Canada Goose earnings Q1 2018

(Reuters) Canada Goose Holdings Inc, reported a smaller than expected loss as it sold more merchandise across its sales platforms and the luxury apparel maker said it would open three more stores to cater to global demand.

The company’s direct to consumer sales, which includes sales from its flagship stores and online platform, surged more than sixfold to C$8.3 million ($6.5 million) while sales from the wholesale business increased 38.2 percent to C$19.9 million in the first quarter ended June 30.

Separately, Canada Goose said it would open flagship stores in Boston, Calgary and Tokyo, and is on track to open stores in London and Chicago as planned, later this year.

Total comprehensive loss for the company narrowed to C$12 million, or 11 Canadian cents per share, from C$14 million, or 14 Canadian cents per share, a year earlier.

Excluding one off items, the Toronto based company posted a loss of 13 Canadian cents per share, while analysts on average were expecting a loss of 19 Canadian cents, as per Thomson Reuters I/B/E/S.