TORONTO — Canada Goose Holdings Inc. says it reduced cash expenses and investments by about $90 million in its first quarter as it deals with fallout from the pandemic.
The clothing company says its executive team has taken voluntary salary reductions of 20 per cent, while chief executive Dani Reiss is foregoing his entire salary.
Canada Goose also says costs are down due to closures of its store and down-filled jacket manufacturing, among other things.
The comments by the company came as it reported a profit of $2.5 million or two cents per diluted share in its fourth quarter which ended March 29. That compared with a profit of $9 million or eight cents per share in the same quarter a year earlier.
Revenue in the fourth quarter totalled $140.9 million, down from $156.2 million in the same quarter last year.
On an adjusted basis, Canada Goose says it lost 12 cents per share for the quarter compared with an adjusted profit of nine cents per share a year ago.
This report by The Canadian Press was first published June 3, 2020.
Companies in this story: (TSX:GOOS)
The Canadian Press