakers' remarks, we will conduct a question and answer session.

Operator: To ask a question at this time, you'll need to press star followed by the number one on your telephone keypad. As a reminder, this conference call is being recorded.

Ask a question at this time, you will need to press star followed by the number one on your telephone keypad.

As a reminder, this conference call is being recorded.

Neil Bowden: I would now like to turn the call over to Neil Bowden, Chief Financial Officer. Thank you. Please go ahead.

Speaker Change: I would now like to turn the call over to Neil bounded Chief Financial Officer. Thank you. Please go ahead.

Speaker Change: Good morning, everyone.

Neil Bowden: With me today are Dani Reiss, our Chairman and CEO, Carrie Baker, President of Brand & Commercial, and Beth Clymer, President, Chief Operating Today's presentation will contain forward-looking statements that are based on assumptions and therefore subject to risks and uncertainties that could cause actual results to differ materially from those projected. We undertake no obligation to update these statements except as required by law. You can read about these assumptions, risks, and uncertainties in our press release issued this morning, as well as in our filings with the U.S. and Canadian regulators. These documents are also available on the Investor Relations section of our website.

Speaker Change: With me today are Danny Reese, our chairman and CEO Cary Baker, President of brand and commercial and best climber, President Chief operating officer.

Speaker Change: Today's presentation will contain forward looking statements that are based on assumptions and therefore subject to risks and uncertainties that could cause actual results to differ materially from those projected.

Speaker Change: We undertake no obligation to update these statements except as required by law.

Speaker Change: You can read about these assumptions risks and uncertainties in our press release issued this morning as well as in our filings with the U S and Canadian regulators.

Speaker Change: These documents are also available on the Investor Relations section of our website.

Neil Bowden: We report in Canadian dollars, so all amounts discussed today are in Canadian dollars unless otherwise.

Speaker Change: We reported in Canadian dollars. So all amounts discussed today are in Canadian dollars unless otherwise indicated.

Neil Bowden: Please note that financial results described on today's call will compare fourth quarter results ended March 30, 2025 with the same period ended March 31, 2024, unless otherwise For today's call, Dani, Carrie, Beth, and I will deliver prepared remarks, following which we will open the call up to take questions.

Speaker Change: Please note that financial results described on today's call will compare fourth quarter results ended March 32025, with the same period ended March 31, 2024, unless otherwise noted.

Speaker Change: For today's call Dani carry best Ni will.

Speaker Change: We will deliver prepared remarks, following which we will open the call up to take questions.

Dani Reiss: With that, I'll turn the call over to Dan. Thanks, Neil, and good morning, everyone. I'll start with our fourth quarter performance and progress on our operating imperatives before I turn it over to the team to review our results in greater detail. The fourth quarter marked a strong finish to fiscal 2025 with revenue up 7% year over year. Our direct-to-consumer business showed positive momentum from a very strong December, delivering 7% DTC comparable sales growth for the quarter, a substantial improvement from our year-to-day performance. We are very pleased with our strong finish to the year and the progress that we've made building on the strength of our brand, enhancing our deep to sea execution and operating more efficiently.

Speaker Change: With that I'll turn the call over to Danny.

Danny: Thanks, Neal and good morning, everyone I'll start with our fourth quarter performance and progress on our operating imperatives before I turn it over to the team to review our results in greater detail.

Danny: The fourth quarter marked a strong finish to fiscal 2025 with revenue up 7% year over year.

Danny: Our direct to consumer business showed positive momentum from a very strong December delivering 7% DTC comparable sales growth for the quarter, a substantial improvement from a year to date performance.

Danny: We are very pleased with our strong finish to the year and the progress that we've made building on the strength of our brand enhancing our deep to see execution and operating more efficiently.

Dani Reiss: Our focus has delivered results, strengthening our foundation for future growth. The Canada Goose that customers experienced this quarter was more culturally relevant, more deliberate in our execution, and much more impactful in everything we did. We didn't just meet the moment, we created moments that elevated our brand in the global conversation. For example, our marketing campaigns for C-Mantra and Eyewear in February significantly boosted global brand search demand with a 19% year-over-year increase. This positive momentum continued into March, particularly in the United States. We took significant steps to become a better retailer in order to drive higher sales productivity in our stores.

Danny: Focus has delivered results strengthening our foundation for future growth.

Danny: We cannot use the customer has experienced this quarter was more culturally relevant we're deliberate in our execution and much more impactful and everything we did.

Danny: We didn't just meet the moment, we created moments that elevated our brand in the global conversation for example, our marketing campaigns with <unk> and I were in February significantly boosted global brands, whose demand with a 19% year over year increase this positive momentum continued into March, particularly in the United States.

Danny: We took significant steps to become a better retailer in order to drive higher sales productivity in our stores.

Dani Reiss: Our focus on enhancing store staffing, inventory position, and the in-store experience contributed to higher conversion rates in comparable stores for the year. We evolved our marketing and brand strategy, delivering impactful brand moments during our Snow Goose campaign, which now serves as the blueprint for future campaigns. And we successfully managed our inventory, which is now down year over year for six consecutive quarters, resulting in cleaner inventory across all channels and paving the way for much more product newness in the coming year. In today's uncertain trade environment, it is worth noting that our Made in Canada products, which represent the vast majority of our offering, are not currently impacted by the recently announced tariffs on imports into the United Well, these are uncertain times.

Danny: Our focus on enhancing store staffing inventory position and the in store experience contributed to higher conversion rates and comparable stores for the year.

Danny: We evolved our marketing and brand strategy delivering impactful brand moments during our snow Who's campaign, which now serves as the blueprint for future campaigns.

Danny: And we successfully managed our inventory, which is now down year over year for six consecutive quarters, resulting in cleaner inventory across all channels and paving the way for a much more product newness in the coming years.

Danny: In today's uncertain trade environment. It is worth noting that our made in Canada products, which represent the vast majority of our offering are not currently impacted by the recently announced tariffs on imports into the United States.

Danny: Well these are uncertain times I want to emphasize that this is not the first time, Canada Goose has successfully navigated uncertainty.

Dani Reiss: I want to emphasize that this is not the first time Canada Goose has successfully navigated uncertain times. We've endured challenging times before. for 2008. through COVID, and each time we've emerged stronger. Looking ahead, we're building on this momentum with a clear path forward. What works will continue to amplify. What needs refinement will evolve.

Danny: We've endured challenging times before.

Danny: Through 2008.

Danny: Through Covid and each time, we've emerged stronger.

Danny: Looking ahead, we're building on this momentum with a clear path forward.

Danny: What works, we will continue to amplify what <unk> will evolve.

Dani Reiss: In Fiscal Year 2026, we are going to focus on four key operating imperatives, each of which build on the success we saw from our efforts in Fiscal Year 2025. Building brand heat through focused marketing. The results that we've achieved through our approach to marketing and Fiscal 25 have informed our approach for the year ahead. When we invest boldly in strategic brand moments, we see a direct commercial impact. Our second key area is expanding our product offering to enhance year-round relevance. With our strengthened product leadership team, and with Heider Ackerman's creative involvement and vision, we will continue to develop and launch newness and strengthen our seasonal collections that will continue to resonate with customers throughout the year.

In fiscal year 2026, we're going to focus on four key operating imperatives, each of which build on the success. We saw from our efforts in fiscal 2025.

Danny: First.

Danny: Building brand heat through focused marketing investments.

Danny: The results that we've achieved through our approach to marketing in fiscal 'twenty five have informed our approach for the year ahead.

Danny: When we invest boldly and strategic brand moments, we see a direct commercial impact.

Danny: Our second key area is expanding our product offering to enhance year round relevance with.

Danny: With our strengthened product leadership team and with Hydro <unk> creative involvement in vision, we will continue to develop and launch newness and strengthen our seasonal collections that will continue to resonate with customers throughout the year.

Dani Reiss: Third, we will be driving business expansion through strategic channel development. We will continue to selectively expand our store footprint while renovating existing locations to deliver an exceptional brand experience and to better position our brand across strategic wholesale partners. And finally, We are operating efficiently and with pace and accountability, building for the future, requiring strategic investments in our people, systems, and processes, particularly in areas directly connected to revenue generation and customer experience. We will be making those critical investments while at the same time continuing our efforts to drive efficiency throughout our business. We are entering fiscal 2026 with strong momentum, momentum built on lasting foundation.

Danny: Third we will be driving business expansion through strategic channel development.

Danny: We will continue to selectively expand our historical print, while renovating existing locations to deliver an exceptional brand experience and to better position our brand across strategic wholesale partners.

Danny: And finally.

We are operating efficiently and with pace and accountability building for the future requires strategic investments in our people systems and processes, particularly in integrated directly connected to revenue generation and customer experience.

Danny: We will be making those critical investments while at the same time, continuing our efforts to drive efficiency throughout our business.

Danny: We have interim fiscal 2026 with strong momentum.

Danny: <unk> built on lasting foundations.

Dani Reiss: with a sharp focus on our operating imperatives. We're strengthening our brand, building it for generations, not just a single season.

Danny: With a sharp focus on our operating imperatives with strengthening our brand building for generations, not just a single season.

Dani Reiss: I want to thank our talented employees around the world for their dedication and commitment to excellence.

Danny: Want to thank our talented employees around the world for their dedication and commitment to excellence and with that I'll turn it over to Carey to discuss our commercial performance in more detail.

Carrie Baker: And with that, I'll turn it over to Carrie to discuss our commercial performance in more detail. Thanks Dani. Building on the inflection point in December, our momentum continued through the fourth quarter.

Carey: Thanks, Danny building on the inflection point in December our momentum continued through the fourth quarter.

Carrie Baker: Let me walk you through our progress in two of our three key operating imperatives in fiscal 2025 and how they position us for the future. starting with fueling the next phase of our brand strategy. In Q4, on the heels of our successful Snow Goose campaign, we introduced the Sea Mantra Collection, our most technically advanced rain jackets yet. Designed for extreme wet weather, they offer the same high-performance standards that define our snowmantra jackets in extreme cold. This bold addition to our performance category shows how we continue to push the limits in craftsmanship and innovation. And the launch also drove significant interest within our rainwear category.

Speaker Change: Let me walk you through our progress in two of our three key operating imperatives in fiscal 2025, and how they position us for the future.

Carey: Starting with fueling the next phase of our brand strategy.

Carey: In Q4 on the heels of our successful snow geese campaign, we introduced the metric collection, our most technically advanced rain jackets yet.

Carey: And for extreme wet weather they offer the same high performance standards that define our snow Manto jackets and extreme cold.

Carey: This bold addition to our performance category shows how we continue to push the limits and craftsmanship and innovation.

Carey: And the launch also drove significant interest within our rainwear category.

Carrie Baker: Our product mix continued to evolve, with downfilled outerwear seeing growth and apparel remaining our fastest growing category in both Q4 and across the full fiscal year.

Carey: Our product mix continues to evolve with downfield outerwear seeing growth in our payroll remaining our fastest growing category in both Q4 and across the full fiscal year.

Carrie Baker: Our wholesale strategy is another key part of our brand evolution, and we are seeing clear results. Strengthening our strategic partnerships and our focused approach to curated allocations are paying off with stronger year-over-year sell-through, especially in North America. This led to higher in-season reorder demand and a cleaner inventory position in the channel.

Carey: Our wholesale strategy is another key part of our brand evolution and we are seeing clear results.

Carey: Strengthening our strategic partnerships and our focused approach to curated allocations are paying off with stronger year over year sell through especially in North America.

Carey: This led to higher in season Reorders demand in a cleaner inventory position in the channel.

Carrie Baker: Now turning to our second operating imperative, driving best-in-class retail execution. As Dani mentioned, fourth quarter DTC sales comp was up 7% and we saw higher year-over-year conversion in every region. This growth validates both the investments we've made and our relentless focus on getting the fundamentals right to enhance the consumer experience across our retail network.

Carey: Now turning to our second operating imperative driving best in class retail execution is there.

Speaker Change: Danny mentioned fourth quarter DTC sales comp was up 7% and we saw higher year over year conversion in every region. This growth validates both the investments we've made and our relentless focus on getting the fundamentals right to enhance the consumer experience across our retail network.

Carrie Baker: Let me provide some color on our regional BTC performance. In North America, we saw exceptional momentum with DTC comps up 17% for the quarter. Store performance was particularly strong, with double-digit growth each month, reflecting the success of our retail execution strategies and marketing initiatives in the region.

Speaker Change: Let me provide some color on our regional DTC performance.

Speaker Change: In North America, we saw exceptional momentum with DTC comps up 17% for the quarter.

Speaker Change: Our performance was particularly strong with double digit growth each month, reflecting the success of our retail execution strategies and marketing initiatives in the region.

Carrie Baker: In EMEA, results were mixed throughout the quarter. The UK continued to face more challenging market conditions compared with the rest of the region where our stores in Milan and Paris in particular delivered strong performance. In APAC, we experienced a strong January driven by Lunar New Year, but softness in February and March. While traffic in the region continued to be impacted by macro challenges, we increased sales conversion. Our expanded live streaming presence in Mainland China is another continued opportunity, driving significant brand visibility and enhanced consumer engagement.

Speaker Change: In EMEA results were mixed throughout the quarter.

Speaker Change: The UK continued to face more challenging market conditions compared with the rest of the region, where our stores in Milan and Paris in particular delivered strong performance.

Speaker Change: In APAC, we experienced a strong January driven by lunar new year, but softness in February and March.

Speaker Change: While traffic in the region continued to be impacted by macro challenges, we increased sales conversion.

Speaker Change: Our expanded live streaming presence in mainland China is another continued opportunity driving significant brand visibility and enhanced consumer engagement.

Carrie Baker: Looking at global digital channel performance, we saw a spike in revenue and traffic in February, thanks to the online launch of our eyewear collection, where we introduced AI-powered virtual try-on tools, which consumers love. These tools didn't just improve the online experience, they boosted sales across other categories. And by staying consistent and intentional with how we connect with our consumers, we've seen our subscriber base grow year over year, with email now driving a much bigger share of our e-commerce sales.

Speaker Change: Looking at global Digital channel performance, we saw a spike in revenue and traffic in February thanks to the online launch of our eyewear collection, where we introduced AI powered virtual try on tools, which consumers loved.

Speaker Change: These tools didn't just improve the online experience they boosted sales across other categories.

Speaker Change: And by staying consistent and intentional with how we connect with our consumers we've seen our subscriber base grow year over year with E Mail now driving a much bigger share of our e-commerce sales.

Carrie Baker: Now, let me share our fiscal 2026 operating imperatives, which Dani introduced earlier. First, building brand heat through focused marketing investments in upper funnel marketing to drive brand heat and cultural relevance. What we saw in fiscal 2025 is clear. When we make bold moves that spark attention, search and sales follow. This work is all part of our journey to elevate the brand and connect with the right audience. By shifting our marketing efforts and investments earlier in the year and higher up the funnel, our aim is to create standout moments that build momentum and demand ahead of peak periods and keep Canada Goose top of mind all year long.

Speaker Change: Now, let me share our fiscal 2026, operating imperatives, which Danny introduced earlier.

Speaker Change: First building brand heat through focused marketing investments in upper funnel marketing to drive brand heat and cultural relevance what.

Speaker Change: What we saw in fiscal 2025 is clear when we make bold moves that spark attention search and sales follow.

Speaker Change: This work is all part of our journey to elevate the brand and connect with the right audience by shifting our marketing efforts and investments earlier in the year and higher up the funnel. Our aim is to create standout moments to build momentum and demand ahead of peak periods and Keith Kennedy is top of mind all year long.

Carrie Baker: To do that, we're increasing marketing spend as a percentage of revenue. We're increasing our investment in upper funnel marketing efforts and we're enhancing marketing impact through high profile campaigns, exclusive products and impactful storytelling. We're also evolving how we measure impact, recognizing that it's the full journey from brand building to conversion that drives results. This approach is already showing its value, helping us understand what's working and why. We're learning more about how each channel contributes, whether it's building long-term affinity, or generating immediate sales, and using those insights to make smarter, more effective decisions.

Speaker Change: To do that we're increasing marketing spend as a percentage of revenue, we're increasing our investment in upper funnel marketing efforts and we're enhancing marketing impact two high profile campaigns exclusive products and impactful storytelling.

Speaker Change: We're also evolving how we measure impact recognizing that it's the full journey from brand building to conversion that drives results.

Speaker Change: This approach is already showing its value, helping us understand what's working and why we're learning more about how each channel contributes whether it's building long term affinity or generating immediate sales and using those insights to make smarter more effective decisions.

Carrie Baker: Our second operating imperative for fiscal 2026 is expanding our product offering to enhance year-round relevance, which will deliver through three key initiatives. First bringing more newness than ever, nearly doubling the mix of updated and brand new styles, giving consumers more reasons to shop with us again. The excitement here is already building. We've received strong enthusiasm from our wholesale partners for both our spring, summer and fall winter 25 collection. Second, growing our apparel line to strengthen our year-round relevance and reach a broader range of lifestyles and environments, while still remaining a leader in downfilled outerwear through elevated fabrics, standout style, and innovative design.

Speaker Change: Our second operating imperative for fiscal 2026 is expanding our product offering to enhance year round relevance, which will deliver through three key initiatives.

Speaker Change: First bringing more newness than ever nearly doubling the mix of updated and brand new styles, giving consumers more reasons to shop with us again the.

Speaker Change: The excitement here is already building we've received strong enthusiasm from our wholesale partners for both our spring summer and fall Winter 2005 collections.

Speaker Change: Second growing our apparel line to strengthen our year round relevance and reach a broader range of lifestyles and environment, while still remaining a leader in downfield outerwear through elevated fabrics standard style and innovative design.

Carrie Baker: Our data shows that consumers who discover us through apparel are more likely to become repeat customers versus those who start their journey with other categories. So we're confident this investment will have meaningful commercial benefits.

Speaker Change: Our data shows that consumers, who discover us through apparel are more likely to become repeat customers versus those who start their journey with other categories. So we're confident this investment will have meaningful commercial benefits.

Carrie Baker: And third, starting in spring-summer 2026, Heider Ackerman's creative vision will extend across both Snow Goose and our mainline collection. To bring this to life, we're making meaningful investments to accelerate progress, starting with our product creation team. By better connecting design, development, sourcing, and merchandising through a more integrated and collaborative process, we're already seeing faster speeds market.

Speaker Change: And third starting in spring Summer 2026, hydro acumen his creative vision will extend across both <unk> and our mainline collection.

Speaker Change: To bring this to life, we're making meaningful investments to accelerate progress starting with our product creation teams by better connecting design development sourcing and merchandising through a more integrated and collaborative process, we're already seeing faster speed to market.

Carrie Baker: Our third operating imperative is driving strategic channel development through DTC excellence and elevated wholesale partnership. For DTC, we're focused on the following, growing our store presence with new openings and refreshing existing locations to create an even better experience for our consumers. as well as taking our retail store execution strategy to the next level. That means we're doubling down on what we kicked off last year with a focus on smarter staffing tied to store traffic, hiring earlier for peak seasons, creating more consistent in-store experiences and using our omni-channel tools to keep inventory flowing where and when it's needed most.

Speaker Change: Our third operating imperative is driving strategic channel development through DTC excellence and elevated wholesale partnerships.

Speaker Change: For DTC, we're focused on the following growing our store presence with new openings and refreshing existing locations to create an even better experience for our consumers.

Speaker Change: As well as taking a retail store execution strategy to the next level that means we're doubling down on what we kicked off last year with a focus on smarter staffing tied to store traffic hiring earlier for peak seasons, creating more consistent in store experiences and using our omni channel tools to keep inventory flowing where and when it's needed most.

Carrie Baker: Now to our digital initiatives, we will continue to enhance the site experience and personalization journey, making it easier for customers to discover shop and engage with our brand. We intend to bring our products to life through richer storytelling, offering a more seamless, unified experience across our full assortment and improving how we connect our mainline and Snow Goose collection. By leveraging attribute based merchandising and behavior driven insights, we aim to personalize the consumer journey, delivering relevant products and experiences at every step in their digital journey.

Speaker Change: Now to our digital initiatives, we will continue to enhance the site experience and personalization journey, making it easier for customers to discover shop and engage with our brand.

Richard: We intend to bring our products to life through Richard storytelling, offering a more seamless unified experience across our full assortment and improving how we conduct our mainline and snow goose collections.

Richard: By leveraging attribute based merchandising and behavior driven insights, we aimed to personalize the consumer journey delivering relevant products and experiences at every step in their digital journey.

Carrie Baker: In Wholesale, we're focused on showing up more consistently for our consumers, wherever they shop with us. We're investing in Shop and Shops and enhancing our showrooms to reflect the look and feel of our evolving brand, bringing our seasonal stories to life in a more immersive way. With sharper marketing and upgraded sales training for both in-person and virtual appointments, shopping in a multi-brand environment will feel more like Canada Goose than ever before.

Richard: In wholesale we are.

Richard: Focus on showing up more consistently for our consumers wherever they shop with US we are investing in shop in shops, and enhancing our showrooms to reflect the look and feel of our evolving brand, bringing our seasonal stories to life in a more immersive way.

Richard: With sharper marketing and upgraded sales training for both in person and virtual appointment shopping in a multi brand environment will feel more like Canada goose than ever before.

Carrie Baker: To summarize our commercial efforts, in a market full of noise and challenge throughout fiscal 2025, we stayed focused to own where we missed and deliver it where it counted most.

Richard: To summarize our commercial efforts in a market full of noise and challenged throughout fiscal 2025, we stayed focused to one where we missed and deliver it where it counted most.

Beth Clymer: We turned disciplined commercial execution into meaningful progress, and we're moving into fiscal year 2026 with I'll now turn it over to Beth.

Richard: We turned disciplined commercial execution into meaningful progress and were moving into fiscal year 2026 with strength.

Richard: I'll now turn it over to that.

Beth Clymer: Thanks, Carrie, and hello, everyone. As a reminder, our third operating imperative for Fiscal 25 was to simplify and focus the way we operate. We're doing this through internal operating excellence and focused capital deployment. First, internal operating I have consistently shared our focus on controlling corporate headcount, and we made further progress on that in Q4. We ended fiscal 25 with corporate headcount approximately 3% lower than we had at the start of the year, and that was after our March 2024 headcount reduction. We achieved this all while doing significant hiring in important areas like standing up our Paris design studio.

Speaker Change: Thanks, Carrie and Hello, everyone.

Speaker Change: As a reminder, our third operating imperative for fiscal 'twenty five was to simplify and focus the way we operate.

Speaker Change: We are doing this through internal operating excellence and focused capital deployment.

Speaker Change: First internal operating excellence.

Speaker Change: We have consistently shared our focus on controlling corporate head count and we made further progress on that in Q4, we ended fiscal 'twenty, 5% corporate head count approximately 3% lower than we had at the start of the year and that was after our March 2020 for head count reduction.

Speaker Change: We achieved this all of the significant hiring in important areas like standing up our Paris design studio.

Beth Clymer: Our focus on controlling corporate headcount is work. Not only are we a leaner team, but our employee net promoter scores are substantially higher than they were prior to our March 2024 org changes. Change is hard, especially when that change requires things like head camera. But this data tells us that our team is more engaged and more productive, which directly contributes to our improved business performance and operational efficiency. Second, focus capital deployment. We've made real progress in right-sizing inventory across all sales channels. We ended the year with $384 million of inventory, down 14% year-over-year, and we've met our objective of inventory turns reaching 1.0 times, up from 0.9 times at the same time last We achieve this through a combination of disciplined production levels, planning and allocation improvements to make and ship the right inventory to the right place at the right time, and leveraging brand-right channels to exit slow-moving inventory.

Speaker Change: Our focus on controlling corporate head count is working.

Speaker Change: Not only are we a leaner team, but our employee net promoter scores are substantially higher than they were prior to our March 2024 Orange changes.

Speaker Change: Change is hard, especially when that change requires things like head count reductions, but this data tells us that our team is more engaged and more productive which directly contributes to our improved business performance and operational efficiency.

Speaker Change: Second focused capital deployment.

Speaker Change: We've made real progress in right sizing inventory across all sales channels. We ended the year with $384 million of inventory down 14% year over year and we've met our objective of inventory turns reaching one point out times up from <unk> nine times at the same time last year.

Speaker Change: We achieved that through a combination of disciplined production levels planning and allocation improvements to make and ship the right inventory to the right place at the right time, and leveraging brand right channel to exit slow moving inventory.

Beth Clymer: Now we'll talk about the efficiency metric we are most focused on. SG&A is a percent of revenue. In the fourth quarter, SG&A, the percent of revenue, increased 220 bps year-over-year after accounting for adjustments related to the transformation program last year. On a full year basis, this metric increased to 130 bps year-over-year. There are three reasons. First, we did generate productivity by reducing SG&A on our corporate overheads, predominantly in headcount. Second, we made important revenue driving investment. specifically in stores, those that open in fiscal 24 and in fiscal 20. In marketing and in our design and product development teams, these investments are intentional and reflect a deliberate strategy to drive sustainable growth.

Speaker Change: Now I will talk about the efficiency metric. We are most focused on SG&A as a percent of revenue.

Speaker Change: In the fourth quarter SG&A as a percent of revenue increased 220 bps year over year after accounting for adjustments related to the transformation program last year.

Speaker Change: On a full year basis. This metric increased 130 bps year over year.

Speaker Change: There are three reasons for that.

Speaker Change: First we did generate productivity by reducing SG&A and our corporate overheads predominantly in head count.

Speaker Change: Second we made important revenue driving investments specifically in stores those that opened in fiscal 'twenty four and in fiscal 2009.

Speaker Change: In marketing and in our design and product development teams. These investments our intentional and reflect a deliberate strategy to drive sustainable growth and we saw the benefit of that with four consecutive months of positive DTC comp growth.

Beth Clymer: And we saw the benefit of this with four consecutive months of positive D to C competition. Lastly, we unfortunately did not generate positive comps for the entirety of the year. And that meant we did not leverage those costs as much as we had We are, of course, disappointed that we did not drive lower SG&A costs as a percent of revenue in fiscal 2025. That said, it is important to recognize that not all SG&A dollars are weighted equal. The investments we are making right now are intentional and focused. targeted specifically at brand relevance, product freshness, and revenue generation to support long-term growth.

Speaker Change: Lastly, we unfortunately did not generate positive comps for the entirety of the year and that meant we did not leverage those costs as much as we had hoped.

Speaker Change: We are of course disappointed that we did not drive lower SG&A costs as a percent of revenue in fiscal 2025.

Speaker Change: That said it is important to recognize that not all SG&A dollars are weighted equally.

Speaker Change: The investments we are making right now are intentional and focused targeted specifically at brand relevance product freshness and revenue generation to support long term growth. We truly believe this is the smartest use of our resources.

Beth Clymer: We truly believe this is the smartest use of our resources. And while we're investing in the right areas, we remain very disciplined and cautious about how and where we spend.

Speaker Change: And while we're investing in the right areas, we remain very disciplined and cautious about how and where we spend.

Beth Clymer: Over the course of fiscal 26, you will hear me continue to talk about our fourth imperative. Operating efficiently with pace and accountability. This means maintaining efficiency on our controllable costs, including corporate operations and supply chain costs, as well as third party. Making investments and critical drivers of sustainable growth, specifically design, product and market. and third, efficiently deploying capital expenditures and managing inventory. We will continue to measure and share with you our progress on this initiative, looking at SG&A as a percent of revenue, corporate headcount, and inventory.

Speaker Change: Over the course of fiscal 'twenty, you will hear May continue to talk about our fourth imperative.

Speaker Change: Operating efficiently with pace and accountability.

Speaker Change: This means maintaining efficiency on our controllable costs, including corporate operations and supply chain costs as well as third party costs.

Speaker Change: Making investments in critical drivers of sustainable growth, specifically design product and marketing.

Speaker Change: And third efficiently deploying capital expenditures and managing inventory.

Speaker Change: We will continue to measure and share with you our progress on this initiative looking at SG&A as a percent of revenue.

Speaker Change: Corporate head count and inventory turns.

Beth Clymer: Before I hand it over to Neil, I want to address the global trade environment. Tariffs are a standard part of our global business. We've successfully managed them across markets throughout our history, and our team is well-versed in adapting to policy changes. As they stand right now, the new United States tariffs have a minimal impact on our P&L. Approximately 75% of our units are made in Canada, virtually all complying with USMCA requirements, which means, as Dani mentioned earlier, they're currently exempt from tariff. Our remaining production, which is primarily from Europe, is facing an increase in tariffs, but they will have minimal financial impact.

Speaker Change: Before I hand, it over to Neil I want to address the global trade environment.

Speaker Change: Tariffs are a standard part of our global business.

Speaker Change: We successfully manage them across markets throughout our history and our team is well versed in adapting the policy changes.

Speaker Change: As they stand right now the new United States tariffs have a minimal impact on our P&L.

Speaker Change: Approximately 75% of our units remain in Canada, virtually all complying with U S MCA requirements, which means as Danny mentioned earlier, they're currently exempt from tariffs.

Speaker Change: Our remaining production, which is primarily from Europe is facing an increase in tariffs, but they will have minimal financial impact.

Beth Clymer: We're actively monitoring this evolving situation and remain well-positioned to react swiftly to any changes in U.S. or global tariffs. More importantly, beyond tariffs, our vertical manufacturing is a real source of competitive advantage for us. It gives us control over quality and craftsmanship, and it gives us agility in adjusting production to meet demand. We are currently leveraging this capability more than we ever have before, which is especially valuable in today's dynamic market. Of course, there will undoubtedly be second order implications on consumer sentiment, supply chain costs, et cetera, which we are monitoring closely and that Neil will discuss shortly.

Speaker Change: Actively monitoring this evolving situation and remain well positioned to react swiftly to any changes in the U S or global tariff policies.

Speaker Change: More importantly beyond tariffs our vertical manufacturing is a real source of competitive advantage for us.

Speaker Change: It gives us control over quality and craftsmanship and it gives us agility and adjusting production to meet demand.

Speaker Change: We are currently leveraging this capability more than we ever have before which is especially valuable in today's dynamic market.

Speaker Change: Of course, there will undoubtedly be second order implications on consumer sentiment supply chain cost et cetera, which we are monitoring closely and then Neil will discuss shortly but overall, we feel well positioned to navigate these uncertain waters.

Beth Clymer: But overall, we feel well positioned to navigate these uncertain waters.

Neil Bowden: I'll now turn it over to Neil. Thanks, Beth. First, I'll review our fourth quarter financial results and then discuss our plans for fiscal 2020. As a headline, Q4 was a notably stronger quarter for us against the deteriorating consumer backdrop and challenging global trade environment. In spite of these factors, we delivered consolidated revenue for the fourth quarter of $385 million, up 7% or 4% on a constant currency basis from the fourth quarter in fiscal 2015. D2C revenue increased to $314 million, up 12% year over year, including comparable D2C sales growth of 7%. Operating performance in our stores and e-commerce channels around the world was strong, with North America leading the pack, building on momentum that started in the back half of Q3 that has continued into Fiscal 2022.

Neil Bounded: Now I'll turn it over to Neil.

Neil Bounded: Thanks Beth.

Neil Bounded: First I'll review, our fourth quarter financial results and then discuss our plans for fiscal 'twenty six.

Neil Bounded: Headline Q4 was a notably stronger quarter for us against the deteriorating consumer backdrop and challenging global trade environment. In spite of these factors we delivered consolidated revenue for the fourth quarter of $385 million up 7% or 4% on a constant currency basis from the fourth quarter and fiscal 'twenty four.

Neil Bounded: <unk> revenue increased to $314 million up 12% year over year, including comparable DTC sales growth of 7%.

Neil Bounded: Operating performance in our stores and e-commerce channels around the World was strong with North America, leading the pack building on momentum that started in the back half of Q3.

Neil Bounded: That has continued into fiscal 'twenty six.

Neil Bowden: In the wholesale channel in Q4, revenue declined more year over year, as we compare it against the later shipping window in EMEA in fiscal For the full year, we performed ahead of our expectations of a 20% decline, reporting an 18% decline for the year. This was primarily the result of better in-season reorders, particularly in APAC, where our travel retail business is strengthened. We ended the year with Channel Inventory in a much healthier position and with better commercial alignment with our partners. Revenue in our other channel was down year over year as we held fewer friends and family events in the period.

Neil Bounded: In the wholesale channel in Q4 revenue declined more year over year as we compared against the later shipping window in EMEA in fiscal 'twenty four.

For the full year, we performed ahead of our expectations of a 20% decline reporting an 18% decline for the year.

Neil Bounded: This was primarily the result of better in season, Reorders, particularly in APAC, where our travel retail business is strengthening.

Neil Bounded: We ended the year with channel inventory in a much healthier position and with better commercial alignment with our partners.

Neil Bounded: Revenue in our other channel was down year over year, as we held fewer friends and family events in the period as you've heard we're satisfied with our inventory position at the end of fiscal 2005, which has been improved through brand right strategies in this channel.

Neil Bowden: As you've heard, we're satisfied with our inventory position at the end of fiscal 25, which has been improved through brand right strategies in this channel.

Neil Bowden: Earlier, Carrie provided the regional performance highlights and I'll reiterate a few key points now. First, D2C comp performance improved materially in every region from our results in Q3 and over the first nine months of Fiscal 25. In Q4, North America D2C comparable sales growth was 17% and 4% for the full year. In EMEA, D2C comparable sales growth was 4% but negative 7% for the full year. And in APAC, D2C comparable sales growth was flat and negative 10% for the full year. APAC was comping against a particularly strong Q4 of fiscal 24, as a reminder. If we double click into the markets, we saw strong performance everywhere throughout the quarter, with two exceptions, Greater China and the UK.

Neil Bounded: Earlier.

Neil Bounded: <unk> provided a regional performance highlights and I'll reiterate a few key points now first.

Neil Bounded: DTC comp performance improved materially in every region from our results in Q3 and over the first nine months of fiscal 'twenty five in.

Neil Bounded: In Q4, North America, DTC comparable sales growth was 17% and 4% for the full year in EMEA DTC comparable sales growth was 4%, but negative 7% for the full year and in APAC DTC comparable sales growth was flat and negative 10% for the full year.

Neil Bounded: APAC was comping against a particularly strong Q4 of fiscal 'twenty four as a reminder.

Neil Bounded: If we double click into the markets, we saw strong performance everywhere throughout the quarter with two exceptions, greater China and the U K both saw slower traffic as a result of a more difficult consumer sentiment and in both cases conversion improved.

Neil Bowden: Both saw slower traffic as a result of a more difficult consumer sentiment, and in both cases, conversion improved. As we move down the P&L, let's turn to gross profit, which increased 18% exceeding the pace of revenue. Gross margin expanded by 620 basis points in the quarter to 71.3%, and 69.9% for the full year, up 110 basis points over the previous fiscal year and ahead of our expectations. The results for Q4 and the full year share similar reasons. First, the benefit of a higher proportion of D2C revenue. Second, lower inventory provisioning in the current year against somewhat higher provisions in Q4 fiscal 24 related to our e-commerce business.

Neil Bounded: As we move down the P&L, let's turn to gross profit, which increased 18% exceeding the pace of revenue growth gross margin expanded by 620 basis points in the quarter to 71, 3% and 69, 9% for the full year up 110 basis points over the previous fiscal year and ahead of our expectations.

Neil Bounded: Zelle results for Q4, and the full year share similar reasons first the benefit of a higher proportion of DTC revenue.

Neil Bounded: Lower inventory provisioning in the current year against somewhat higher provisions in Q4 fiscal 'twenty four related to a re commerce business and third.

Neil Bowden: And third, the modest benefit of pricing. Growth in our apparel category delivered incremental gross profit dollars at a slightly lower gross margin, which somewhat offset items positively impacting gross margin during Adjusted EBIT for Q4 was $60 million, up 49% year-over-year. Adjusted EBIT margin was 15.5%, a 430 basis point expansion year-over-year, compared to 11.2% less. Gross profit improvement in the quarter and a disciplined approach to corporate expenses delivered meaningful year over year adjusted EBIT improvement in the period, despite the increased costs of operating a larger store network, investments in our product creation capabilities, and a larger marketing investment.

Neil Bounded: The modest benefit of pricing.

Neil Bounded: Growth in our apparel category delivered incremental gross profit dollars at a slightly lower gross margin, which somewhat offset items positively impacted gross margin during the quarter.

Neil Bounded: Adjusted EBIT for Q4 was $60 million up 49% year over year. Adjusted EBIT margin was 15, 5%, a 430 basis point expansion year over year compared to 11, 2% last year.

Neil Bounded: Gross profit improvement in the quarter and a disciplined approach to corporate expenses delivered meaningful year over year adjusted EBIT improvement in the period. Despite the increased costs of operating a larger store network investments in our product creation capabilities and a larger marketing investments with positive D to C comparable sales and discipline uncontrollable.

Neil Bowden: With positive D to C comparable sales and discipline on controllable SG&A, we delivered operating margin improvement reflecting the power of our business model when the right elements come together. For the full year, adjusted EBIT was $171 million, compared to $172 million in Fiscal 2024, representing a modest decline in operating margin. While this was below our original plan, we are pleased to see that we have been able to navigate the pressure on D2C comparable sales performance.

Neil Bounded: SG&A, we delivered operating margin improvement, reflecting the power of our business model and the right elements come together.

Neil Bounded: For the full year, adjusted EBIT was $171 million compared to $172 million in fiscal 'twenty four representing a modest decline in operating margin. While this was below our original plan. We are pleased to see that we have been able to navigate the pressure on DTC comparable sales performance.

Neil Bowden: The Intentional Rationalization of our Wholesale Order Book and Planned Investments in our Design and Merchandising Teams and Marketing. As Beth mentioned earlier, we are disappointed to have deleveraged in our SG&A line in Fiscal 25. Our plan for the year contemplated SG&A leverage as a path to operating margin expansion, which was based on higher levels of revenue growth at the beginning of our peak season than we'd Adjusted net income attributable to shareholders was $32 million, or $0.33 per diluted share, compared to $19.3 million, or $0.19 per diluted share in Q4 fiscal For the full year, adjusted net income attributable to shareholders per diluted share was $1.12, an improvement of 13 cents or growth of 13% compared to fiscal 2014.

Neil Bounded: The intentional rationalization of our wholesale order book and planned investments in our design and merchandising teams and marketing expenditures as Beth mentioned earlier, we are disappointed to have deleverage in our SG&A line in fiscal 'twenty five our plan for the year contemplated SG&A leverage as a path to operating margin expansion, which was based on higher levels of revenue.

Neil Bounded: Growth at the beginning of our peak season than we delivered.

Neil Bounded: Adjusted net income attributable to shareholders was $32 million or <unk> 33 per diluted share compared to $19 $3 million or <unk> 19 per diluted share in Q4 fiscal 'twenty four.

Neil Bounded: For the full year adjusted net income attributable to shareholders per diluted share was $1 12, an improvement of 13 or growth of 13% compared to fiscal 'twenty four.

Neil Bowden: Turning to about. As Beth mentioned earlier, inventory decreased 14% year-over-year, a material improvement directly resulting from a disciplined inventory management throughout Fiscal 25. We're well-positioned for Fiscal 26, with inventory strategically positioned in key markets, providing flexibility amid global trade challenges. The resulting cash flow generation from working capital improvement and operating performance added $189 million more cash at the end of the fiscal year, leading to net debt improvement of a similar amount. Net debt leverage on a trailing 12-month basis improved to 1.3 times adjusted EBITDA from 2.0 times adjusted EBITDA a year We start fiscal 26 in a strong liquidity position that provides flexibility to make strategic investments while maintaining an efficient capital.

Neil Bounded: Turning to our balance sheet.

As Beth mentioned earlier inventory decreased 14% year over year, a material improvement directly resulting from a disciplined inventory management throughout fiscal 'twenty five we're well positioned for fiscal 'twenty six with inventory strategically positioned in key markets, providing flexibility amid global trade challenges.

Neil Bounded: The resulting cash flow generation from working capital improvement in operating performance added $189 million more cash at the end of the fiscal year, leading to net debt improvement of a similar amount.

Neil Bounded: Net debt leverage on a trailing 12 month basis improved to one three times adjusted EBITDA from 2.0 times adjusted EBITDA a year ago.

Neil Bounded: We started fiscal 2006, and a strong liquidity position that provides flexibility to make strategic investments, while maintaining an efficient capital structure.

Neil Bowden: Our capital allocation priorities remain focused on driving shareholder value in the medium and long-term. First, by investing in organic growth opportunities central to long-term value creation, such as brand and product development, and expanding our retail. Secondly, enhancing the business's foundational needs, including upgrading our technology. And third, maintaining an efficient capital.

Neil Bounded: Our capital allocation priorities remain focused on driving shareholder value in the medium and long term first by investing in organic growth opportunities central to long term value creation, such as brand and product development and expanding our retail network.

Neil Bounded: Secondly, enhancing the businesses foundational needs, including upgrading our technology.

Neil Bounded: And third maintaining an efficient capital structure.

Neil Bowden: Now turning to Fiscal 26. There is no doubt that it has been a very turbulent period over these past several months, giving rise to material changes in the global trading environment. With changes occurring frequently, and with limited line of sight to the impact of these changes on the economy and consumer health, at this time, we do not believe it is prudent to provide a financial outlook for the For more information visit www.FEMA.gov Specifically on trade duties and tariffs, and we have heard the questions of how we are impacted a number of times, I want to be clear about two things.

Neil Bounded: Now turning to fiscal 'twenty six.

Neil Bounded: There is no doubt that it has been a very turbulent period over these past several months, giving rise to material changes in the global trading environment.

With changes occurring frequently and with limited line of sight to the impact of these changes on the economy and consumer health at this time, we do not believe it is prudent to provide a financial outlook for the year.

Neil Bounded: Specifically on trade duties and tariffs and we have heard the questions of how we are impacted a number of times I.

Neil Bounded: I want to be clear about two things first.

Neil Bowden: First... As a global business, tariffs are a reality of life and have been for a while. We have navigated through them successfully and, as you heard Beth say, the newly implemented tariffs are not material to the Fiscal 26 financial plans directly.

Neil Bounded: As a global business tariffs are a reality of life and have been for a while we have navigated through them successfully and as you heard Beth say the newly implemented tariffs are not material to the fiscal 2006 financial plans directly.

Neil Bowden: However... And secondly, the indirect effect of these actions on the global economy and changing landscape create greater uncertainty for us, especially as we are months away from our peak revenue periods, and the situation has changed frequently over the past decade. As you will expect, we are closely monitoring these dynamics and maintaining operational flexibility to respond as needed with a healthy balance sheet and liquidity.

Neil Bounded: However, and secondly, the indirect effect of these actions on the global economy, and changing landscape create greater uncertainty for us, especially as we are months away from our peak revenue periods and the situation has changed frequently over the past several months.

As you will expect we are closely monitoring these dynamics and maintaining operational flexibility to respond as needed with a healthy balance sheet and liquidity position.

Neil Bowden: where we do have clarity, however.

Neil Bounded: Where we do have clarity however.

Neil Bowden: is in what will create the greatest medium and long term value for our business, and controlling those things that we can Before I turn it over to the operator, I'd like to recap what you've heard from us today in terms of our operating imperatives for fiscal 26. Building brand heat through focused marketing investment. As Carrie mentioned, when we invest boldly in brand moments, we see a direct commercial impact. This year, we will strategically increase marketing investment and emphasize upper funnel activities to drive brand resonance, balancing near-term performance with long-term value creation. plan for fiscal 26 is to ensure that the marketing activities will cover the full year, which we know from our experience in fiscal 25 is the plan we need to drive those commercial outcomes that we've just seen over the past Based on that, we are confident this year's investment will bring a significant return, but given the shift up the marketing funnel, are not planning for the full benefit to be realized within the year.

Neil Bounded: And what will create the greatest medium and long term value for our business and controlling those things that we can control.

Neil Bounded: Before I turn it over to the operator I'd like to recap what you've heard from US today in terms of our operating imperatives for fiscal 'twenty six first.

Neil Bounded: Building brand heat through focused marketing investment.

Neil Bounded: As Carey mentioned, when we invest boldly and brand moments, we see a direct commercial impact.

Neil Bounded: This year, we will strategically increased marketing investment and emphasize upper funnel activities to drive brand residents balancing near term performance with long term value creation.

Neil Bounded: Plans for fiscal 'twenty six is to ensure that the marketing activities will cover the full year, which we know from our experience in fiscal 'twenty. Five is the plan we need to drive those commercial outcomes that we've just seen over the past six months.

Neil Bounded: Based on that we are confident this year's investment will bring a significant return, but given the shift up the marketing funnel are not planning for the full benefit to be realized within the year.

Neil Bounded: <unk>.

Neil Bowden: Expanding our product offering to enhance year-round relevance. Product and category newness is resonating with downfilled outerwear seeing growth and apparel remaining our fastest growing category in both the quarter and fiscal Our expanded design teams in Paris and Toronto are celebrating new product development across multiple categories, responding to consumer demand, while shortening our go to market cycle. Pricing changes will be made in We are planning for modest increases on carryover styles with some more strategic pricing on newness as we build category depth and assortment width.

Neil Bounded: Expanding our product offering to enhance year round relevance.

Neil Bounded: Product and category newness is resonating with downfield outerwear are seeing growth in apparel remaining our fastest growing category in both the quarter and fiscal 'twenty five our expanded design teams in Paris, and Toronto are accelerating new product development across multiple categories responding to consumer demand while shortening our go.

Neil Bounded: The market cycle.

Neil Bounded: Pricing changes will be made imminently.

Neil Bounded: We are planning for modest increases on carryover styles with some more strategic pricing on newness, because we build category depth and assortment with.

Neil Bounded: Third draw.

Neil Bowden: driving business expansion through strategic channel development. Our second half of fiscal 25 delivered solid improvements in D2C comparable sales and conversion rates, with this positive trajectory continuing into the first quarter of fiscal year 2021. We have more work to do here and we're committed to building on this foundation with specific performance metrics to track and drive our progress throughout.

Neil Bounded: Driving business expansion through strategic channel development.

Neil Bounded: Our second half of fiscal 'twenty, five delivered solid improvements in DTC comparable sales and conversion rates with this positive trajectory continuing into the first quarter of fiscal 'twenty six.

We have more work to do here and we're committed to building on this foundation with specific performance metrics to track and drive our progress throughout fiscal 'twenty six and on that we will keep you posted.

Neil Bowden: And on that, we will keep you. Capital Deployment this year is focused on investing in critical markets like Paris and Milan, where we expect high returns over time. And our total net store opening plans will exceed fiscal 25 levels.

Neil Bounded: Capital deployment. This year is focused on investing in critical markets like Paris, and Milan, where we expect high returns over time.

Neil Bounded: And our total net store opening plans will exceed fiscal 'twenty five levels.

Neil Bowden: Finally, operating efficiently with pace and accountability. We're enhancing operational efficiency through improved inventory turnover and disciplined SG&A management, particularly in corporate overhead as we scale. To close out today's remarks, I want to emphasize that our fiscal 25 performance, particularly in the second half of the year, demonstrated the strength of our brand and the effectiveness of our strategy when well executed. Despite market uncertainties, our strategy positions us for sustainable growth and enhanced shareholder value creation while deepening our connection with consumers around the world.

Neil Bounded: Finally, operating efficiently with pace and accountability.

Neil Bounded: We are enhancing operational efficiency through improved inventory turnover and disciplined SG&A management, particularly in corporate overhead as we scale revenue.

Neil Bounded: To close out today's remarks, I want to emphasize that our fiscal 'twenty five performance, particularly in the second half of the year demonstrated the strength of our brand and the effectiveness of our strategy when well executed.

Neil Bounded: Despite market uncertainties, our strategy positions us for sustainable growth and enhance shareholder value creation, while deepening our connection with consumers around the globe.

Neil Bowden: On behalf of the senior leadership team, I want to thank our teams around the world for their dedication and hard work throughout Fiscal 25, and we are excited about what Fiscal 26 will bring for Canada Goose.

Neil Bounded: On behalf of our senior leadership team I want to thank our teams around the world for their dedication and hard work throughout fiscal 'twenty five and we're excited about what fiscal 'twenty six will bring for Canada Goose.

Operator: With that, I'll turn the call over to our operator for questions. Operator, you can open the line. Thank you. As a reminder, to ask a question, please press star followed by the number one on your telephone keypad. To withdraw any questions, press star one again. We ask that you please limit yourself to one question and one follow up. Thank you.

With that I'll turn the call over to our operator for questions. Operator, you can open the line.

Speaker Change: Thank you as a reminder to ask a question. Please press star followed by the number one on your telephone keypad to withdraw any questions Press star one again.

Speaker Change: That you please limit yourself to one question one follow up thank you.

Brooke Roach: Our first question comes from Brooke Roach from Goldman Sachs. Please go ahead. Your line is open.

Speaker Change: Our first question comes from Brooke Roach from Goldman Sachs. Please go ahead. Your line is open.

Brooke Roach: Good morning and thank you for taking our question. I was hoping you could elaborate on some of the opportunities that you see in comp growth this year, particularly in North America. In your view, how sustainable is that North America comp trend that you delivered in the fourth quarter? And what are the things that you're doing to protect yourself from an uncertain macro environment into the peak winter season?

Brooke Roach: Good morning, and thank you for taking our question I was hoping you could elaborate on some of the opportunities that you see in comp growth. This year, particularly in North America in your view, how sustainable is that North America comp trend that you delivered in the fourth quarter and what are the what are the things that you're doing to protect yourself from an uncertain macro environment into the.

Brooke Roach: Peak winter season, and then a quick follow up for Neil.

Brooke Roach: And then a quick follow up for Neil. Can you contextualize the magnitude of the incremental SG&A marketing investments that you'll be making this year? What is percent of sales this year that is planned versus last year? And how are you thinking about that opportunity?

Brooke Roach: Can you contextualize the magnitude of the incremental SG&A marketing investments that youll buy that you'll be making this year.

Brooke Roach: What is a percent of sales.

Brooke Roach: This year those planned versus last year, and how are you thinking about that that opportunity. Thank you.

Carrie Baker: Thank you. Hey, Brooke, it's Carrie here. So Chalkfoot North America, yes, we had a great quarter, we saw And so we continue to see that opportunity ahead. And I mean, I talked about it in my remarks, but a few things. One, when you look at our product expansion, I think the way that consumers are responding to whether it's eyewear, whether it's responding to our newness in apparel, our newness in our core, we continue to see opportunities ahead to drive even more of that. The second part I would say is, you know, everything that we started last year and kicked off in terms of our store execution, so really focusing on putting the right people in place when we see traffic, making sure our inventory is in the right place, making sure our staff is really well trained.

Karri: Hey, Buck it's karri here so it sounds like North America, Yes, we had a great quarter, we thought.

Karri: This momentum and not yet and so we continue to see that opportunity you had them.

Karri: I mean, I talked about it in my remarks, but a few things one when you look at our product expansion I think the way that consumers are responding to whether its eyewear, whether it's responding.

Karri: Our units in apparel, our newness in our core.

Karri: Uh huh.

Karri: We need to see opportunities ahead to drive more of that.

Karri: The second part I would say is that everything that we started last year and kicked off in terms of or our store execution really focusing on the right people in place on that when we see traffic our inventories in the right place, making sure. Our staff that's really well trained I think we have the opportunity to keep doing that embedded at scale.

Carrie Baker: I think we have the opportunity to keep doing that, embed it at scale, and see that across every store, not just in North America, but I would say in every region. The third thing I would say is the response to the way we've been bringing those product stories to life, whether it's our eyewear launch, whether it was our Sea Mantra collection that introduced our spring product assortment, the way consumers have been responding to that really . . different, more focus on brand storytelling, more focus on upper funnel investments. That continues to give us confidence that there is more there.

Karri: We see that across every store.

Karri: I would say in every region.

Karri: The third thing I would say, it's the response to the way we've been bringing.

Karri: <unk> to life, whether it's our eyewear launch whether it with RSC mantra collection that introduced our spring.

Karri: Product assortment.

Karri: Consumers have been responding to that really cool different why focus on brand storytelling more focus on upper funnel investments that continues to give us confidence that there is more there and so that is a blueprint that we will continue to execute in FY 'twenty six because its delivering results. So very excited to keep doing that.

Carrie Baker: And so that is a blueprint that we will continue to execute in FY26 because it's delivering results. So very excited to keep doing that. We have lots of new exciting things coming up on the product front. Hyder's Snow Goose capsule is second, will be coming out imminently. And so we're excited to see the market.

Karri: Have a lots of new exciting things coming up on the product front that titers us nobody's capsule and second will be coming out imminently and so we're excited.

Karri: We'll get them out.

Neil Bowden: Thanks, Brooke. Nice to hear your voice. As it relates to SG&A, obviously, no, we're not providing any directional on what the percentages will be of sales. But I'll tell you a couple of things. First of all, as you heard here, both in Fiscal 25, as well as what's going to continue to happen in the next couple of weeks, We're focused on SG&A that is strategic and will deliver a long-term value, which means it may not all come back this year. The focus areas are clearly on marketing, where we've seen over the last several months a very substantial uptick in brand heat, as well as a media that's that's delivering secondary and focus is going to be around product design and merchandising where again Some benefits early on, but that's a longer-term play, of course.

Brian: Thanks, Brian.

Karri: Just to hear your voice.

Karri: As it relates to SG&A, obviously, no we're not we're not providing any directional on what the percentages will be of sales, but I will tell you in a couple of things first of all.

Karri: Both in fiscal 'twenty, five as well as what's kind of continued in fiscal 'twenty six we're focused on SG&A that is strategic and will deliver.

Karri: Long term value, which means it may not all come back this year. The focus areas are clearly on marketing, where we've seen over the last several months a very substantial uptick.

Speaker Change: Hey, Brad heat as well as.

Karri: Sure.

Karri: Paid media, that's that's delivering second area of focus is going to be around product design and merchandising work out and we've seen some.

Karri: Benefits early on but that's a longer term play of course, and then finally, we're going to put some more stores in places you've heard so.

Neil Bowden: And then finally, we're going to put some more stores in place, as you've heard. So we're certainly focused on areas of investment that we'll deliver. And on the other side, we're going to control costs around things like headcount and other corporate costs that maybe aren't necessarily returning at the same rate or over the same time frame.

Karri: Certainly focused on areas of investment that will deliver it on the other side, we're going to control costs around things like head count.

And other corporate costs that maybe arent necessarily in retarding, but at the same rate or are at the same time horizon.

Brooke Roach: Great. Thanks so much. Best of luck.

Speaker Change: Great. Thanks, so much best of luck I'll pass it on.

Operator: I'll pass it.

Rick Patel: Our next question comes from Rick Patel from Raymond James. Please go ahead. Your line is open. Thank you. Good morning, and congrats on the nice program. I'd like to focus on product newness. It sounds like it's accelerating.

Our next question comes from Rick Patel from Raymond James. Please go ahead. Your line is open.

Rick Patel: Thank you and good morning, and congrats on the <unk> program.

Rick Patel: The focus on newness it sounds like it's accelerating.

Rick Patel: How much of the store today represents what you would consider core products versus what we've considered newness, and how is that going to change over the course of the next year? And can you also help us think through the timing of some of the newer products coming in? Is it going to be gradual, or do you see a particular season where we should see a bigger output? Thanks, Rick. It was a little bit choppy, but I think the question was really around product newness and how that assortment is going to progress, so I'll leave it at that.

Rick Patel: Thursday represents.

Thank you.

Rick Patel: It is.

Speaker Change: I hope, it's going to change over the course of the next year can you also help us think through the timing of some of the newer products are going to be gradual or do you see a particular season or we should get bigger.

Rick Patel: Thanks, Rick.

Rick Patel: It was a little bit choppy, but I think the question was really around product newness and how that assortment is going to progress. So.

Rick Patel: Got it.

Carrie Baker: Yeah, I'll take that. So you heard me talk about in my remarks, so we are definitely focused on newness, not just new products, but also adding newness, whether it's through fabrics, whether it's through innovations on our core products. So we continue to see core products, you know, whether it's things we've introduced, you know, 10 years ago, there's still lots of opportunity and demand to animate that. And so that also is part of our newness strategy. We want to be able to give people new reasons to come back, as well as attract new consumers. So you heard me talk about apparel.

Rick Patel: Yeah I'll take that.

Speaker Change: So can you hear me talk about in my remarks that we are definitely focused on you and that's not just new products, but also adding newness, whether it's your fabrics, whether that's through innovation on our core products, though we continue to see core products you know, whether it's things we've introduced.

Speaker Change: 10 years ago, there's still lots of opportunity and demand to automate that and so that also is part of iron units strategy, we want to be able to give people new reasons to come back as well as attract new.

Speaker Change: New consumers. So you heard me talk about apparel that is definitely a forecast we see the demand that Omar.

Carrie Baker: That is definitely a focus. We see the demand. We're serving customers across different regions, across different climates. So rainwear, rainwear, Sea Mantra would be a great example of when we introduced Sea Mantra, it was, you know, the pinnacle product for rain. It had such a strong impact on demand for other rainwear, other wind, you know, or roofers. So that's what we're responding to. continue to see Snow Goose also as an opportunity. That's a much more of an opportunity to bring the brand to life in a very different way. Hider's creative vision, his aesthetic, his standards in craftsmanship that continues to delight our consumers.

Speaker Change: Thereby customers across different regions across different climates. So we're rainwear.

Speaker Change: C matter would be a great example of one we introduced <unk>.

Speaker Change: The pinnacle products for range it had such a strong impact on.

Speaker Change: Demand for other rainwear other windows.

Speaker Change: So that's what we're responding to.

Speaker Change: Continue to see them.

Speaker Change: Snow goes also as an opportunity that's much more of an opportunity to bring our brand to.

Speaker Change: For life in a very different way fighters creative vision has instead Atkins standards and craftsmanship that that continues to delight our consumers I'm excited for you guys to see that shortly.

Carrie Baker: So I'm excited for you guys to see that shortly.

Carrie Baker: In terms, I think the second part of your question is around timing. This is an ongoing, progressive introduction. So there's not sort of going to be one season where you suddenly see a brand new Canada Goose. We don't need to reinvent ourselves. We're just bringing life and adding newness to round out the assortment and to meet people where they're at. So I would expect to see, you will see lots of newness in fall winter that will continue into spring. And of course, with Hider's seasonal capsules, those are all brand new styles and colors and fabrics and you name it.

Speaker Change: In terms of I think the second part of your question is around timing. This is and it's an ongoing trial.

Speaker Change: Aggressive introduction, so there's not sort of going to be one.

Speaker Change: On the season, where you suddenly see a brand new candidate views, we don't need to reinvent ourselves, we're just bringing life and adding newness to round out the assortment and meet people where they are at so I would expect to see you will see lots of newness in all winter that will continue into spring and of course with hydro seasonal capsules that those are all brand new styles.

Speaker Change: Hi, Bert.

Speaker Change: And you name it so it's very exciting I think consumers it can be very interested to see our news slightly different lens on the Kennedy.

Carrie Baker: So it's very exciting. I think consumers are going to be very interested to see a new, slightly different lens on the Canada Goose. Thanks very much.

Speaker Change: The what.

Speaker Change: Thanks very much.

Alex Perry: Our next question comes from Alex Perry from Bank of America. Please go ahead. Your line is open. Hi, thanks for taking my questions here.

Speaker Change: Our next question comes from Alex Perry from Bank of America. Please go ahead. Your line is open.

Alex Perry: Hi, Thanks for taking my questions here the the decision to pull the guide or is that just based on you know volatile trends youre seeing from an end consumer standpoint.

Alex Perry: The decision to pull the guide, was that just based on, you know, volatile trends you're seeing from an end consumer standpoint? Have you seen, I guess a follow up on that is like, have you seen the same level of, you know, comp sales growth continue into the first quarter here and the momentum from the fourth quarter sort of continue here?

Speaker Change: Have you seen I guess a follow up on that is like have you seen the same level of comp sales growth continue into the first quarter here and the momentum from the fourth quarter on sort of continue here just wanted to ask a little more on the decision to pull the guide given you know not a ton of direct trade exposure.

Neil Bowden: Just wanted to ask a little more on the decision to pull the guide given, you know, not a ton of direct trade exposure? Sure. So just to answer the second part first, sales performance and just more generally sales performance in the early part of fiscal 26 has been positive. And so we're certainly encouraged by that. We see that momentum as a continuation of all the success that we've seen in the back half of the year, whether that's marketing or product or just pure better execution. The Poll of the Guide and the decision not to provide an outlook for the year is entirely around what we see as a fairly uncertain consumer environment around the world.

Alex Perry: Thanks.

Alex Perry: Sure.

Alex Perry: So just answer the second part first.

Alex Perry: <unk> sales performance and just more generally sales performance in the early part of fiscal 2006 has been positive and so we're certainly encouraged by that.

Alex Perry: We see that but let them, it's a continuation of all the success that we've seen.

Alex Perry: The back half of the year, whether that's marketing our product or just pure better execution from a DTC perspective.

Alex Perry: All of the guide.

Alex Perry: And the decision not to not to provide an outlook for the year is entirely around what we see as a fairly uncertain consumer environment around the world. There's no doubt that the trade environment is choppy and you correctly pointed out that our impacts are not necessarily direct buy we're quite a ways from our peak season and.

Neil Bowden: There's no doubt that the trade environment is choppy, and you correctly point out that our impacts are not necessarily direct, but we're quite a ways from our peak season, and where we thought we were on the 1st of February and the 1st of March and today are all different. The level of unpredictability there, at least in our view, is such that we're not prepared to provide an outlook for the year, although we've got a lot of great plans that you've heard that we intend on executing. Perfect.

Alex Perry: You know, where we thought we were on the first of February and the first of March and today are all different are all different and so the level of unpredictability there.

Alex Perry: At least in our view is such that we're not prepared to provide an outlook for the year. Although we've got a lot of great plans that you've heard that we had done executing and we fully expect.

Alex Perry: Successful execution of those plans over the next 12 months.

Speaker Change: Perfect and then just my follow up was on wholesale can you just give us at least the guideposts in terms of how we should be thinking about wholesale. This year are you sort of done with curtailing of the wholesale accounts.

Carrie Baker: And then just my follow up was on wholesale. Can you just give us at least the guideposts in terms of how we should be thinking about wholesale this year? Are you sort of, you know, done with the curtailing of the wholesale accounts? Are you seeing any significant change in retail or order patterns in the current environment? Thanks.

Speaker Change: Are you seeing any significant change in retailer order patterns in the current environment. Thanks.

Carrie Baker: here, I'll take that. So yeah, the majority, we talked about this before, I think the majority of our streamlining efforts are behind us. So we would say, you know, FY 26 is really a trough. So we'll continue our strategy of, you know, deepening our partnerships with the best brands that are aligning with our values, with our full price strategy with people that understand the journey that we are on. And so very pleased with what we're hearing from wholesale partners, they've seen our fall and our spring assortments, we're getting great response. That really is what we've done in 25, really created the blueprint for how we're going to execute in 26.

Speaker Change: Sure I'll take that so yeah. The majority we talked about this before I think the majority of our streamlining efforts are behind US we would say FY 'twenty six is really a trough. So we will continue our strategy of deepening our partnerships with the best brands are aligning with our values what they felt by strategy with people that understand the journey that we're on.

Speaker Change: And so very pleased with what we're hearing from wholesale partners they've seen a fall in our spring Assortments, we're getting great response from that.

Speaker Change: Really what we've done in 25 really created the blueprint for how we're going to execute in 26. So we.

Carrie Baker: So we do have expansion plans, I would say, increasing our presence in travel retail, particularly in the APAC region. And then in EMEA, we have investing more with influential partners. And that means branded environments, working with them on special exclusives. That 's your training, whether that's your visual merchandising. So we're happy with where we're at. And I would, yeah, we expect fiscal 26 really to be the trough and to grow from here. Perfect.

Speaker Change: We do have expansion plans I would say increasing our presence in travel retail, particularly in the APAC region.

Speaker Change: And then in EMEA, we have.

Speaker Change: Investing more with influential or can I understand that means branded environments working with them on special exclusive that means maintaining a more consistent connection to Kennedy's brand, whether that's their training whether that's through visual merchandising. So we're quite happy with where we're at now but yeah, we expect it.

Speaker Change: Fiscal 2000, and that's really to be the trough and then broke from here.

Speaker Change: Perfect. That's incredibly helpful best of luck going forward.

Operator: That's incredibly helpful. Best of luck going forward. Thanks, Alex. For any additional questions, please press star followed by the number one on your telephone keypad.

Speaker Change: Thanks, Alex.

Speaker Change: For any additional questions. Please press star followed by the number one on your telephone keypad.

Oliver Chen: Our next question comes from Oliver Chen from TD Cowan. Please go ahead. Your line is open. Hi, thanks. We've been noticing some really encouraging lifestyle changes in the store. Across global luxury, a lot of the regions have been pretty different within the sector.

Speaker Change: Our next question comes from Oliver Chen from TD Cowen. Please go ahead. Your line is open.

Oliver Chen: Hi, Thanks, we've been noticing some really encouraging lifestyle changes and the store across global luxury a lot of the regions have been pretty different within the sector. What regions are you most concerned about or would you call out as you think about opportunities.

Oliver Chen: What regions are you most concerned about or would you call out as you think about opportunities or where you need to go? And then as we think and continue to see newness, how would you think about Jim Roy's or Gross Margin Return on Inventory and or the segment where you think about margins and markdown cadence? Just would love to understand that complexion or just general thoughts as some of the seasonal apparel may be relevant to different seasons and your SKUs may change in terms of breadth versus depth as you become more lifestyle. Thank you. Thanks, Oliver.

Oliver Chen: Opportunities are where you need to go and then as we think and continue to see newness.

Oliver Chen: How would you think about Jim <unk> as our gross margin return on inventory.

Oliver Chen: Or the segment.

Oliver Chen: Where do you think about margins and markdown cadence.

Oliver Chen: I would love to understand that complexion, or just general thoughts.

Oliver Chen: The seasonal apparel.

Oliver Chen: To be relevant to different seasons in your excuse me may change in terms of breadth versus depth as you become more lifestyle. Thank you.

Speaker Change: Thanks Oliver.

Oliver Chen:

Carrie Baker: So let me walk through it. So in terms of regions, we continue to believe there's a lot of opportunity in all of them. So I would say when you look back at Q4 macro factors, probably the biggest impact was on the UK and in our MIA region, and then in China. So traffic definitely was lower, conversion was higher. So we're proud of the way that were able to convert that traffic. I would say, when you look at EMEA, they have really strong performance outside of the UK, so that's an area or a market that we are looking at and definitely dedicating our focus and attention to.

Speaker Change: So let me walk through it so in terms of regions. We continue to believe Theres, a lots of opportunity in all of them.

Speaker Change: So I would say when you look back at Q4 macro factors, probably the biggest impact was on the U K and then an army VA region and then.

Speaker Change: In China, so traffic.

Definitely with lower conversion was higher so I went out of the way that.

Speaker Change: We're able to convert that traffic.

Speaker Change: I'd say when you look at EMEA.

Speaker Change: Really strong performance in outside of the U K. So that's an area or a market that we are looking at and definitely and dedicating our focus and attention too.

Carrie Baker: In China, the consumer, we see them quite little. When we invest, again, the demand is there. When we're introducing new things, we saw the results of that in Lunar New Year, and so we expect that to continue. We just continue to see lower traffic levels. In North America, I think. We're well-placed. We're a well-placed brand. The consumer is resilient. We're seeing traction in both Canada and the U.S. So we continue to deliver on the strategy, whether it's marketing, whether it's our DTC execution, whether it's our product expansion. So really no areas of major concern. We just understand that there are fluctuating traffic patterns that we're responding to.

Speaker Change: In China, the consumer we see them invest again the demand is there when we're introducing his name he saw that saw the results of that in lunar new year, and we expect that to continue we just continues.

Speaker Change: Lower traffic levels.

Speaker Change: In North America I think.

Speaker Change: We're well placed we're well placed brand the consumer is resilient and we're seeing traction in both Canada and the U S. So.

Speaker Change: And you did.

Speaker Change: Deliver on the strategy, whether it's marketing, whether it's our DTC execution, whether it's our product expansion. So.

Speaker Change: Really no areas of major concern, we just understand that third fluctuating and traffic patterns that we are responding to it.

Speaker Change: Okay.

Neil Bowden: I can take the second one, Oliver, on Jim Roy and inventory and margin questions. Obviously, we're really pleased with our progress on that front. This year, we saw a pretty significant reduction in inventory levels, expansion of turns and strong margin performance. And I think there's there's lots more of that to come. I'll note we are less focused next year on absolute dollars of margin decline and more focus on driving turns, right, driving inventory efficiency. With regards to markdowns as we extend into more wind-style categories, you've heard us share in the past that some of those newer categories are slightly lower margin, but we feel very good about the margins in those categories.

Oliver Chen: I can take the second one Oliver on Jim Ryan, Let me try and margin question. Obviously, we're really pleased with our progress on that front. This theory.

Speaker Change: Pretty significant reduction of inventory level of expansion of turns and strong margin performance.

Speaker Change: There's lots more of that to come I'll note.

Speaker Change: We are less focus next year on absolute dollars of margin decline and more focused on driving turns right driving inventory efficiency with regards to markdowns as we extend it tomorrow lifestyle category as you've heard us share in the past that some of those newer categories are slightly lower margin, but we felt very good about the margins.

Speaker Change: In those categories. We also feel very good about aggregate impact of those net new categories on consumer purchasing more repeat purchases more multi unit purchases basket builders.

Neil Bowden: We also feel very good about aggregate impact of those net new categories on consumer purchasing. More repeat purchases, more multi-unit purchases, basket builders. So even if you have a slight gross margin impact from an apparel category, for example, relative to down-filled outerwear, the aggregate impact on our overall margins is going to be significantly better. So we feel good about all of the trends that should drive that inventory efficiency and margin profile in the short, medium, and long term.

Speaker Change: So even if you had a slide.

Speaker Change: Gross margin impact.

Speaker Change: Apparel category for example relative to downtown the outerwear the aggregate impact on our overall margins, it's going to be significantly better. So we felt good about all of the trends that should drive that.

Speaker Change: Our efficiency and margin profile of that short medium and long term.

Oliver Chen: Okay and a follow-up like as you know timing is everything regarding sequencing of marketing and as you think about return on ad spend relative to product execution and changes to newness and the new designer would love thoughts there and related is a customer lifetime value as you analyze new customers how's that complexion looking you know between new versus existing insurance and thinking about that UPT opportunity. Thank you.

Speaker Change: Okay, and a follow up like as you know timing is everything regarding sequencing of marketing and as you think about return on AD spend relative to the product execution.

Speaker Change: Changes to newness in our new designer would love thoughts there and related customer lifetime value as you analyze new customers how is that complexion looking between new versus existing and turns.

Speaker Change: Thinking about the <unk> opportunity. Thank you.

Speaker Change: Yeah.

Carrie Baker: I'll take the secrecy on marketing. So when you think about the difference between Fiscal 26 and Fiscal 25, we're investing much earlier. So you remember that we were strategically made a decision last year to focus on putting our investments and attention and energy around our biggest brand moment, which was the introduction of Hydro's first capsule. And so that happened late in the year. So what you'll see this year is, you know, whether it's a pull forward or planned earlier, we'll be executing much earlier. That's already started. We had a great kickoff of spring that started back in February and that has continued.

Speaker Change: I don't think so you can see on marketing. So when you think about the difference between fiscal 'twenty six in fiscal 'twenty by we're investing much earlier.

Speaker Change: So you remember that we were strategically made a decision last year to focus on putting our investments and attention and the energy around our biggest brand moment, which was the introduction of the tighter spreads capsule and so that happened late in the year. So what you'll see this year.

Speaker Change: Whether it's a pull forward of planned earlier, we'll be executing much earlier, that's already started and we had a great kickoff of spring.

Speaker Change: That started back in February and that has continued we've executed summer to a bigger degree so across the top to bottom funnel.

Carrie Baker: We've executed summer to a bigger degree. So across, you know, top to bottom funnel. And that will continue with the next Snow Goose capsule with a fall holiday. So we feel very comfortable that we're walking and executing earlier and more often. We'll have a chance to engage with our consumer ahead of peak, bringing in new customers. enticing existing customers to come back and purchase something different. So feeling really good about the the sequencing and the frequency. As it relates to measuring the effectiveness of those investments, Oliver, just a couple of comments. So, you know, obviously...

Speaker Change: And that will continue with the next step is capsule with our fall holiday. So we feel very comfortable about where I.

Speaker Change: One thing and executing earlier and more often.

Speaker Change: Have a chance to engage with our consumer ahead of peak, bringing in new customers enticing.

Speaker Change: Existing customers to come back and purchase something different so feeling really good about the sequencing and the frequency.

Speaker Change: Assessment.

Oliver Chen: As it relates to measuring the effectiveness of those investments Oliver It's a couple of comments so obviously.

Carrie Baker: Further down the funnel, you are the easier it is to measure return either on ad spend or on investment. We are fully intending on moving up the funnel and driving brand heat and those metrics in terms of returns are not necessarily financially are as easy to measure financially in a particular short period of time. We look at how is brand heat going to grow and how do we compare to both our trends, as well as what we view to be appropriate benchmarks there. I'd say just, you know, Transparent Around Consumer Life Cycle at Lifetime Value.

Oliver Chen: Further down the funnel you are the easier it is to measure return either on that spend around investments.

Oliver Chen: Our fully intending on moving up the funnel in driving brand heat in those metrics in terms of returns are not necessarily financially.

Oliver Chen: Financially over a particular short period of time, we look at how its brand he's gonna grow.

Oliver Chen: How do we compare to both our trends as well as what we deem to be appropriate benchmarks there.

Oliver Chen: I'd say just.

Oliver Chen: It would be transparent around consumer lifecycle of lifetime value.

Oliver Chen: We're probably at the earlier stages of maturity there, and that's an opportunity for us, especially as we build out some capabilities on marketing analytics to evaluate what that looks like over time. And as we grow both awareness and execution throughout the marketing funnel, I think we will improve on our ability to measure that, and therefore be able to drive improvement over time. Thanks a lot. That's for good.

Oliver Chen: We're probably at the earlier stages of maturity, there and that's an opportunity for us, especially as we build out some capabilities on <unk>.

Oliver Chen: Marketing analytics.

Oliver Chen: To evaluate what that looks like over time and as we as we grow.

Oliver Chen: Both awareness and execution throughout the marketing funnel.

Oliver Chen: Well you know what.

Oliver Chen: We will improve on our ability to measure that in.

Oliver Chen: And therefore be able to drive them.

Oliver Chen: Improvement overtime.

Oliver Chen: Yeah.

Oliver Chen: Thanks, a lot that's regards.

Operator: October We have no further questions in queue. I'd like to turn the call back over to management for any closing remarks. Okay. Thank you, everyone. Appreciate your interest today. And if you have any further follow-ups, please reach out to the Talented Investor Relations team here at Canada Goose. Take care and have a great day. This concludes today's conference call. Thank you for your participation. You may now disconnect.

Oliver Chen: Thanks Oliver.

Speaker Change: We have no further questions in queue I'd like to turn the call back over to management for any closing remarks.

Speaker Change: Okay. Thank you everyone. Appreciate your interest today and if you have any further follow ups.

Speaker Change: Please reach out to the talented Investor relations team here, Kevin I guess take care and have a great day.

Speaker Change: This concludes today's conference call. Thank you for your participation you may now disconnect.

Speaker Change: Yeah.

Speaker Change: Yeah.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: Yeah.