Good morning. My name is Kenzie [ph] and I will be your conference operator today. At this time, I would like to welcome everyone to Canada Goose's Third Quarter 2020 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you. I would now like to turn the call over to Patrick Bourke, Senior Director, Investor Relations. You may begin your conference.

Thank you and good morning, everyone. With me are Dani Reiss, President and CEO; and Jonathan Sinclair, EVP and CFO. After prepared remarks from Dani and Jonathan, we will take your questions. This call including the Q&A portion, includes forward-looking statements. Each forward-looking statement including discussion of our fiscal 2020 outlook is subject to risks and uncertainties that could cause actual results to differ materially from those projected in such statements. Certain material factors and assumptions were considered and applied in making these forward-looking statements. Additional information regarding these forward-looking statements factors and assumptions is available in earnings press release issued this morning, as well as the Risk Factors section of most recent annual report filed with the SEC and Canadian Securities Regulatory. These documents are also available on the Investor Relations section of our website. Forward-looking statements made on this call speak only as of today and we undertake no obligation to update or revise any of these statements. Our commentary today will include certain non-IFRS financial measures which are reconciled in the table at the end of earnings press release issued this morning and available on the Investor Relations website. With that, I will turn the call over to Dani.

Thank you, Patrick. And good morning, everyone. There are two things that I want to accomplish with this call today. Number one, I'd like to share our third quarter results to continue to reinforce our brand health and long-term growth trajectory. And secondly, I'd like to address the coronavirus health crisis and its material impact on our fourth quarter performance. So let me start with the good news. Our brand is strong and our third quarter performance results are a testament to that. I'm really encouraged about the health of our brand and as energized as ever about our long-term potential. To me, what matters the most is that Canada, Goose is driving, driving traffic and sale at full price. We are delivering best-in-class product and experience, and we are building deeper relationships with our consumers. We're not only succeeding at all of this, but excelling. This was recently reflected in the List Index where Canada Goose was included as one of the top 20 hottest brands in the world in the last quarter of 2019. To compile this list, they analyzed the shopping behavior of more than 9 million shoppers across 12,000 designers and stores online. Considering search data and online sales, as well as social media and engagement statistics. It is a great external validation of what we already know to be true. That brands strength led to strong performance. Our third quarter revenue increased by 13.2% to $452.1 million and adjusted EPS per diluted share grew by 12.5% to $1.08. This was achieved with wholesale revenue decreasing by 8.4% due to a planned and communicated timely shift. As you'll recall last quarter, we had a shift in the order book to the left, and we forecasted a mid-teen decrease in Q3. Nonetheless, we outperformed our expectation because…

Good morning, everyone. And thank you for joining us. We delivered robust growth in revenue and earnings in the third quarter in line with our expectations across key metrics. As we contended, with the external disruptions and the planned timing shift in our wholesale business. As Dani mentioned, the continued strength of global affinity for our brand, the glowing growing international diversity of business were pivotal for our performance. With that said, the immediate and material negative impacted the coronavirus outbreak is having the fourth quarter, just six weeks of the year left. We have adjusted our annual outlook, and I'll return to this later. I’ll now walk through the numbers detail. Please note that all the figures are as usual quoted in Canadian dollars. For Q3 compared to the same quarter last year, revenue increased by 13.2% to $452.1 million or 13.7% on a constant currency basis. Starting with wholesale, revenue decreased by 8.4% to $150.3 million or 8.1% on a constant currency basis. As we discussed in our last call, this is mainly a function of when we shipped. This year, we were able to deliver a higher proportion of total order shipments sooner than last year in response to customer requests, and enabled by manufacturing flexibility. As a result of strong in season reorders late in the period, we outperformed our communicated expectation of negative mid-teens growth. DTC revenue increased by 28.3% to $301.8 million or 28.9% on a constant current basis. Hong Kong was a very severe headwind in the third quarter. With the anniversary of IFC’s exceptional opening, and despite the opening of an additional store this year in Ocean Center. Beyond the declines in tourism and traffic, we also had to contend with frequent reductions to regular operating hours. Otter [ph], IFC had 21…

Thanks, Jonathan. I would be remiss if I didn't take this opportunity to encourage you all to check out our new Project Atigi Collection. This year's expanded collection features 90 Bespoke pieces created by 18 innovative designers from 12 communities in Canada's North, who retain all the rights to their designs. All proceeds from the sale will benefit the Inuit communities across Canada, through ITK, which is a national organization which supports self-directed Inuit education, employment and cultural preservation programs. Arctic stewardship has always been a part of our business and it is something that I'm very passionate about. We're leveraging our global platform to share any craftsmanship with the world, and to create significant economic development in the areas that need it most. Watch the space closely as we have a big long-term vision for Project Atigi, and we are just getting started. While we activate this important initiative, we also just launched our global spring campaign with newest Goose Person, Kate Upton, a renowned supermodel, entrepreneur, and actress Kate is a passionate advocate for Polar Bears and protecting their habitat. This year’s collection includes five new spring styles for our Polar Bears international capsule, including rainwear, windwear, and lightweight down options, $50 from each jacket goes to funding for critical research and advocacy. I have always believed that what is good for business must also be good for the world. So I'm really excited about how closely our commercial efforts are married to our long-standing corporate citizenship initiatives. We're doing it in our own authentic way, true to where we come from and we're doing it at a greater scale than we have ever before. We look forward to releasing our first sustainability report in the near future. And with that, I will now turn over to the operator to begin Q&A.

Thank you. [Operator Instructions] Our first question comes from the line of Erwan Rambourg from HSBC. Please go ahead. Your line is open.

Yes. Thank you. Good morning, gentlemen. I'm quite surprised by the magnitude of the revision of the guidance given that North America is still 60% plus of your sales. So I was just wondering if you could give us details in terms of how much Chinese consumers account for in terms of your sales? I mean, we can have a look at Asia and take a view of what Greater China accounts for. But I guess more importantly, it would be interesting to understand how much Chinese travelers account for in terms of sales in Canada and the U.S. So I don't know, if you can give us an assessment of sales by nationality, which would be quite useful in understanding this revisions? Thank you.

Hi. So, I think our Gardens revision has been -- its important to understand is driven by the impact of the outbreak on our overall business in the fourth quarter having had a third quarter in line with expectations across our key metrics. In China, what we're talking about here is, that we have negligible revenue across our entire store network including Tmall. And while local demand in North American and China continues to be strong. International traffic from Chinese consumers is essentially shut off due to travel cancellations and restrictions. And for us and for the sector generally, they are the largest buyers of luxury goods. Now, while the impact is cost less severe on a unit-by-unit basis. the size of our business outside of Greater China is much larger in terms of distribution revenues, as you say. And for those reasons and this is reflected in our guidance, we also expect material revenue declines in North America and Europe. Historically, we've always said, that we have a mix of clientele. which always various by store, but on in aggregate is a 50-50 mix between domestic demand and international demand. And I think that's what you're seeing plan here.

Thank you. And just maybe a follow-up on wholesale, I think you mentioned that Canada was close to maturity. I'm just wondering if you could give us an update in terms of where you stand in terms of the number of doors? I think you went gradually down from 2,500 to close to 2,000 or maybe bit a below. Where do you stand today in terms of doors at wholesale?

So, in fiscal 2018, we were at 22 -- fiscal 2019, sorry, we were 2200. And we were on a gradual journey of editing towards about the 2000 mark.

Okay. Thank you.

Our next question comes from the line of Omar Saad with Evercore ISI. Please go ahead. Your line is open.

Good morning. Thanks for all the information. Appreciate the update. I just kind of wanted to follow-up on the commentary around China and the coronavirus impact. Just kind of couple questions embedded within that. Did you see a sharp drop off both in Mainland China and with the tourist business outside of Mainland Greater China. Would you see that really start to drop off post that kind of January 23 timeline that everyone's pointing to? And then I guess, if I look at your revised guidance it seems like the implied fourth quarter growth that was implied in the guidance. Previously, it was probably around plus 20 and now you looks like you're talking about minus 10 to minus 20 for the fourth quarter. Does that mean that the Chinese consumer -- did that imply with the Chinese consumer is roughly 30%, 40% of your overall base. Is that the right way to think about it including the traveling Chinese consumer? And then, are you -- last piece on -- last question on the China piece. Are you seeing any -- what's happening in with your e-commerce business in China? We've heard from a couple other players that the e-commerce business is holding up better, because people don't have to leave their homes and they can still shop online and have stuff delivered? Thank you.

Yes. I mean, in terms of the big picture, like I think that the fourth quarter was -- the impact on the guidance of the fourth quarter were directly related to China, and also to Chinese tourists traveling and the overall travel ban [ph] that have taken effect, airline cancellations and that has caused a decline in traffic overall. And also, understandably, people are staying home and not shopping, take care of their health both not shopping in stores or online as much as they were before. And that's the macro reason why our guidance changed this quarter.

And I think it's fair to say that, the drop off in traffic in malls and in shopping destinations in China was sudden, dramatic and happened -- and affected the entire sector around the time we suggest. And that guides us to Tmall just as much as it does physically to the stores.

Interesting. Okay. Thank you. Thanks for the color. Great job.

Our next question comes from the line of Kate Fitzsimons with RBC Capital Markets. Please go ahead. Your line is open.

Yes. Hi, guys. Thanks for taking my questions. I know too early obviously to give guidance for fiscal 2021. Just given the business is facing some headwinds right now between Hong Kong and China. Dani, you've been pretty clear that Asia is a big part of the growth story go forward. You have seen tremendous growth in recent quarters despite what you're seeing right now. I guess, when we're thinking about fiscal 2021 growth plans, how is what you're seeing in the business right now adjusting how you were thinking about the growth levers into fiscal 2021? And then longer, can you just speak to your confidence that this headwind doesn't impair growth below that 20% plus three-year top line outlook you guys put out about a year ago? Thank you.

Thanks for question. I mean, we're very confident in a long term prospects of the business. I think, there's a near-term business impact and there's a long-term business impact, then obviously, it's a major headwind near-term and long term. We're very confident of the financial strength of our business. And we're poised to continue our expansion. And we're very comfortable that we're continuing to do so on the same trajectory and similar trajectory as we have been growing our business, especially in China, where we just started just over a year ago building that business unit and its growing very rapidly and it continues to grow rapidly, and there's so much runway there. We're excited to continue that growth once this crisis passes, and once we get -- we as world get through it. And I think you can point to things like the fact that we were included as one of the 20 hottest brands on the list index in the last quarter of 2019. That's I think a very important external validation of our brand and what we know to be true. On top of Asia growth we've -- we see great strength in U.S. DTC as that continues to grow. So we see a lot of really positive signs. We see really -- I think our concept store in fact that we're taking a leadership position at redefining and finding out the new generation of experiential retail, that's really important to us -- to not be complacent to continue to figure out what that is. I think that's all really important. So, once we get past this temporary and specific matter, I think, I'm very confident in our continued ability to grow.

Great. Thanks so much.

Your next question comes from the line of Jonathan Komp from Baird. Please go ahead, your line is open.

[Indiscernible].

We can't hear the speaker.

We can't hear the speaker.

Jonathan Komp, we are unable to hear you. If you could remove yourself from speakerphone.

We want to move to the next one and we can take Jonathan after he re-queues.

Certainly, Our next question comes from the line of Michael Binetti from Credit Suisse. Please go ahead. Your line is open.

Hey, guys. Thanks for taking the questions here. So, I want to follow-up on the coronavirus impact. It looks like you're implying margins in that business. And that was lost sales fairly similar to what we've seen from some of the other global businesses recently. But any -- I'm trying to figure out -- is that -- is the $50 million, $55 million reduction, is that concentrated in Global DTC? Or was there any -- did you lower the plan at all for wholesale that you had in the fourth quarter? It seemed like most of that would be -- seems like you're putting -- you're assuming most of that impact will happen in direct-to-consumer. It would be helpful to understand kind of what you're seeing or a few -- I don't know if you're seeing any wholesale partners cut orders in the near term this quickly considering corona really just hit the Newswires three weeks ago?

Mike, this is Jonathan here. You're absolutely right. This is a DTC story. Wholesale is relatively low in this quarter. Anyway, it's all in support of our spring business. Its proceeding as planned. This is all about DTC.

Okay. I guess, I just -- I would love a little bit of help understanding some of the metrics within DTC because as the business has grown, its become a lot more complex and a lot harder for us to understand. We're trying to reconcile between dynamics like 29% DTC growth in the quarter. The store count was up 70 depending on the footage if we have it right. It looks like it might 50. Both numbers are significantly higher than the 28% total DTC growth. I know you'll reference a difference in productivity as you move out of the real power centers in Soho and things like that. But it's hard for us to understand the componentry of how the legacy stores are growing on a year-over-year basis as e-commerce growing globally within that DTC number just because of the number of lines that are feeding in there. Is there anything you can help us understand so we get a better understanding of the economics of the of the new stores as they're coming in? And you really move out of the shopping centers that are -- there's not going to be many shopping centers, right, like outside Soho with the kind of economics like that as you go forward. And I think it's becoming more important for us to understand as the store count grows bigger for you?

Okay. So, two or three things. Number one, we've got 20 locations in a world where there are way more than that in terms of great prime, highly productive retail luxury locations. So, it's not a question that we're sort of going down the list as it were, and sort of only having the best stores in the first year and everything else is worse than that. So second point, inevitably therefore different cohorts of stores have different characteristics. And this year's cohorts of stores happens to have a set of characteristics, which is somewhat different when it comes to the sales densities that we experienced for a variety of reasons, and I enumerated those on the call -- sorry, in my prepared remarks. In the sense that, we've got stores which were in tourist locations. So we've got stores that are in resort locations, or experiential stores, and therefore extrapolating the sales density of the existing fleet into those and expecting that to be how the numbers manifest themselves is probably oversimplifying it as a result. And -- but that said, when we look at the future runway and the ability to grow the stores and the sales from those stores into the future, we have huge amounts of white space to grow the brand. When it comes to online, we've seen strong performance in our online pretty much around the world. I think, we've certainly seen -- we've called out the strength and performance in America. We call that the strength and performance in China, both of which are huge e-commerce markets, and both of which saw significant growth. As we get further into omni-channel, I see that as a point of leverage across the entire DTC operation.

Can I just. If corona comes and goes within the march quarter, I don't know about the timing. Is this a 20% multi-year revenue growth algorithm business as we get into 2021?

For a variety of reasons, we've made the case as to why this business is a fraction of its eventual size. The impact of this terrible and sudden health crisis is temporary in our view, and it doesn't affect our view of our strategy and of the potential of this brand and our ability to continue to grow.

Okay. Thank you.

Our next question comes from the line of Jonathan Komp from Baird. Please go ahead. Your line is open.

Yes. Apologies for the last time. Maybe just to re-ask my question. Really want to understand as you're planning the business how you're thinking about the ongoing impact from the coronavirus crisis. And as you think to the months and quarters ahead, just any more color on how to think about the seasonality as it changes, and the relative mix of the business being impacted. And then also your ability to react more from a cost or margin perspective?

I think, we're being responsible in the way that we plan the business. Obviously, none of us know exactly how this plays out and over what period of time. But what we are doing is if you like looking for this through two lenses, one is our long-term growth, our long-term potential and ensuring that we are taking the right decisions to continue to grow this brand. And on the other hand we're being [Indiscernible] we are good financial stewards of the business.

Okay. I understood. And then, if you -- no, I'm sorry go ahead, Dani.

I'll just add to that, maybe exactly what Jonathan said, I think that's for long term and a near term we're being cautious. In the long-term, I'm an optimistic person. I have a tremendous amount of optimism about the future of this business.

Okay, great. And then just one follow-up. Both related to some of the comments around Canada and the tough retail environment and then the obviously the dynamics in China. Just when you think of the inventory you have today, is like how different is it on hand versus what you would have expected your 90 days ago? And just any thoughts about the risk of the balance of current good that you have on hand?

Yes. We're really happy with where we stand with the regards to our inventory. I mean, as we've explained and as we've planned, we've really been building out our in-house capacity, which is a core strategy of ours from beginning and we've successfully reached a point where we're very happy with our in-house facilities to a point where we're now rationalizing third-party Canadian contractors. And so, as a result of this build, we've built lot of inventory and through this rationalization, we're going to see the ratio of that inventory to sales come down, and that will become noticeable in third quarter of next year. Also as a result, we have a good amount of inventories, all of this inventories is a stage for next year. Jonathan has mentioned in his prepared remarks over 80% of it is made for next year and it's all good inventory. So, we feel like we're in a really good position especially given, the unfortunate events that the coronavirus presented to be able to deliver all the orders for next year as well with this inventory.

Okay. Appreciate the color. Thank you.

Your next question comes from the line of Oliver Chen from Cowen & Company. Your line is open.

Hi. Thank you. As we model the gross margin on a longer-term basis, should we expect continued pressure from freight costs inflation. And as you enter newer categories the negative mix impact. We'd love your thoughts?

Thanks, Oliver. I think from our point of view, nothing's changed. In the sense that we talked about tailwinds and we talked about headwinds, and our algorithm doesn't change. In other words, we don't see margin overtime going massively up or down. What we still is ourselves managing a balance in channel between the tailwinds of bringing more production in-house, pricing efficiency and reinvesting that in addressing the cost inflation of the inputs that we have, as well as in the development of our product. So, we don't see anything that's really changed.

Okay. In the newer categories, it looks like consumer reception has been really good. What are your thoughts on the inventory planning around newer categories and a different kind of risk profile as you assort to year round product versus some of your core, high margin staples?

We're really excited about how -- with the reception to our new products. And I think that the reason why that we've been able to deliver great new products in the market because of our strategy and taking our time around new products and making use of the rights of the marketplace. And we're very conservative and how we build inventory with our new products, new product offerings, which is why they build slowly, and we're -- and over time we believe that's the right way of doing it. And we have a long runway ahead of us.

Thank you. And lastly, are you thinking about M&A in terms of your strategy and what you're considering for growth opportunities and synergizing your talents?

We're not.

Best regards.

Our next question comes from the line of Sam Poser from Susquehanna. Please go ahead. Your line is open.

Good morning. Thank you for taking my questions. A couple of things. Prior to the slow down of the traffic due to the coronavirus, was there a change in the manner the filling orders that were planned from retailers that was planned for fourth quarter? I mean, was there any impact on any other thing in the fourth quarter maybe due to weather and so on that impacted your fourth quarter reduction and guidance as well?

No. I mean, if anything what we saw was that we took more in season orders than we thought, because we guided as you'll recall to mid teens decline in Q3 in wholesale and we actually came in at 80% or so decline and the delta there was the in-season reorders. So no, absolutely not.

But nothing impacting the expectations of -- so some of those reorders may have been pulled from what you're expecting in fourth quarter, but nothing else changed, just to clarify?

No. And the reality was that people wanted the inventory in Q3 when they could sell it, but they were keen for it.

But on the contrary, our wholesale orders in Q3 were higher than expected. We shifted a lot in Q2, and we expected a year-over-year decline, but it was far less than we thought it would be.

Thank you. And then secondly, are you doing anything with your logo, adding more black label, maybe developing other new logos going forward. I noticed that within the Soho store that there's just a relative to others as a very large swaths of black label there, but I -- and I was just wondering if you had any -- anything in the works in that regard?

Thanks for your question. We are strong advocates and believers in consumer choice and we recognize the different consumers have different taste, preferences and that's reflected in the colors of the logos that are available in markets.

All right. Thanks very much and good luck.

Thank you.

Our next question comes from the line of Mark Petrie from CIBC. Please go ahead. Your line is open.

Hey, good morning. I just wanted to ask you about the relative sort of pricing levels and price increases that you've taken across the portfolio. The season, not sure if you can quantify what the overall sort of price increase would have been for this year. And sort of interested, I guess, specifically, with regards to parkas, but also then and lightweight down and you call that the success there. And then, you have been introducing many new products at the higher end of the range. I'm not talking about BRANTA, but just in terms of the core portfolio. I wonder if you could talk about the performance of those newer products at the higher end and your perspectives on pushing prices further in fiscal 2021? Thanks.

I will answer your question in two parts. I'll talk a bit about pricing. And we've always talked about taking price in the mid single digits, and that's, that's something that we continue to do. That applies surgically across the product collections. And then we deploy that around the world, in line with global pricing index followed by other brands. So nothing has changed. We continue to do that.

And to follow on to Jonathan's comments with regards to us putting new products into the marketplace at higher price points. That has definitely been a strategy of ours and I'm happy. This is working extremely well for us. And we intend to continue to do so.

Okay. And then I just wanted to follow-up on the previous comment just about the trends in Q4 that there is -- there seem to be a pretty healthy inventory levels throughout the retail channel, the wholesale channel. I know, you haven't seen sort of evidence of discounting. But could you just talk about your conversations with your wholesale partners to this point, their level of sort of comfort with inventory levels today and how you see that playing out?

Yes. We have very strong and strategic relationships with all of our wholesale partners. We've always aligned ourselves with partners who share the same values that we do, and we -- the conversations are really easy because we're -- first of all, we are a brand that helps drive traffic to stores as many of our wholesale partners have called out themselves. And so, the nature of the competition are very easy. Like we're outlier and that we don't believe in being promotional and our partners share that vision.

Okay. Thanks a lot.

Our next question comes from the line Ike Boruchow from Wells Fargo. Please go ahead. Your line is open.

Hey. Thanks for taking the question. Good morning, everyone. I think Jonathan, there's two questions for you. One, just a clarification is very simplistically. I'm curious prior to the coronavirus outbreak, given what you have in your pocket for Q3, would you guys have planned to reiterate or raise your fiscal year outlook? Or is there something else on top of that. I want to clarify that. And then when I'm digging in more on Q4 and maybe even beyond, can you just talk about the gross margin implications? Because when you think about the revenue issues, you're having a DTC. It sounds like gross margin should be should be under pressure, because of the mix of the business shifting in the more towards wholesale. But then, but then within that, I'm assuming that there's even more margin -- gross margin decline because the higher -- what I assume is a higher margin, DTC revenue within those stores in China that are going away. So I guess just any color on the Q4 gross margins and beyond as well? Thanks.

Okay. So I think two things. First of all, we've been very clear that we were on track in Q3. And what's changed? The fundamental thing that's changed is this terrible situation with the coronavirus. And that is the sum total of the change in the business. That's what we're talking about here and its impact on shopping -- consumer shopping trends around the world. So, I think that's the first question you asked. As far as gross margins are concerned, we're on record of saying that we see high single -- high 40s as a for wholesale gross margin to mid 70s our DTC gross margins has the right place for this business. What you see here is exactly that. And that's something that I expect to play out over the time, I don't see any change to that. You'll see some seasonality when spring is stronger, margins for the time being a little bit weaker, when spring is weaker, because we're on seasonal, margins are a bit stronger. But fundamentally, you're looking at sort of wholesale gross margin more or less where it is. DTC margin more or less, where it is going forward. And then the optics of the business will change, as wholesale assumes a smaller proportion of our business and [Indiscernible] no, nothing changes.

But can you comment on Q4 specifically given what's going on with DTC under pressure and China within DTC under pressure. I'm trying to understand how much gross margin pressure we should expect for Q4?

I doesn't think you should be reading things into Q4, that there should be any real difference in patents of what we saw a year ago in Q4, because ultimately, to the extent people are buying, they're buying the same mix of products that they have been buying a year ago.

Thanks.

Our next question comes from the line of Alex Walvis from Goldman Sachs. Please go ahead. Your line is open.

Good morning. Thanks so much for taking the question here. My first question is on the Canadian market. You made some comments about, challenges there. I wonder if you could elaborate and did that region fall short of your expectations coming into the quarter? Or is that embedded in expectations before? And then my second question is on the European market, a couple of openings there this quarter. Any color on performance there, and how that's changing your thinking on the opportunity in the European market? Thanks so much.

Yes, thanks Alex. I think our wholesale business in Canada is reaching a point of maturity. The retail environment here is softer than outer markets, including the U.S. and frankly, some of our partners did not have great fall winter season. And we are in the process of rebalancing our presence and ending it down and that is a natural occurrence. It's not concerning to us. Canada, is the most of all market in terms of distribution relative to size. In the immediate term, we've also -- we also have to contend with the impact of the, of the, of the current virus outbreak, industry, travel, and the effects it has on travel and tourist traffic, and that that's going to be a headwind. And none of this, none of this at all concerns me when it comes to our brand health or continued disease growth and it’s potential spent and our expansion in Canada. The commercial energy and our stores, and the consumer sentiment behind it is, -- is it remains extremely strong.

Great. And then maybe a comment on the European market?

European market remains very strong. We opened two new stores there this year, and we're very excited about that. First store Honore in Paris. And we, we see -- Europe. Europe, is in relation to all of our markets has a lower lowest percentage of DTC. So, we see a large, large amount of runway there.

Fantastic. Thanks for all the color.

This concludes our Q&A session for today. I will now turn the call back to Dani Reiss for closing remarks.

Well thank you all very much for taking the time to be here with us today [Indiscernible] times. And we appreciate your interest in and your support of Canada Goose, and I very much look forward to speaking to you again at the end of the year.

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