07:34 AM EDT, 08/01/2024 (MT Newswires) -- Canada Goose (GOOS.TO) on Thursday reported a slightly higher adjusted loss for its first quarter.

The luxury outerwear manufacturer said the adjusted net loss attributable to shareholders was $76.1 million, or $0.79 per basic share, compared with an adjusted net loss of $73.1 million, or $0.70 per basic share last year.

Total revenue increased 4% to $88.1 million, from $84.8 million last year. The result beat a Capital IQ forecast of $85.05 million. Wholesale revenue fell 41% to $16 million on planned fewer orders from existing customers. Direct to consumer revenue grew 13% to $63.1 million, driven by strong retail sales in the Asia Pacific.

Canada Goose maintained the fiscal 2025 guidance and continues to expect total revenue to grow in the low-single-digits. The company is forecasting a 20% fall in wholesale revenue to largely offset the benefit contributed by DTC revenue growth and pricing increase.

Canada Goose is down 3% to US$11.19 in U.S. premarket trade.