Cover Page
Cover Page | 12 Months Ended |
Mar. 29, 2020shares | |
Document Information [Line Items] | |
Entity Registrant Name | CANADA GOOSE HOLDINGS INC. |
Entity Central Index Key | 0001690511 |
Document Type | 20-F |
Amendment Flag | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Mar. 29, 2020 |
Current Fiscal Year End Date | --03-29 |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Well Known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Subordinate Voting Shares | |
Document Information [Line Items] | |
Entity Common Stock Outstanding (shares) | 58,999,182 |
Multiple Voting Shares | |
Document Information [Line Items] | |
Entity Common Stock Outstanding (shares) | 51,004,076 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Profit or loss [abstract] | |||
Revenue | $ 958.1 | $ 830.5 | $ 591.2 |
Cost of sales | 364.8 | 313.7 | 243.6 |
Gross profit | 593.3 | 516.8 | 347.6 |
Selling, general and administrative expenses | 350.5 | 302.1 | 200.1 |
Depreciation and amortization | 50.7 | 18 | 9.4 |
Operating income | 192.1 | 196.7 | 138.1 |
Net interest and other finance costs | 28.4 | 14.2 | 12.9 |
Income before income taxes | 163.7 | 182.5 | 125.2 |
Income tax expense | 12 | 38.9 | 29.1 |
Net income | 151.7 | 143.6 | 96.1 |
Items that will not be reclassified to earnings, net of tax: | |||
Actuarial loss on post-employment obligation | (0.2) | (0.7) | (0.3) |
Items that may be reclassified to earnings, net of tax: | |||
Cumulative translation adjustment | 9.4 | (1.3) | 3.2 |
Net (loss) gain on derivatives designated as cash flow hedges | (2.4) | (4.6) | 0.1 |
Reclassification of net (gain) loss on cash flow hedges to income | (3.7) | 3.8 | (1.3) |
Net (loss) gain on derivatives designated as a net investment hedge | (0.3) | 3.5 | (3.5) |
Other comprehensive income (loss) | 2.8 | 0.7 | (1.8) |
Comprehensive income | $ 154.5 | $ 144.3 | $ 94.3 |
Earnings per share | |||
Basic (CAD per share) | $ 1.38 | $ 1.31 | $ 0.90 |
Diluted (CAD per share) | $ 1.36 | $ 1.28 | $ 0.86 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) $ in Millions | Mar. 29, 2020 | Mar. 31, 2019 |
Current assets | ||
Cash | $ 31.7 | $ 88.6 |
Trade receivables | 32.3 | 20.4 |
Inventories | 412.3 | 267.3 |
Income taxes receivable | 12 | 4 |
Other current assets | 35.9 | 32.9 |
Total current assets | 524.2 | 413.2 |
Deferred income taxes | 40.8 | 12.2 |
Property, plant and equipment | 115.1 | 84.3 |
Intangible assets | 161.7 | 155.6 |
Right-of-use assets | 211.8 | 0 |
Other long-term assets | 6 | 7 |
Goodwill | 53.1 | 53.1 |
Total assets | 1,112.7 | 725.4 |
Current liabilities | ||
Accounts payable and accrued liabilities | 136.8 | 110.4 |
Provisions | 15.6 | 8.1 |
Income taxes payable | 13 | 18.1 |
Short-term borrowings | 0 | 0 |
Lease liabilities | 35.9 | 0 |
Total current liabilities | 201.3 | 136.6 |
Provisions | 21.4 | 14.7 |
Deferred income taxes | 15.1 | 16.7 |
Revolving facility | 0 | 0 |
Term loan | 158.1 | 145.2 |
Lease liabilities | 192 | 0 |
Other long-term liabilities | 4.6 | 13.1 |
Total liabilities | 592.5 | 326.3 |
Shareholders' equity | 520.2 | 399.1 |
Total liabilities and shareholders' equity | $ 1,112.7 | $ 725.4 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CAD ($) $ in Millions | Total | Share capital | Share capitalMultiple voting shares | Share capitalSubordinate voting shares | Contributed Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Shareholders’ equity, opening balance at Mar. 31, 2017 | $ 146.1 | $ 103.3 | $ 2.2 | $ 101.1 | $ 4.1 | $ 40 | $ (1.3) |
Convert multiple voting shares to subordinate voting shares | 0 | (0.3) | 0.3 | ||||
Exercise of stock options | 1.2 | 2.8 | 0 | 2.8 | (1.6) | ||
Net income | 96.1 | 96.1 | |||||
Other comprehensive income (loss) | (1.8) | (1.8) | |||||
Recognition of share-based payment | 2 | 2 | |||||
Shareholders’ equity, closing balance at Mar. 31, 2018 | 243.6 | 106.1 | 1.9 | 104.2 | 4.5 | 136.1 | (3.1) |
Issuance of subordinate voting shares in business combination | 1.5 | 1.5 | 0 | 1.5 | |||
Convert multiple voting shares to subordinate voting shares | 0 | (0.5) | 0.5 | ||||
Exercise of stock options | 3.1 | 5 | 0 | 5 | (1.9) | ||
Net income | 143.6 | 143.6 | |||||
Other comprehensive income (loss) | 0.7 | 0.7 | |||||
Recognition of share-based payment | 6.6 | 6.6 | |||||
Shareholders’ equity, closing balance at Mar. 31, 2019 | 399.1 | 112.6 | 1.4 | 111.2 | 9.2 | 279.7 | (2.4) |
IFRS 16 initial application | (4.9) | (4.9) | |||||
Normal course issuer bid purchase of subordinate voting shares | (38.7) | (1.6) | (1.6) | (37.1) | |||
Exercise of stock options | 2.4 | 3.7 | 0 | 3.7 | (1.3) | ||
Net income | 151.7 | 151.7 | |||||
Other comprehensive income (loss) | 2.8 | 2.8 | |||||
Recognition of share-based payment | 7.8 | 7.8 | |||||
Shareholders’ equity, closing balance at Mar. 29, 2020 | $ 520.2 | $ 114.7 | $ 1.4 | $ 113.3 | $ 15.7 | $ 389.4 | $ 0.4 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Statement of changes in equity [abstract] | ||
Tax recovery from share-based compensation | $ 0 | $ 2.8 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities | |||
Net income | $ 151.7 | $ 143.6 | $ 96.1 |
Items not affecting cash: | |||
Depreciation and amortization | 63.1 | 22.7 | 14.2 |
Income tax expense | 12 | 38.9 | 29.1 |
Interest expense | 20.4 | 13.7 | 12.5 |
Foreign exchange (gain) loss | (0.7) | 2.7 | (8.6) |
Acceleration of unamortized costs on debt extinguishment | 7 | 0 | 0 |
Loss on disposal of assets | 1.7 | 0.2 | 0.2 |
Share-based payment | 8.5 | 3.8 | 2 |
Total items not affecting cash | 263.7 | 225.6 | 145.5 |
Changes in non-cash operating items | (130.6) | (100.7) | (2.3) |
Income taxes paid | (52.1) | (41) | (7.4) |
Interest paid | (18.5) | (10.5) | (9.6) |
Net cash from operating activities | 62.5 | 73.4 | 126.2 |
Investing activities | |||
Purchase of property, plant and equipment | (45.3) | (30.3) | (26.1) |
Investment in intangible assets | (17) | (19) | (7.7) |
Business combination | 0 | (33.6) | (0.6) |
Net cash used in investing activities | (62.3) | (82.9) | (34.4) |
Financing activities | |||
Net repayments on debt facilities | 0 | 0 | (8.8) |
Transaction costs on financing activities | (2.3) | 0 | (0.3) |
Subordinate voting shares purchased for cancellation | (38.7) | 0 | 0 |
Principal paid on lease liabilities | (24.7) | 0 | 0 |
Settlement of term loan derivative contracts | 4.6 | 0 | 0 |
Exercise of stock options | 2.4 | 3.1 | 1.2 |
Net cash (used in) from financing activities | (58.7) | 3.1 | (7.9) |
Effects of foreign currency exchange rate changes on cash | 1.6 | (0.3) | 1.7 |
(Decrease) increase in cash | (56.9) | (6.7) | 85.6 |
Cash, beginning of period | 88.6 | 95.3 | 9.7 |
Cash, end of period | $ 31.7 | $ 88.6 | $ 95.3 |
The Company
The Company | 12 Months Ended |
Mar. 29, 2020 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
The Company | The Company Organization Canada Goose Holdings Inc. and its subsidiaries (the “Company”) design, manufacture, and sell performance luxury apparel for men, women, youth, children, and babies. The Company’s apparel collections include various styles of parkas, lightweight down jackets, rainwear, windwear, knitwear, footwear, and accessories for fall, winter, and spring seasons. The Company’s head office is located at 250 Bowie Avenue, Toronto, Canada M6E 4Y2. The use of the terms “Canada Goose”, “we”, “us” and “our” throughout these notes to the consolidated financial statements refer to the Company. Canada Goose is a public company listed on the Toronto Stock Exchange and the New York Stock Exchange under the trading symbol “GOOS”. The principal shareholders of the Company are investment funds advised by Bain Capital LP and its affiliates (“Bain Capital”), and DTR LLC, DTR (CG) Limited Partnership, and DTR (CG) II Limited Partnership (collectively “DTR”), entities indirectly controlled by the President and Chief Executive Officer of the Company. The principal shareholders hold multiple voting shares representing 46.4% of the total shares outstanding as at March 29, 2020 , or 89.6% of the combined voting power of the total voting shares outstanding. Subordinate voting shares that trade on public markets represent 53.6% of the total shares outstanding as at March 29, 2020 , or 10.4% of the combined voting power of the total voting shares outstanding. Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These consolidated financial statements were authorized for issuance by the Company’s Board of Directors on June 2, 2020. Change in fiscal period Effective April 1, 2019, the Company changed its fiscal year from a calendar basis of twelve months ended March 31 to a 52 or 53-week reporting cycle with the fiscal year ending on the Sunday closest to March 31. Each fiscal quarter is 13 weeks. The additional week in a 53-week fiscal year is added to the fourth quarter. The Company's first 53-week fiscal year will occur in fiscal 2022. The 2020 fiscal year comprises four fiscal quarters ending on June 30, 2019, September 29, 2019, December 29, 2019, and March 29, 2020. The Company has not adjusted financial results for quarters prior to fiscal 2020. In these consolidated financial statements, the term "year ended March 29, 2020" refers to the 52-week period ended March 29, 2020 ( 364 days) and the term "year ended March 31, 2019" refers to the twelve months ended March 31, 2019 ( 365 days). Operating segments The Company classifies its business in three operating and reportable segments: Direct-to-Consumer, Wholesale, and Other. The Direct-to-Consumer segment comprises sales through country-specific e-commerce platforms and its Company-owned retail stores located in luxury shopping locations. The Wholesale segment comprises sales made to a mix of functional and fashionable retailers, including major luxury department stores, outdoor specialty stores, and individual shops, and to international distributors. In the fourth quarter of fiscal 2020, the Company revised the previous Unallocated segment to the Other segment. The Other segment comprises sales and costs not directly allocated to the Direct-to-Consumer or Wholesale channels, such as sales to employees and selling, general and administrative expenses not directly allocated to the Direct-to-Consumer or Wholesale segments. The Other segment includes the cost of marketing expenditures to build brand awareness across all segments, corporate costs in support of manufacturing operations, other corporate costs and foreign exchange gains and losses not specifically associated with Direct-to-Consumer or Wholesale segment operations. It also includes overhead costs resulting from the temporary closure of our manufacturing facilities in March 2020 due to COVID-19. Comparative information has been restated to conform with the presentation adopted in the current year. Seasonality Our business is seasonal, and we have historically realized a significant portion of our Wholesale revenue and operating income in the second and third quarters of the fiscal year and Direct-to-Consumer revenue and operating income in the third and fourth quarters of the fiscal year. Thus, lower-than-expected revenue in these periods could have an adverse impact on our annual operating results. Cash flows from operating activities are typically highest in the third and fourth quarters of the fiscal year due to revenue from the Direct-to-Consumer segment and the collection of trade receivables from Wholesale revenue earlier in the year. Working capital requirements typically increase as inventory builds. Borrowings have historically increased in the first and second quarters and been repaid in the third quarter of the fiscal year. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Mar. 29, 2020 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Significant accounting policies | Significant accounting policies (a) Basis of presentation The consolidated financial statements are presented in Canadian dollars, the Company’s functional and presentation currency. These consolidated financial statements have been prepared on the historical cost basis except for the following items, which are recorded at fair value: • financial instruments, including derivative financial instruments, at fair value in other comprehensive income and through profit or loss as described in note 21 , and • initial recognition of assets acquired and liabilities assumed in a business combination as described in note 5 . The significant accounting policies set out below have been applied consistently in the preparation of the consolidated financial statements for all periods presented, with the exception of IFRS 16, Leases ("IFRS 16") effective April 1, 2019, as described in note 4 . The Company elected the modified retrospective approach on adoption of the standard, and has not restated prior periods. (b) Principles of consolidation The consolidated financial statements include the accounts of Canada Goose Holdings Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated. (c) Foreign currency translatio n and transactions The functional currency of each of the Company’s subsidiaries is the currency of the primary economic environment in which each entity operates. The assets and liabilities of subsidiaries whose functional currency is not the Canadian dollar are translated into the functional currency of the Company using the exchange rate at the reporting date. Revenues and expenses are translated at exchange rates prevailing at the transaction date. The resulting foreign exchange translation differences are recorded as a currency translation adjustment in other comprehensive income. Foreign currency transactions are translated into the functional currency of each of the Company’s subsidiaries using the exchange rates prevailing at the date of the transactions or valuation when items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the changes at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income in selling, general and administrative expenses, except when included in other comprehensive income for qualifying cash flow and net investment hedges. Change in functional currency of subsidiary Each entity within the Company determines its functional currency based on the primary economic environment in which the entity operates. Once an entity's functional currency is determined, it is not changed unless there is a change to the underlying transactions, events, and conditions that determine the entity's primary economic environment. Through the year ending March 31, 2019, the functional currency of Canada Goose US, Inc., the operating subsidiary in the United States ("U.S."), was determined to be Canadian dollars because its wholesale operations were carried out as an extension of the business of the Canadian parent and were therefore integrated with the Canadian operations. The U.S. subsidiary is responsible for all of the Company's direct-to-consumer and wholesale operations in the United States, which now include substantial retail operations, assets and related lease financing. The Company reassessed the functional currency of the U.S. subsidiary in light of the change in circumstances and determined it was no longer an integral foreign operation and that the primary economic environment in which it operates is the United States; as a result, the functional currency of the U.S. subsidiary was changed from Canadian dollars to U.S. dollars, effective April 1, 2019. The change was made on a prospective basis. (d) Revenue recognition Revenue comprises of Direct-to-Consumer, Wholesale and Other segment revenues. Revenue is measured at the amount of consideration to which the Company expects to be entitled in exchange for the sale of goods in the ordinary course of the Company’s activities. Revenue is presented net of sales tax, estimated returns, sales allowances, and discounts. The Company recognizes revenue when the Company has agreed terms with its customers, the contractual rights and payment terms have been identified, the contract has commercial substance, it is probable that consideration will be collected by the Company, and when control of the goods is transferred to the customer have been met. It is the Company’s policy to sell merchandise through the Direct-to-Consumer channel with a limited right to return, typically within 30 days. Accumulated experience is used to estimate and provide for such returns. (e) Business combinations Acquisitions of businesses are accounted for using the acquisition method as of the acquisition date, which is the date when control is transferred to the Company. The consideration transferred in a business combination is measured at fair value, calculated as the sum of the acquisition date fair values of the assets transferred, liabilities incurred by the Company, and the equity interests issued by the Company in exchange for control of the acquiree. Transaction costs that the Company incurs in connection with a business combination are recognized in the statement of income as incurred. Goodwill is measured as the excess of the sum of the fair value of the consideration transferred over the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed. When the consideration transferred in a business combination includes contingent consideration, the contingent consideration is measured at its acquisition date fair value. Contingent consideration is remeasured at subsequent reporting dates at its fair value, and the resulting gain or loss recognized in the statement of income. (f) Earnings per share Basic earnings per share is calculated by dividing net income attributable to ordinary equity holders by the weighted average number of multiple and subordinated voting shares outstanding during the year. Diluted earnings per share is calculated by dividing net income attributable to ordinary equity holders of the Company by the weighted average number of multiple and subordinated voting shares outstanding during the year plus the weighted average number of subordinate shares that would be issued on the exercise of stock options and settlement of restricted share units (“RSUs”). (g) Income taxes Current and deferred income taxes are recognized in the statement of income, except when it relates to a business combination, or items recognized in equity or in other comprehensive income. Current income tax Current income tax is the expected income tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to income tax payable in respect of previous years. Deferred income tax Deferred income tax is provided using the liability method for temporary differences at the reporting date between the income tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax is measured using enacted or substantively enacted income tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. A deferred tax asset is recognized for unused income tax losses and credits to the extent that it is probable that future taxable income will be available against which they can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable income will allow the deferred tax asset to be recovered. Deferred income tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current income tax assets against current income tax liabilities and the deferred tax relates to the same taxable entity and the same taxation authority. Deferred income tax is provided on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. (h) Cash Cash consists of cash and cash equivalents, including cash on hand, deposits in banks, and short-term deposits with maturities of less than three months. The Company uses the indirect method of reporting cash flows from operating activities. (i) Trade receivables Trade receivables, including credit card receivables, consist of amounts owing on product sales where we have extended credit to customers, and are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method, less expected credit loss and sales allowances. The allowance for expected credit losses is recorded against trade receivables and is based on historical experience. (j) Inventories Raw materials, work-in-process, and finished goods are valued at the lower of cost and net realizable value. Cost is determined using the weighted average cost method. The cost of work-in-process and finished goods inventories include the cost of raw materials and an applicable share of the cost of labour and fixed and variable production overhead costs, including the depreciation of property, plant and equipment used in the production of finished goods and design costs, and other costs incurred to bring the inventories to their present location and condition. The Company estimates net realizable value as the amount at which inventories are expected to be sold, taking into consideration fluctuations in selling prices due to seasonality, less estimated costs necessary to complete the sale. Inventories are written down to net realizable value when the cost of inventories is estimated to be unrecoverable due to obsolescence, damage, or declining selling prices. Inventory is adjusted to reflect estimated loss (“shrinkage”) incurred since the last inventory count. Shrinkage is based on historical experience. When circumstances that previously caused inventories to be written down below cost no longer exist or when there is clear evidence of an increase in realizable value, the amount of the write-down previously recorded is reversed. Storage costs, indirect administrative overhead and certain selling costs related to inventories are expensed in the period that these costs are incurred. (k) Property, plant and equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and any accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset, including costs incurred to prepare the asset for its intended use and capitalized borrowing costs, when the recognition criteria are met. The commencement date for capitalization of costs occurs when the Company first incurs expenditures for the qualifying assets and undertakes the required activities to prepare the assets for their intended use. Property, plant and equipment assets are depreciated on a straight-line basis over their estimated useful lives when the assets are available for use. When significant parts of a fixed asset have different useful lives, they are accounted for as separate components and depreciated separately. Depreciation methods and useful lives are reviewed annually and are adjusted for prospectively, if appropriate. Estimated useful lives are as follows: Asset Category Estimated Useful Life Plant equipment 10 years Computer hardware 5 years Leasehold improvements Lesser of the lease term or useful life of the asset Show displays 5 years Furniture and fixtures 5 to 15 years An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset, calculated as the difference between the net disposal proceeds and the carrying amount of the asset, is included in the statement of income when the asset is derecognized. The cost of repairs and maintenance of property, plant and equipment is expensed as incurred and recognized in the statement of income. Property, plant and equipment are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If any such indication exists, the asset is then tested for impairment by comparing its recoverable amount to its carrying value. Any resulting impairment loss is recorded in the statement of income. (l) Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of an intangible asset acquired in a business combination is its fair value as at the date of acquisition. Following initial recognition, intangible assets with finite lives are carried at cost less any accumulated amortization and any accumulated impairment losses. An internally generated intangible asset is recorded for product development costs which are included within intellectual property. Product development costs are incurred in the design, production and testing of new products where the technical feasibility of commercial manufacturing and sale of the product has been demonstrated. The useful lives of intangible assets are assessed as either finite or indefinite. Asset Category Estimated Useful Life Brand name Indefinite Domain name Indefinite ERP software 5 to 7 years Computer software 5 years Intellectual property 1 to 8 years Intangible assets with indefinite useful lives comprise of the Canada Goose and Baffin brand names (note 5 ) and domain name, which were acquired as part of an acquisition and were recorded at their estimated fair value. The brand names and domain name are considered to have an indefinite life based on a history of revenue and cash flow performance, and the intent and ability of the Company to support the brand with spending to maintain its value for the foreseeable future. The brand names and domain name are tested at least annually for impairment, at the cash-generating unit (“CGU”) level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is made on a prospective basis. Intangible assets with finite lives are amortized over the useful economic life on a straight-line basis. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of income over the asset’s estimated useful life. An intangible asset is derecognized on disposal or when no future economic benefits are expected from its use. Gains or losses arising from the derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are included in the statement of income when the asset is derecognized. Intangible assets are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If any such indication exists, the asset is then tested for impairment by comparing its recoverable amount to its carrying value. Any resulting impairment loss is recorded in the statement of income. Lease rights in connection with the opening of new Company-owned retail stores are recorded based on the amount paid. Lease rights have a definite useful life of the lease term and are amortized on a straight-line basis over the term. Upon the adoption of IFRS 16, lease rights were transferred from intangible assets and recognized as initial direct costs in the measurement of right-of-use assets (note 4 ). (m) Leases The Company recognizes a right-of-use asset and a lease liability based on the present value of the future lease payments at the commencement date. The commencement date is when the lessor makes the leased asset available for use by the Company, typically the possession date. The discount rate used in the present value calculation for lease payments is the incremental borrowing rate for each leased asset or portfolio of leased assets with similar characteristics by reference to the Company’s creditworthiness, the security, term and value of the underlying leased asset, and the economic environment in which the leased asset operates. The lease term is determined as the non-cancellable periods of a lease, together with periods covered by a renewal option if the Company is reasonably certain to exercise that option and a termination option if the Company is reasonably certain not to exercise that option. Leases of low-value assets and short-term leases are not included in the calculation of lease liabilities. These lease expenses are recognized in cost of sales or selling, general, and administrative expenses on a straight-line or other systematic basis. Lease liabilities Lease liabilities are measured at the present value of future lease payments, discounted using the Company’s incremental borrowing rates, and include the fixed payments, variable lease payments that depend on an index or a rate, less any lease incentives receivable. Subsequent to initial measurement, the Company measures lease liabilities at amortized cost using the effective interest rate method. Lease liabilities are remeasured when there are changes to the lease payments, lease term, assessment of an option to purchase the underlying asset, expected residual value guarantee, or future lease payments due to a change in the index or rate tied to the payment. Right-of-use assets Right-of-use assets are measured at the initial amount of the lease liabilities, lease payments made at or before the commencement date less any lease incentives received, initial direct costs, if any, and decommissioning costs to restore the site to the condition required by the terms and conditions of the lease. Subsequent to initial measurement, the Company applies the cost model to the right-of-use assets and measures the asset at cost less any accumulated depreciation, accumulated impairment losses in accordance with IAS 36, and any remeasurements of the lease liabilities. Assets are depreciated from the commencement date on a straight-line basis over the earlier of the end of the assets’ useful lives or the end of the lease terms. (n) Goodwill Goodwill represents the difference between the purchase price of an acquired business and the Company’s share of the net identifiable assets acquired and liabilities assumed and any contingent liabilities assumed. It is initially recorded at cost and subsequently measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to CGUs based on the lowest level within the entity in which the goodwill is monitored for internal management purposes. The allocation is made to the CGUs that are expected to benefit from the business combination in which the goodwill arose. Any potential impairment of goodwill is identified by comparing the recoverable amount of a CGU to its carrying value. An impairment loss is recognized if the carrying amount of CGU exceeds its recoverable amount. Any loss identified is first applied to reduce the carrying amount of goodwill allocated to the CGU, and then to reduce the carrying amounts of the remaining assets in the CGU on a pro-rata basis. The Company tests goodwill for impairment annually at the reporting date. The recoverable amount of a CGU is the higher of the estimated fair value less costs of disposal or value-in-use of the CGU. In assessing value-in-use, the estimated future cash flows are discounted using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. The Company has determined that the goodwill contributes to the cash flows of seven CGUs ( March 31, 2019 - seven CGUs). (o) Provisions Provisions are recognized when the Company has a present obligation, legal or constructive, as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Where the Company expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the statement of income net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized in the statement of income. The provision for warranty returns relates to the Company’s obligation for defective goods sold to customers that have yet to be returned for exchange or repair. Accruals for warranty returns are estimated on the basis of historical returns and are recorded so as to allocate them to the same period the corresponding revenue is recognized. (p) Employee future benefits The Company sponsors a defined benefit pension plan membership, which is limited to certain employees of Canada Goose International AG and other subsidiaries who reside in Switzerland. The measurement date for the defined benefit pension plan is March 29, 2020, the reporting date. The obligation associated with the Company’s defined benefit pension plan is actuarially valued using the projected unit credit method and management’s best estimate of the discount rate, future salary increases, mortality rates and retirement rates. Assets are measured at fair value. The obligation in excess of plan assets is recorded as a liability. All actuarial gains or losses, net of tax, are recognized immediately through other comprehensive income. (q) Fair values Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • in the principal market for the asset or liability, or • in the absence of a principal market, in the most advantageous market for the asset or liability. The Company uses valuation techniques that it believes are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 : inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. For the purpose of fair value disclosures, the Company determines classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. There was no change in the valuation techniques applied to financial instruments during all periods presented. The following table describes the valuation techniques used in the determination of the fair values of financial instruments: Type Valuation Approach Cash, trade receivables, accounts payable and accrued liabilities The carrying amount approximates fair value due to the short term maturity of these instruments. Derivatives (included in other current assets, other long-term assets, accounts payable and accrued liabilities or other long-term liabilities) Specific valuation techniques used to value derivative financial instruments include: - quoted market prices or dealer quotes for similar instruments; - observable market information as well as valuations determined by external valuators with experience in the financial markets. Short-term borrowings, revolving facility, term loan and lease liabilities The fair value is based on the present value of contractual cash flows, discounted at the Company’s current incremental borrowing rate for similar types of borrowing arrangements or, where applicable, market rates. (r) Financial instruments Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the financial instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issuance of financial assets and financial liabilities (other than financial assets and financial liabilities classified at fair value through profit or loss) are added to, or deducted from, the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities classified at fair value through profit or loss are recognized immediately in profit or loss. Financial assets and financial liabilities are measured subsequently as described below. i) Non-derivative financial assets Non-derivative financial assets include cash and trade receivables which are measured at amortized cost. The Company initially recognizes receivables and deposits on the date that they are originated. The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. ii) Non-derivative financial liabilities Non-derivative financial liabilities include accounts payable, accrued liabilities, short-term borrowings, the revolving facility, and the term loan. The Company initially recognizes debt instruments on the date that they are originated. All other financial liabilities are recognized initially on the trade date on which the Company becomes a party to the contractual provisions of the instrument. Financial liabilities are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. iii) Derivative financial instruments Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The method of recognizing the resulting gain or loss depends on whether the derivative is designated and effective as a hedging instrument. When a derivative financial instrument, including an embedded derivative, is not designated and effective in a qualifying hedge relationship, all changes in its fair value are recognized immediately in the statement of income; attributable transaction costs are recognized in the statement of income as incurred. The Company does not use derivatives for trading or speculative purposes. Embedded derivatives are separated from a host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivative are not closely related. iv) Hedge accounting The Company is exposed to the risk of currency fluctuations and has entered into currency derivative contracts to hedge its exposure on the basis of planned transactions. Where hedge accounting is applied, the criteria are documented at the inception of the hedge and updated at each reporting date. The Company documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking the hedging transactions. The Company also documents its assessment, at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. The fair value of a hedging derivative is classified as a current asset or liability when the maturity of the hedged item is less than twelve months, and as a non-current asset or liability when the maturity of the hedged item is more than twelve months. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized, net of tax, in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in the statement of income. Amounts accumulated in other comprehensive income are transferred to the statement of income in the periods when the hedged item affects net income. When a forecast transaction that is hedged results in the recognition of a non-financial asset or liability, such as inventory, the amounts are included in the measurement of the cost of the related asset or liability. The deferred amounts are ultimately recognized in the statement of income. Hedges of net investments are accounted for similarly to cash flow hedges, with unrealized gains and losses recognized, net of tax, in other comprehensive income. Amounts included in other comprehensive income are transferred to the statement of income in the period when the foreign operation is disposed of or sold. (s) Share-based payments Share-based payments are valued based on the grant date fair value of these awards and the Company records compensation expense over the corresponding service period. The fair value of the share-based payments is determined using acceptable valuation techniques. The Company has issued stock options to purchase subordinate voting shares and RSUs under its equity incentive plans, prior to the public offering on March 21, 2017 (the “Legacy Plan”) and subsequently (the “Omnibus Plan”). Under the terms of the Legacy Plan, options were granted to certain employees of the Company with vesting contingent upon meeting the service, performance goals and exit event conditions of the Legacy Plan. There are two types of stock options: service-vested options are time based and generally vest over five years of service, and performance-based and exit event options vest upon attainment of performance conditions and the occurrence of an exit event. Under the terms of the Omnibus Plan, options are granted to certain executives of the Company with vesting, generally over four years , contingent upon meeting the service conditions of the Omnibus Plan. The compensation expense related to the options and RSUs is recognized ratably over the requisite service period, provided it is probable that the vesting condi |
Significant accounting judgment
Significant accounting judgments, estimates, and assumptions | 12 Months Ended |
Mar. 29, 2020 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Significant accounting judgments, estimates, and assumptions | Significant accounting judgments, estimates, and assumptions The preparation of the consolidated financial statements requires management to make estimates and judgments in applying the Company’s accounting policies that affect the reported amounts and disclosures made in the consolidated financial statements and accompanying notes. Estimates and assumptions are used mainly in determining the measurement of balances recognized or disclosed in the consolidated financial statements and are based on a set of underlying data that may include management’s historical experience, knowledge of current events and conditions and other factors that are believed to be reasonable under the circumstances. Management continually evaluates the estimates and judgments it uses. These estimates and judgments have been applied in a manner consistent with prior periods and there are no known trends, commitments, events or uncertainties that we believe will materially affect the methodology or assumptions utilized in making these estimates and judgments in these financial statements. The following are the accounting policies subject to judgments and key sources of estimation uncertainty that the Company believes could have the most significant impact on the amounts recognized in the consolidated financial statements. Functional currency Judgments Made in Relation to Accounting Policies Applied: The Company assesses the relevant factors related to the primary economic environment in which its entities operate to determine the functional currency. Where the assessment of primary indicators is mixed, management assesses the secondary indicators, including the relationship between the foreign operations and reporting entity. Business combinations Key Sources of Estimation: In a business combination, the identifiable assets acquired and liabilities assumed will be recognized at their fair values. The Company makes judgments and estimates in determining the fair values. The excess of the purchase price over the fair values of identifiable assets acquired and liabilities assumed will be recognized as goodwill, if positive, and if negative, it is recognized in the statement of income. Income and other taxes Key Sources of Estimation: In determining the recoverable amount of deferred tax assets, the Company forecasts future taxable income by legal entity and the period in which the income occurs to ensure that sufficient taxable income exists to utilize the attributes. Inputs to those projections are Board-approved financial forecasts and statutory tax rates. Judgments Made in Relation to Accounting Policies Applied: The calculation of current and deferred income taxes requires management to make certain judgments regarding the tax rules in jurisdictions where the Company performs activities. Application of judgments is required regarding the classification of transactions and in assessing probable outcomes of claimed deductions including expectations about future operating results, the timing and reversal of temporary differences and possible audits of income tax and other tax filings by the tax authorities. Trade receivables Key Sources of Estimation: The Company has a significant number of customers which minimizes the concentration of credit risk. The Company does not have any customers which account for more than 10% of sales or accounts receivable. We make ongoing estimates relating to the ability to collect our accounts receivable and maintain an allowance for estimated credit losses resulting from the inability of our customers to make required payments. In determining the amount of expected credit losses, we consider our historical level of credit losses and make judgments about the creditworthiness of significant customers based on ongoing credit evaluations. Inventories Key Sources of Estimation: Inventories are carried at the lower of cost and net realizable value. In estimating net realizable value, the Company uses estimates related to fluctuations in inventory levels, planned production, customer behaviour, obsolescence, future selling prices, seasonality and costs necessary to sell the inventory. Inventory is adjusted to reflect shrinkage incurred since the last inventory count. Shrinkage is based on historical experience. Leases Judgments Made in Relation to Accounting Policies Applied: The Company exercises judgment when contracts are entered into that may give rise to a right-of-use asset that would be accounted for as a lease. Judgment is required in determining the appropriate lease term on a lease by lease basis. The Company considers all facts and circumstances that create an economic incentive to exercise a renewal option or to not exercise a termination option at inception and over the term of the lease, including investments in major leaseholds, operating performance, and changed circumstances. The periods covered by renewal or termination options are only included in the lease term if the Company is reasonably certain to exercise that option. Changes in the economic environment or changes in the retail industry may impact the assessment of the lease term and any changes in the estimate of lease terms may have a material impact on the Company’s statement of financial position. Key Sources of Estimation: The critical assumptions and estimates used in determining the present value of future lease payments require the Company to estimate the incremental borrowing rate specific to each leased asset or portfolio of leased assets. Management determines the incremental borrowing rate of each leased asset or portfolio of leased assets by incorporating the Company’s creditworthiness, the security, term, and value of the underlying leased asset, and the economic environment in which the leased asset operates. The incremental borrowing rates are subject to change mainly due to macroeconomic changes in the environment. Impairment of non-financial assets (goodwill, intangible assets, property, plant & equipment, and right-of-use assets) Judgments Made in Relation to Accounting Policies Applied: Management is required to use judgment in determining the grouping of assets to identify their CGUs for the purposes of testing non-financial assets for impairment. Judgment is further required to determine appropriate groupings of CGUs for the level at which goodwill and intangible assets are tested for impairment. For the purpose of goodwill and intangible assets impairment testing, CGUs are grouped at the lowest level at which goodwill and intangible assets are monitored for internal management purposes. Judgment is also applied in allocating the carrying amount of assets to CGUs. In addition, judgment is used to determine whether a triggering event has occurred requiring an impairment test to be completed. The Company has concluded that it has seven CGUs ( March 31, 2019 - seven CGUs) and tests goodwill and these intangible assets for impairment on that basis. Key Sources of Estimation: In determining the recoverable amount of a CGU or a group of CGUs, various estimates are employed. The Company determines value-in-use by using estimates including projected future revenues, margins, costs, and capital investment consistent with strategic plans presented to the Board of Directors. Fair value less costs of disposal are estimated with reference to observable market transactions. Discount rates are consistent with external industry information reflecting the risk associated with the Company and its cash flows. Warranty Key Sources of Estimation: The critical assumptions and estimates used in determining the warranty provision at the statement of financial position date are: the number of jackets expected to require repair or replacement; the proportion to be repaired versus replaced; the period in which the warranty claim is expected to occur; the cost to repair a jacket; the cost to replace a jacket, and the risk-free rate used to discount the provision to present value. Financial instruments Key Sources of Estimation: The critical assumptions and estimates used in determining the fair value of financial instruments are: equity prices; future interest rates; the relative creditworthiness of the Company to its counterparties; estimated future cash flows; discount rates, and volatility utilized in option valuations. Share-based payments Key Sources of Estimation: Compensation expense for share-based compensation granted is measured at the fair value at the grant date using the Black Scholes option pricing model for the year ended March 29, 2020 ; prior to the public offering, the Company used the Monte Carlo valuation model to measure the fair value of options granted. The critical assumptions used under both of these option valuation models at the grant date are: stock price valuation; exercise price; risk-free interest rate; expected time to exercise in years; expected dividend yield, and volatility. |
Changes in accounting policies
Changes in accounting policies | 12 Months Ended |
Mar. 29, 2020 | |
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract] | |
Changes in accounting policies | Changes in accounting policies Standards issued and adopted Leases The Company adopted IFRS 16 on April 1, 2019 using the modified retrospective approach with the cumulative effects of initial application recorded in opening retained earnings and no restatement of prior period financial information. Under the modified retrospective approach, the Company measured the right-of-use asset at the carrying value as if the standard had been applied since the commencement date of the lease (typically the possession date), but using the discount rate at the date of initial application. The Company determined the discount rate at the time of initial adoption to be its incremental borrowing rate for each leased asset or portfolio of leased assets with similar characteristics by reference to the Company’s creditworthiness, the security, term, and value of the underlying leased asset, and the economic environment in which the leased asset operates. Substantially all of the Company’s leases are real estate leases for retail stores, manufacturing facilities, and corporate offices. The Company recognized right-of-use assets and lease liabilities for its leases except as permitted by recognition exemptions in the standard for short-term leases with terms of twelve months or less and leases of low-value assets. The depreciation expense on right-of-use assets and interest expense on lease liabilities replaced rent expense, which was previously recognized on a straight-line basis over the lease term under IAS 17. In applying IFRS 16 for the first time, the Company has used the following practical expedients permitted by the standard: • the Company has applied a single discount rate to a portfolio of leases with reasonably similar underlying characteristics; • the Company has excluded initial direct costs in the measurement of the right-of-use asset on initial application except to the extent that costs, such as lease rights, were recognized under the previous standard; • the Company has accounted for leases with a remaining term of less than twelve months as at March 31, 2019 as short-term leases; and • the Company has used hindsight in determining the lease term where the lease contains options to extend or terminate the lease. On the date of initial application, the impact of adopting IFRS 16 on the Company’s statement of financial position as at April 1, 2019 was as follows: Condensed Financial Position Information Increase (decrease) As previously reported, March 31, 2019 IFRS 16 initial application Reclassification of initial direct costs Income tax Balance as at April 1, 2019 - IFRS 16 Assets $ $ $ $ $ Current assets Other current assets 32.9 (0.9 ) — — 32.0 Deferred income taxes 12.2 — — 1.2 13.4 Intangible assets 155.6 — (5.5 ) — 150.1 Right-of-use assets — 136.6 5.5 — 142.1 Liabilities Current liabilities Lease liabilities — 19.2 — — 19.2 Deferred income taxes 16.7 — — (0.5 ) 16.2 Lease liabilities — 131.6 — — 131.6 Other long-term liabilities 13.1 (8.5 ) — — 4.6 Shareholders' equity Retained earnings 279.7 (6.6 ) — 1.7 274.8 The Company applied the requirements of IAS 36, Impairment of assets as at April 1, 2019 on the right-of-use assets and concluded there was no impairment. The Company used its incremental borrowing rates as at April 1, 2019 to measure lease liabilities. The weighted average incremental borrowing rate was 4.28% . The weighted average lease term remaining as at April 1, 2019 was approximately 8 years. The following table reconciles the lease liabilities recognized on April 1, 2019 and the operating lease commitments disclosed under IAS 17 as at March 31, 2019 discounted using the incremental borrowing rate as at the date of initial application: $ Operating lease commitment as at March 31, 2019 253.4 Operating leases (3.1 ) Leases committed not yet commenced (71.5 ) Undiscounted lease payments 178.8 Discount at incremental borrowing rate (28.0 ) Lease liabilities recognized as at April 1, 2019 150.8 Current lease liabilities 19.2 Non-current lease liabilities 131.6 Total lease liabilities 150.8 The adoption of IFRS 16 does not impact the Company's ability to comply with its financial and non-financial covenants as the covenants are calculated as at and during the reporting period in accordance with existing lease guidance at the date of the agreement. As a result of adopting IFRS 16, the Company updated its accounting policies (note 2 ), and its judgments and key sources of estimation uncertainty (note 3 ). Segment information The adoption of IFRS 16 resulted in the Company adjusting its internal financial information used by the chief operating decision maker. Specifically, the change from rent expense, recorded on a straight-line basis in selling, general and administrative expense, to depreciation on right-of-use assets and interest expense on lease liabilities required a different measurement of segment operating income. As a result, expenses in the Company's operating segments now include depreciation and amortization on assets, including right-of-use assets in the current year, directly used in those segments. Prior to the first quarter of fiscal 2020 depreciation and amortization was not allocated to the Company's operating segments. Comparative segment information has been restated to include depreciation and amortization to conform with the presentation adopted in the current year. Lease term and useful life of leasehold improvements In December 2019, the IFRS Interpretations Committee ("IFRIC") issued a final agenda decision in regards to the determination of the lease term for cancellable or renewable leases under IFRS 16 and whether the useful life of any non-removable leasehold improvements is limited to the lease term of the related lease. The Company assessed the impact of this interpretation on leases recognized under IFRS 16 and concluded the agenda decisions did not have an impact on the existing treatment. |
Business combination
Business combination | 12 Months Ended |
Mar. 29, 2020 | |
Business Combinations [Abstract] | |
Business combination | Business combination On November 1, 2018 , an incorporated subsidiary of the Company, Baffin Limited (“Baffin”), acquired the business of Baffin Inc. (the “Baffin Vendor”), a Canadian designer and manufacturer of performance outdoor and industrial footwear for total purchase consideration of $35.1 . Management determined that the assets and processes comprised a business and therefore accounted for the transaction as a business combination using the acquisition method of accounting. The aggregate purchase consideration for the acquired assets, net of the assumed liabilities was as follows: $ Cash 33.6 Issuance of 16,946 subordinate voting shares 1.5 Total purchase consideration 35.1 In connection with the business combination, a further amount of $3.0 is payable on November 1, 2020 to the Baffin Vendor and is charged to expense over two years . The Company incurred acquisition-related costs of $1.3 as at March 31, 2019 which were recorded in selling, general and administrative expenses. Assets acquired and liabilities assumed have been recorded at their fair values at the date of acquisition are as follows: $ Trade receivables 12.2 Inventories 15.9 Other current assets 0.3 Property, plant and equipment 2.5 Intangible assets Brand 2.5 Technology 2.2 Goodwill 7.8 Accounts payable and accrued liabilities (8.3 ) Total assets acquired, net of liabilities assumed 35.1 The fair values of working capital balances, other than inventories, have been measured at their book values at the date of acquisition, which approximate their fair values. The fair value of inventories has been measured at net realizable value, less costs to sell. The fair value of property, plant and equipment was based on management’s assessment of the acquired assets’ condition, as well as an evaluation of the current market value for such assets. In addition, the Company also considered the length of time over which the economic benefit of these assets is expected to be realized and estimated the useful life of such assets as of the acquisition date. Identifiable intangible assets acquired consist of brand and technology. The fair value of the brand was $2.5 , measured using the relief-from-royalty approach. The fair value of technology was $2.2 , measured using the replacement cost method. Under this method, the technology was valued based upon the costs the Company would incur to develop a similar asset. The Company considered the length of time over which the economic benefits of these assets is expected to be realized and estimated the useful life of such assets accordingly as at the acquisition date. Specifically, the brand was considered to have an indefinite life; accordingly, impairment is assessed annually or earlier if there are indicators of impairment. Technology was considered to have a useful life of 5 years and amortized on a straight-line basis. The excess of the purchase consideration over the fair value of the identifiable assets acquired has been accounted for as goodwill. Goodwill was mainly attributable to the expected future growth potential of the footwear business and is deductible for tax purposes. The results of operations have been consolidated with those of the Company from the date of acquisition including the results from the wholesale business in the Wholesale segment and e-commerce business in the Direct-to-Consumer segment. Pro forma disclosures as if Baffin was acquired at the beginning of the fiscal year have not been presented as they are not considered material to these financial statements. The controlling shareholder of the Baffin Vendor is employed as a member of key management subsequent to the acquisition. Transactions with the Baffin Vendor and other affiliates in connection with the acquisition and subsequently (including lease of premises and other operating costs) are related party transactions (note 20 ). |
Segment information
Segment information | 12 Months Ended |
Mar. 29, 2020 | |
Operating Segments [Abstract] | |
Segment information | Segment information The Company has three reportable operating segments: Direct-to-Consumer, Wholesale, and Other. The Company measures each reportable operating segment’s performance based on revenue and segment operating income, which is the profit metric utilized by the Company’s chief operating decision maker, the President and Chief Executive Officer, for assessing the performance of operating segments. None of the reportable operating segments are reliant on any single external customer. The Company does not report total assets or total liabilities based on its reportable operating segments. Year ended March 29, 2020 Direct-to-Consumer Wholesale Other Total $ $ $ $ Revenue 525.0 424.0 9.1 958.1 Cost of sales 130.0 226.2 8.6 364.8 Gross profit 395.0 197.8 0.5 593.3 Selling, general and administrative expenses 107.4 49.9 193.2 350.5 Depreciation and amortization 38.6 2.8 9.3 50.7 Operating income 249.0 145.1 (202.0 ) 192.1 Net interest and other finance costs 28.4 Income before income taxes 163.7 Year ended March 31, 2019 Direct-to-Consumer Wholesale Other Total $ $ $ $ Revenue 431.3 394.7 4.5 830.5 Cost of sales 106.7 202.2 4.8 313.7 Gross profit 324.6 192.5 (0.3 ) 516.8 Selling, general and administrative expenses 93.9 39.1 169.1 302.1 Depreciation and amortization 7.4 2.3 8.3 18.0 Operating income 223.3 151.1 (177.7 ) 196.7 Net interest and other finance costs 14.2 Income before income taxes 182.5 Year ended March 31, 2018 Direct-to-Consumer Wholesale Other Total $ $ $ $ Revenue 255.0 334.6 1.6 591.2 Cost of sales 65.2 177.1 1.3 243.6 Gross profit 189.8 157.5 0.3 347.6 Selling, general and administrative expenses 58.0 34.4 107.7 200.1 Depreciation and amortization 3.6 2.0 3.8 9.4 Operating income 128.2 121.1 (111.2 ) 138.1 Net interest and other finance costs 12.9 Income before income taxes 125.2 Effective April 1, 2019, the Company changed its measure of segment operating income to include depreciation and amortization on assets, including right-of-use assets in the current period, directly used in those segments. Prior to the first quarter of fiscal 2020, depreciation and amortization were not allocated to the Company's operating segments. In addition, certain selling, general and administrative expenses have been allocated to better align with the operating segment to which they relate. Prior period operating income by segment has been restated to include depreciation and amortization and to conform with the presentation adopted in the current year. In the fourth quarter of fiscal 2020, the Company also revised the previous Unallocated segment to the Other segment and included sales and costs not directly allocated to the Direct-to-Consumer or Wholesale channels, such as sales to employees. Comparative information has been restated to conform with the presentation adopted in the current year. Geographic information The Company determines the geographic location of revenue based on the location of its customers. Year ended March March March $ $ $ Canada 293.1 293.3 228.8 United States 279.0 251.1 184.2 Asia 199.9 112.1 36.1 Europe and Rest of World 186.1 174.0 142.1 Revenue 958.1 830.5 591.2 |
Income taxes
Income taxes | 12 Months Ended |
Mar. 29, 2020 | |
Income Taxes [Abstract] | |
Income taxes | Income taxes The components of the provision for income tax are as follows: Year ended March March March $ $ $ Current income tax expense Current period 39.2 45.1 24.4 Adjustment in respect of prior periods (0.3 ) — 0.2 38.9 45.1 24.6 Deferred income tax (recovery) expense Origination and reversal of temporary differences (29.4 ) (5.7 ) 4.3 Effect of change in income tax rates 2.5 (0.4 ) 0.4 Adjustment in respect of prior periods — (0.1 ) (0.2 ) (26.9 ) (6.2 ) 4.5 Income tax expense 12.0 38.9 29.1 The effective income tax rates differ from the weighted average basic Canadian federal and provincial statutory income tax rates for the following reasons: Year ended March March March $ $ $ Income before income taxes 163.7 182.5 125.2 25.47 % 25.43 % 25.38 % Income tax at expected statutory rate 41.7 46.4 31.8 Non-deductible (taxable) items 0.4 0.2 (0.3 ) Non-deductible stock option expense 1.8 0.9 0.4 Effect of foreign tax rates (11.8 ) (9.4 ) (2.9 ) Non-deductible (taxable) foreign exchange loss (gain) 0.9 0.7 (0.1 ) Change in tax law related to Swiss tax reform (23.1 ) — — Change in tax rates 2.5 — — Other items (0.4 ) 0.1 0.2 Income tax expense 12.0 38.9 29.1 The change in the year in the components of deferred tax assets and liabilities are as follows: Change in the year affecting March Net income Other comprehensive income March $ $ $ $ Losses carried forward 3.0 0.6 — 3.6 Employee future benefits 0.2 — 0.1 0.3 Other liabilities 9.2 26.0 — 35.2 Unrealized profit in inventory 8.3 8.7 — 17.0 Provisions 3.2 1.8 — 5.0 Unrealized foreign exchange (0.3 ) 1.1 1.6 2.4 Total deferred tax asset 23.6 38.2 1.7 63.5 Intangible assets (4.3 ) (1.9 ) — (6.2 ) Property, plant and equipment (23.8 ) (7.8 ) — (31.6 ) Total deferred tax liabilities (28.1 ) (9.7 ) — (37.8 ) Net deferred tax liabilities (4.5 ) 28.5 1.7 25.7 The change in deferred tax assets and liabilities as presented in the statement of financial position are as follows: Change in the year affecting March Net income Other comprehensive income March $ $ $ $ Deferred tax assets 12.2 28.7 (0.1 ) 40.8 Deferred tax liabilities (16.7 ) (0.2 ) 1.8 (15.1 ) (4.5 ) 28.5 1.7 25.7 Available deferred income tax assets in the amount of $22.0 was not recognized as it is not probable that future taxable income will be available to the Company to utilize the benefits. The corporate entities within Canada Goose have the following tax-loss carry-forwards that are expected to expire in the following years, if not utilized. $ 2038 2.0 2039 4.6 2040 2.7 2041 and thereafter 4.5 13.8 The Company does not recognize tax on unremitted earnings from foreign subsidiaries as it is management’s intent to reinvest these earnings indefinitely. Unremitted earnings from foreign subsidiaries were $222.1 as at March 29, 2020 ( March 31, 2019 - $119.1 , March 31, 2018 - $48.4 ). As at March 29, 2020 , in addition to the amount charged to profit or loss and other comprehensive income, a tax recovery of less than $0.1 ( March 31, 2019 - $2.8 ) was recognized directly in equity related to excess tax deductions on share-based payments for stock options exercised. |
Earnings per share
Earnings per share | 12 Months Ended |
Mar. 29, 2020 | |
Earnings per share [abstract] | |
Earnings per share | Earnings per share The following table presents details for the calculation of basic and diluted earnings per share: Year ended March March March $ $ $ Net income 151.7 143.6 96.1 Weighted average number of multiple and subordinate voting shares outstanding 109,892,031 109,422,574 107,250,039 Weighted average number of shares on exercise of stock options and RSUs 1,276,757 2,345,010 4,269,199 Diluted weighted average number of multiple and subordinate voting shares outstanding 111,168,788 111,767,584 111,519,238 Earnings per share Basic $ 1.38 $ 1.31 $ 0.90 Diluted $ 1.36 $ 1.28 $ 0.86 |
Leases
Leases | 12 Months Ended |
Mar. 29, 2020 | |
Leases 1 [Abstract] | |
Leases | Leases Right-of-use assets The following table presents changes in the cost and the accumulated depreciation of the Company’s right-of-use assets: Retail stores Manufacturing facilities Other Total Cost $ $ $ $ March 31, 2019 — — — — Initial application of IFRS 16 (note 4) 97.0 27.2 12.4 136.6 Reclassification of initial direct costs (note 4 and 13) 5.5 — — 5.5 Additions 82.8 6.7 5.2 94.7 Lease extensions and others 1.1 2.7 — 3.8 Impact of foreign currency translation 5.1 — 0.4 5.5 March 29, 2020 191.5 36.6 18.0 246.1 Retail stores Manufacturing facilities Other Total Accumulated depreciation $ $ $ $ March 31, 2019 — — — — Depreciation 25.7 4.8 2.6 33.1 Impact of foreign currency translation 1.1 — 0.1 1.2 March 29, 2020 26.8 4.8 2.7 34.3 Net book value March 31, 2019 — — — — March 29, 2020 164.7 31.8 15.3 211.8 Lease liabilities The following table presents the changes in the Company's lease liabilities: Retail stores Manufacturing facilities Other Total $ $ $ $ March 31, 2019 — — — — Initial application of IFRS 16 (note 4) 107.8 29.4 13.6 150.8 Additions 81.5 6.7 5.2 93.4 Lease extensions and others 0.9 2.7 — 3.6 Principal payments (18.4 ) (4.1 ) (2.2 ) (24.7 ) Impact of foreign currency translation 4.5 — 0.3 4.8 March 29, 2020 176.3 34.7 16.9 227.9 Current lease liabilities 27.5 5.0 3.4 35.9 Non-current lease liabilities 148.8 29.7 13.5 192.0 March 29, 2020 176.3 34.7 16.9 227.9 Leases of low-value assets and short-term leases are not included in the calculation of lease liabilities. These lease expenses are recognized in cost of sales or selling, general, and administrative expenses on a straight-line or other systematic basis. Rent expense comprise the following : Year ended March March March $ $ $ Variable rent 15.0 8.4 2.9 Operating leases 2.5 23.8 17.0 17.5 32.2 19.9 |
Trade receivables
Trade receivables | 12 Months Ended |
Mar. 29, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade receivables | Trade receivables March March $ $ Trade accounts receivable 32.0 19.7 Credit card receivables 2.1 1.6 34.1 21.3 Less: expected credit loss and sales allowances (1.8 ) (0.9 ) Trade receivables, net 32.3 20.4 The following are the continuities of the Company’s expected credit loss and sales allowances deducted from trade receivables: March 29, 2020 March 31, 2019 Expected credit loss Sales allowances Total Expected credit loss Sales allowances Total $ $ $ $ $ $ Balance at the beginning of the year (0.4 ) (0.5 ) (0.9 ) (0.4 ) (0.4 ) (0.8 ) Losses recognized (0.2 ) (2.8 ) (3.0 ) (0.3 ) (0.6 ) (0.9 ) Amounts settled or written off during the year 0.1 2.0 2.1 0.3 0.5 0.8 Balance at the end of the year (0.5 ) (1.3 ) (1.8 ) (0.4 ) (0.5 ) (0.9 ) Trade accounts receivable factoring program On December 23, 2019 , a subsidiary of the Company in Europe entered into an agreement to factor, on a limited recourse basis, certain of its trade accounts receivable up to a limit of €20.0 in exchange for advanced funding equal to 100% of the principal value of the invoice. Accepted currencies include euros, British pounds sterling, and Swiss francs. The Company is charged a fee of the applicable EURIBOR or LIBOR reference rate plus 1.15% per annum, based on the number of days between the purchase date and the invoice due date, which is lower than the Company’s average borrowing rate under its revolving facility. The program is utilized to provide sufficient liquidity to support its international operating cash needs. Upon transfer of the receivables, the Company receives cash proceeds and continues to service the receivables on behalf of the third-party financial institution. The program meets the derecognition requirements in accordance with IFRS 9, Financial Instruments as the Company transfers substantially all the risks and rewards of ownership upon the sale of a receivable. These proceeds are classified as cash flows from operating activities in the statement of cash flows. For the year ended March 29, 2020 , the Company received cash proceeds from the sale of trade accounts receivable with carrying values of $7.8 which were derecognized from the Company’s statement of financial position. Fees of less than $0.1 were incurred during the year ended March 29, 2020 and included in net interest and other financing costs in the statement of income. At March 29, 2020 , the outstanding amount of trade accounts receivable derecognized from the Company’s statement of financial position, but which the Company continued to service, was $2.4 . |
Inventories
Inventories | 12 Months Ended |
Mar. 29, 2020 | |
Inventories [Abstract] | |
Inventories | Inventories March March $ $ Raw materials 61.5 45.7 Work in progress 19.4 19.0 Finished goods 331.4 202.6 Total inventories at the lower of cost and net realizable value 412.3 267.3 Included in inventory as at March 29, 2020 are provisions for obsolescence and inventory shrinkage in the amount of $17.1 ( March 31, 2019 - $16.5 ). Amounts charged to cost of sales comprise the following: Year ended March March March $ $ $ Cost of goods manufactured 352.4 309.0 238.7 Depreciation and amortization 12.4 4.7 4.9 364.8 313.7 243.6 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Mar. 29, 2020 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | Property, plant and equipment The following table presents changes in the cost and the accumulated depreciation on the Company’s property, plant and equipment: Plant equipment Computer equipment Leasehold improvements Show displays Furniture and fixtures In progress Total Cost $ $ $ $ $ $ $ March 31, 2018 12.3 4.9 41.3 5.6 11.3 0.4 75.8 Additions 6.9 0.8 9.4 1.9 7.0 9.6 35.6 Business combination (note 5) 2.1 — 0.4 — — — 2.5 Disposals — (0.3 ) (2.5 ) — — — (2.8 ) Transfers 1.0 — 6.2 0.1 2.0 (9.3 ) — March 31, 2019 22.3 5.4 54.8 7.6 20.3 0.7 111.1 Additions 4.4 1.7 17.2 2.4 3.9 23.9 53.5 Disposals (1.6 ) (0.1 ) (0.2 ) (0.1 ) (0.3 ) — (2.3 ) Transfers 1.5 1.7 10.6 0.3 1.6 (15.7 ) — March 29, 2020 26.6 8.7 82.4 10.2 25.5 8.9 162.3 Plant equipment Computer equipment Leasehold improvements Show displays Furniture and fixtures In progress Total Accumulated depreciation $ $ $ $ $ $ $ March 31, 2018 2.4 2.2 7.2 2.5 1.3 — 15.6 Depreciation 1.7 1.0 6.4 1.5 3.1 — 13.7 Disposals — (0.2 ) (2.3 ) — — — (2.5 ) March 31, 2019 4.1 3.0 11.3 4.0 4.4 — 26.8 Depreciation 2.4 1.3 10.6 2.1 4.5 — 20.9 Disposals (0.2 ) — (0.1 ) (0.1 ) (0.1 ) — (0.5 ) March 29, 2020 6.3 4.3 21.8 6.0 8.8 — 47.2 Net book value March 31, 2019 18.2 2.4 43.5 3.6 15.9 0.7 84.3 March 29, 2020 20.3 4.4 60.6 4.2 16.7 8.9 115.1 |
Intangible assets
Intangible assets | 12 Months Ended |
Mar. 29, 2020 | |
Intangible Assets [Abstract] | |
Intangible assets | Intangible assets Intangible assets comprise the following: March March $ $ Intangible assets with finite lives 45.9 39.8 Intangible assets with indefinite lives: Brand name 115.5 115.5 Domain name 0.3 0.3 161.7 155.6 The following table presents the changes in cost and accumulated amortization of the Company’s intangible assets with finite lives: Intangible assets with finite lives ERP software Computer software Lease rights Intellectual property In progress Total Cost $ $ $ $ $ $ March 31, 2018 4.3 11.8 6.2 3.9 5.8 32.0 Additions 3.2 1.1 0.5 — 18.6 23.4 Business combination (note 5) — — — 2.2 — 2.2 Transfers 5.3 1.0 — 2.9 (9.2 ) — March 31, 2019 12.8 13.9 6.7 9.0 15.2 57.6 Additions 0.3 1.6 — 0.2 19.6 21.7 IFRS 16 initial direct costs (notes 4 and 9) — — (6.7 ) — — (6.7 ) Disposal — (0.1 ) — — — (0.1 ) Transfers 11.3 6.0 — 4.9 (22.2 ) — March 29, 2020 24.4 21.4 — 14.1 12.6 72.5 ERP software Computer software Lease rights Intellectual property In progress Total Accumulated amortization $ $ $ $ $ $ March 31, 2018 1.4 4.4 0.5 2.2 — 8.5 Amortization 4.2 2.7 0.7 1.7 — 9.3 March 31, 2019 5.6 7.1 1.2 3.9 — 17.8 Amortization 3.5 3.4 — 3.1 — 10.0 IFRS 16 initial direct costs (notes 4 and 9) — — (1.2 ) — — (1.2 ) March 29, 2020 9.1 10.5 — 7.0 — 26.6 Net book value March 31, 2019 7.2 6.8 5.5 5.1 15.2 39.8 March 29, 2020 15.3 10.9 — 7.1 12.6 45.9 Intellectual property consists of product development costs, technology acquired in the Baffin business combination (note 5 ), and patents and trademarks. Indefinite life intangible assets Indefinite life intangible assets recorded by the Company are comprised of the Canada Goose and Baffin brand names and domain name associated with the Company’s website. The Company expects to renew the registration of the brand names and domain names at each expiry date indefinitely, and expects these assets to generate economic benefit in perpetuity. As such, the Company assessed these intangibles to have indefinite useful lives. The Company completed its annual impairment tests for the years ended March 29, 2020 and March 31, 2019 for indefinite life intangible assets and concluded that there was no impairment. Key Assumptions The key assumptions used to calculate the value-in-use (VIU) are consistent with the assumptions used to calculate VIU for goodwill (note 14 ). |
Goodwill
Goodwill | 12 Months Ended |
Mar. 29, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Goodwill | Goodwill Goodwill arising from business combinations is as follows: March March $ $ Opening balance 53.1 45.3 Business combination (note 5) — 7.8 Goodwill 53.1 53.1 The Company completed its annual impairment tests in the years ended March 29, 2020 and March 31, 2019 for goodwill and concluded that there was no impairment. Key Assumptions The key assumptions used to calculate the VIU are those regarding discount rate, revenue and gross margin growth rates, sales channel mix, and growth in selling, general and administrative expenses. These assumptions are considered to be Level 3 in the fair value hierarchy. The goodwill impairment tests resulted in excess of recoverable value over carrying value of at least 56.7% for each CGU. Because the VIU amount exceeds the asset’s carrying amount, the asset is not impaired and the fair value less costs of disposition has not been calculated. Cash flow projections were discounted using the Company’s weighted average cost of capital, determined to be 8.50% ( March 31, 2019 - 9.25% ) based on a risk-free rate, an equity risk premium adjusted for betas of comparable publicly traded companies, an unsystematic risk premium, country risk premium, country-specific risk premium, a cost of debt based on comparable corporate bond yields and the capital structure of the Company. |
Accounts payables and accrued l
Accounts payables and accrued liabilities | 12 Months Ended |
Mar. 29, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accounts payables and accrued liabilities | Accounts payables and accrued liabilities Accounts payable and accrued liabilities consist of the following: March March $ $ Trade payables 52.6 46.5 Accrued liabilities 51.3 37.1 Employee benefits 12.1 22.3 Other payables 20.8 4.5 Accounts payable and accrued liabilities 136.8 110.4 |
Provisions
Provisions | 12 Months Ended |
Mar. 29, 2020 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Provisions | Provisions Provisions consist primarily of amounts recorded with respect to customer warranty obligations, terminations of sales agents and distributors, sales returns, and asset retirement obligations. The provision for warranty claims represents the present value of management’s best estimate of the future outflow of economic resources that will be required to meet the Company’s obligations for warranties upon the sale of goods, which may include repair or replacement of previously sold products. The estimate has been made on the basis of historical warranty trends and may vary as a result of new materials, altered manufacturing processes, customer behaviour and expectations, or other events affecting product quality and production. The sales contract provision relates to management’s estimated cost of the departure of certain third-party dealers and distributors. Sales returns relate primarily to goods sold through the Direct-to-Consumer sales channel which have a limited right of return (typically within 30 days), or exchange only, in certain jurisdictions. The return period is extended during the holiday shopping period to accommodate a higher volume of activity and purchases given as gifts. Asset retirement obligations relate to legal obligations associated with the retirement of tangible long-lived assets, primarily for leasehold improvements that the Company is contractually obligated to remove at the end of the lease term. The Company recognizes the liability when such obligations are incurred. The fair value of the liability is estimated based on a number of assumptions requiring management’s judgment, including closing costs and inflation rates, and is accreted to its projected future value over time. Warranty Sales contracts Sales returns Asset retirement obligations Total $ $ $ $ $ March 31, 2018 9.3 3.0 3.3 1.5 17.1 Additional provisions recognized 9.1 — 5.9 1.3 16.3 Reductions resulting from settlement (5.4 ) — (4.2 ) (0.3 ) (9.9 ) Other (0.7 ) — — — (0.7 ) March 31, 2019 12.3 3.0 5.0 2.5 22.8 Additional provisions recognized 14.5 — 15.2 1.3 31.0 Reductions resulting from settlement (7.4 ) — (9.8 ) — (17.2 ) Other — — 0.3 0.1 0.4 March 29, 2020 19.4 3.0 10.7 3.9 37.0 Provisions are classified as current and non-current liabilities based on management’s expectation of the timing of settlement, as follows: March March $ $ Current provisions 15.6 8.1 Non-current provisions 21.4 14.7 37.0 22.8 |
Borrowings
Borrowings | 12 Months Ended |
Mar. 29, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Borrowings | Borrowings Short-term borrowings On July 18, 2019 , a subsidiary of the Company in Greater China entered into an uncommitted loan facility in the amount of RMB 160.0 . The facility includes a non-financial bank guarantee facility in the amount of RMB 10.0 . The term of each draw on the loan is one, three or six months or such other period as agreed upon and shall not exceed twelve months (including any extension or rollover). The interest rate is equal to 105% of the applicable People's Bank of China Benchmark Lending Rate and payable at one, three or six months, depending on the term of each draw. The facility is guaranteed by the Company and proceeds drawn on the facility will be used to support working capital requirements. As at March 29, 2020 , the Company had no amounts owing on the facility. Amendments to long-term debt agreements During the year ended March 29, 2020 , the Company entered into agreements with its lenders to amend the terms of its revolving facility. On May 10, 2019 , the first amendment to the revolving facility increased the credit commitment amount to $300.0 with a seasonal increase of up to $350.0 during the peak season (June 1 through November 30) and extended the maturity date from June 3, 2021 to June 3, 2024 . Subsequently on February 24, 2020 , the Company entered into a second amendment with its lenders to further increase the credit commitment amount to $467.5 with a seasonal increase of up to $517.5 during the peak season (June 1 through November 30). The Company incurred transaction costs of $0.9 in connection with these amendments to the revolving facility. Total deferred transaction costs will be amortized over the extended term to maturity of the facility. Additionally, the Company entered into an agreement with its lenders to amend the terms of its term loan on May 10, 2019 . The amendment to the term loan decreased the interest rate to LIBOR plus 3.50% from LIBOR plus 4.00% , and extended the maturity date from December 2, 2021 to December 2, 2024 . Revolving facility The Company has an agreement with a syndicate of lenders for a senior secured asset-based revolving facility in the amount of $467.5 with an increase in commitments to $517.5 during the peak season (June 1 - November 30) ( May 10, 2019 to February 24, 2020 - $300.0 with an increase in commitments to $350.0 during the peak season, prior to May 10, 2019 amendment - $200.0 with an increase in commitments to $250.0 during the peak season). The revolving credit commitment also includes a letter of credit commitment in the amount of $25.0 , with a $5.0 sub-commitment for letters of credit issued in a currency other than Canadian dollars, U.S. dollars, euros or British pounds sterling, and a swingline commitment for $25.0 . Amounts owing under the revolving facility can be drawn in Canadian dollars, U.S. dollars, euros, British pounds sterling or other currencies. The revolving facility matures on June 3, 2024 . Amounts owing under the revolving facility may be borrowed, repaid and re-borrowed for general corporate purposes. The revolving facility has multiple interest rate charge options that are based on the Canadian prime rate, Bankers’ Acceptance rate, the lenders’ Alternate Base Rate, European Base Rate, LIBOR rate, or EURIBOR rate plus an applicable margin, with interest payable quarterly or at the end of the then current interest period (whichever is earlier). The Company has pledged substantially all of its assets as collateral for the revolving facility. The revolving facility contains financial and non-financial covenants which could impact the Company’s ability to draw funds. As at and during the years ended March 29, 2020 and March 31, 2019 , the Company was in compliance with all covenants. As at March 29, 2020 and March 31, 2019 , the Company had repaid all amounts owing on the revolving facility and related deferred financing charges in the amounts of $1.7 and $1.2 , respectively, were included in other long-term liabilities. The Company has unused borrowing capacity available under the revolving facility of $226.6 as at March 29, 2020 ( March 31, 2019 - $165.5 ). As at March 29, 2020 , the Company had letters of credit outstanding under the revolving facility of $5.7 ( March 31, 2019 - $1.2 ). In addition to the letters of credit outstanding under the revolving facility, a subsidiary of the Company entered into a guarantee arrangement in the amount of HKD 13.9 in connection with a retail lease agreement in Greater China. The subsidiary will reimburse the issuing bank for amounts drawn on the guarantee. As at March 29, 2020 , no amounts have been drawn. Term loan The Company has a senior secured loan agreement with a syndicate of lenders that is secured on a split collateral basis alongside the revolving facility , with an aggregate principal amount owing as at March 29, 2020 of $159.3 (US $113.8 ) ( March 31, 2019 - $152.4 (US $113.8 )). The term loan bears interest at a rate of LIBOR plus an applicable margin of 3.50% (prior to the May 10, 2019 amendment - LIBOR plus an applicable margin of 4.00% , provided that LIBOR may not be less than 1.00% ), payable monthly in arrears. The term loan matures on December 2, 2024 . Amounts owing under the term loan may be repaid at any time without premium or penalty, but once repaid may not be reborrowed. The Company has pledged substantially all of its assets as collateral for the term loan. The term loan contains financial and non-financial covenants which could impact the Company’s ability to draw funds. As at and during the years ended March 29, 2020 and March 31, 2019 , the Company was in compliance with all covenants. The Company determined that the amendments to the term loan were equivalent to a prepayment at no cost of the original term loan and the origination of the amended term loan at market conditions. The Company has accounted for the amendments to the term loan agreement as a debt extinguishment and re-borrowing of the loan amount. The existing term loan in the amount of $151.7 ( US$113.8 ) and related unamortized costs of $7.0 were derecognized. The acceleration of unamortized costs was included in net interest and other finance costs in the statement of income. The Company incurred transaction costs of $1.4 in connection with the amendment to the term loan, which are amortized over the new term to maturity using the effective interest rate method. As the term loan is denominated in U.S. dollars, the Company remeasures the outstanding balance plus accrued interest at each balance sheet date. The amount outstanding with respect to the term loan is as follows: March March $ $ Term loan 159.3 152.4 Less unamortized portion of: Original issue discount — (2.4 ) Deferred transaction costs (1.2 ) (0.9 ) Embedded derivative — (0.5 ) Revaluation for interest rate modification — (3.4 ) 158.1 145.2 Hedging transactions on term loan The Company entered into derivative transactions to hedge a portion of its exposure to foreign currency exchange risk and interest rate risk related to the term loan denominated in U.S. dollars. The designated hedge transactions remained effective after the amendment to the term loan agreement. Nevertheless, on June 12, 2019, the Company terminated its existing derivative contracts and entered into new derivative transactions to better align with the amended interest rate and term to maturity of the term loan. The Company entered into a cross-currency swap by selling US$70.0 floating rate debt bearing interest at LIBOR plus 3.50% as measured on the trade date, and receiving $93.0 fixed rate debt bearing interest at a rate of 5.02% . This cross-currency swap has been designated at inception and is accounted for as a cash flow hedge, and to the extent that the hedge is effective, unrealized gains and losses are included in other comprehensive income until reclassified to the statement of income as the hedged interest payments and principal repayments (or periodic remeasurements) impact net income. Concurrently, the Company entered into a second cross-currency swap by selling the $93.0 fixed rate debt bearing interest at a rate of 5.02% and receiving €61.8 fixed rate debt bearing interest at a rate of 3.19% . This cross-currency swap has been designated and is accounted for as a hedge of the net investment in its European subsidiary. Hedges of net investments are accounted for similarly to cash flow hedges, with unrealized gains and losses included in other comprehensive income. Amounts included in other comprehensive income are reclassified to net income in the period when the foreign operation is disposed of or sold. The Company also entered into a long-dated forward exchange contract by selling $39.6 and receiving US$30.0 as measured on the trade date, to fix the foreign exchange risk on a portion of the term loan borrowings over the revised term to maturity ( December 2, 2024 ). Unrealized gains and losses in the fair value of the forward contract are recognized in selling, general and administrative expenses in the statement of income. Net interest and other finance costs Net interest and other finance costs consist of the following: Year ended March March March $ $ $ Interest expense Short-term borrowings 0.2 — — Revolving facility 3.7 2.4 2.3 Term loan 8.7 11.7 10.4 Lease liabilities 8.4 — — Standby fees 0.8 0.6 0.4 Acceleration of unamortized costs on debt extinguishment 7.0 — — Interest expense and other finance costs 28.8 14.7 13.1 Interest income (0.4 ) (0.5 ) (0.2 ) Net interest and other finance costs 28.4 14.2 12.9 |
Shareholders' equity
Shareholders' equity | 12 Months Ended |
Mar. 29, 2020 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Shareholders' equity | Shareholders’ equity The authorized and issued share capital of the Company are as follows: Authorized The authorized share capital of the Company consists of an unlimited number of subordinate voting shares without par value, an unlimited number of multiple voting shares without par value, and an unlimited number of preferred shares without par value, issuable in series. Issued Multiple voting shares - Holders of the multiple voting shares are entitled to 10 votes per multiple voting share. Multiple voting shares are convertible at any time at the option of the holder into one subordinate voting share. The multiple voting shares will automatically be converted into subordinate voting shares when they cease to be owned by one of the principal shareholders. In addition, the multiple voting shares of either of the principal shareholders will automatically be converted to subordinate voting shares at such time as the beneficial ownership of that shareholder falls below 15% of the outstanding subordinate voting shares and multiple voting shares outstanding, or additionally, in the case of DTR, when the current President and Chief Executive Officer no longer serves as a director of the Company or in a senior management position. Subordinate voting shares - Holders of the subordinate voting shares are entitled to one vote per subordinate voting share. The rights of the subordinate voting shares and the multiple voting shares are substantially identical, except for voting and conversion. Subject to the prior rights of any preferred shares, the holders of subordinate and multiple voting shares participate equally in any dividends declared and share equally in any distribution of assets on liquidation, dissolution, or winding up. Share capital transactions for the year ended March 29, 2020 Normal course issuer bid The Board of Directors has authorized the Company to initiate a normal course issuer bid, in accordance with the requirements of the Toronto Stock Exchange, to purchase up to 1,600,000 subordinate voting shares over the 12-month period from May 31, 2019 to May 30, 2020. Purchased subordinate voting shares will be cancelled. During the year ended March 29, 2020 , the Company purchased 853,500 shares for cancellation at an average price per share of $45.35 for total cash consideration of $38.7 . The amount paid to purchase subordinate voting shares has been charged to share capital at the average share capital amount per share outstanding of $1.6 , with the remaining $37.1 charged to retained earnings. The transactions affecting the issued and outstanding share capital of the Company are described below: Multiple voting shares Subordinate voting shares Total Number $ Number $ Number $ March 31, 2019 51,004,076 1.4 59,106,998 111.2 110,111,074 112.6 Purchase of subordinate voting shares — — (853,500 ) (38.7 ) (853,500 ) (38.7 ) Excess of purchase price over average share capital amount — — — 37.1 — 37.1 Exercise of stock options — — 742,134 3.7 742,134 3.7 Settlement of RSUs — — 3,550 — 3,550 — March 29, 2020 51,004,076 1.4 58,999,182 113.3 110,003,258 114.7 Share capital transactions for the year ended March 31, 2019 Secondary offerings On June 21, 2018, the Company completed a secondary offering of 10,000,000 subordinate voting shares sold by the principal shareholders and a member of management. The Company received no proceeds from the sale of shares. In connection with the secondary offering: a) The principal shareholders converted 9,900,000 multiple voting shares into subordinate voting shares, which were then sold to the public. b) One member of management exercised stock options to purchase 100,000 subordinate voting shares, which were then sold to the public. c) The Company incurred transaction costs for the secondary offering in the amount of $1.2 that are included in selling, general and administrative expenses in the year ended March 31, 2019 . On November 26, 2018, the Company completed a secondary offering of 10,000,000 subordinate voting shares sold by the principal shareholders and a member of the Board of Directors. The Company received no proceeds from the sale of shares. In connection with the secondary offering: a) The principal shareholders converted 9,990,000 multiple voting shares into subordinate voting shares, which were then sold to the public. b) A member of the Board of Directors sold 10,000 subordinate voting shares. c) The Company incurred transaction costs for the secondary offering in the amount of $0.6 that are included in selling, general and administrative expenses in the year ended March 31, 2019 . The transactions affecting the issued and outstanding share capital of the Company in the year ended March 31, 2019 are described below: Multiple voting shares Subordinate voting shares Total Number $ Number $ Number $ March 31, 2018 70,894,076 1.9 37,497,549 104.2 108,391,625 106.1 Issuance of subordinate voting shares in business combination (note 5) — — 16,946 1.5 16,946 1.5 Convert multiple voting shares to subordinate voting shares (19,890,000 ) (0.5 ) 19,890,000 0.5 — — Exercise of stock options — — 1,702,503 5.0 1,702,503 5.0 March 31, 2019 51,004,076 1.4 59,106,998 111.2 110,111,074 112.6 Share capital transactions for the year ended March 31, 2018 Secondary offering On July 5, 2017, the Company completed a secondary offering of 12,500,000 subordinate voting shares sold by the principal shareholders and certain members of management. The Company received no proceeds from the sale of shares. In connection with the secondary offering: a) The principal shareholders converted 12,414,078 multiple voting shares into subordinate voting shares, which were then sold to the public. b) Certain members of management exercised stock options to purchase 85,922 subordinate voting shares, which were then sold to the public. c) The completion of the secondary offering represents an exit event such that 820,543 performance vested exit event stock options that were eligible to vest became vested (note 19 ). d) The Company incurred transaction costs for the secondary offering in the amount of $1.5 that are included in selling, general and administrative expenses in the year ended March 31, 2018 . The transactions affecting the issued and outstanding share capital of the Company in the year ended March 31, 2018 are described below: Multiple voting shares Subordinate voting shares Total Number $ Number $ Number $ March 31, 2017 83,308,154 2.2 23,088,883 101.1 106,397,037 103.3 Convert multiple voting shares to subordinate voting shares (12,414,078 ) (0.3 ) 12,414,078 0.3 — — Exercise of stock options — — 1,994,588 2.8 1,994,588 2.8 March 31, 2018 70,894,076 1.9 37,497,549 104.2 108,391,625 106.1 |
Share-based payments
Share-based payments | 12 Months Ended |
Mar. 29, 2020 | |
Share-based payment arrangements [Abstract] | |
Share-based payments | Share-based payments The Company has issued stock options to purchase subordinate voting shares under its incentive plans, prior to the public share offering on March 21, 2017, the Legacy Plan, and subsequently, the Omnibus Plan. All options are issued at an exercise price that is not less than market value at the time of grant and expire ten years after the grant date. Legacy Plan Under the terms of the Legacy Plan, options were granted to certain executives of the Company which are exercisable to purchase subordinate voting shares. The options vest contingent upon meeting the service, performance goals and exit event conditions of the Legacy Plan. No new options will be issued under the Legacy Plan. a) Service-vested options Service-vested options are subject to the executive’s continuing employment and generally are scheduled to vest 40% on the second anniversary of the date of grant, 20% on the third anniversary, 20% on the fourth anniversary and 20% on the fifth anniversary. b) Performance-vested and exit event options Performance-vested options that are tied to an exit event are eligible to vest pro rata on the same schedule as service-vested options, but do not vest until the exit event has occurred. All exit event conditions have been met, and no outstanding options are subject to exit event conditions. Other performance-vested options vest based on measurable performance targets that do not involve an exit event. Performance-vested options are subject to the executive’s continued employment. Omnibus Plan Under the terms of the Omnibus Plan, options are granted to certain employees of the Company which are exercisable to purchase subordinate voting shares. The options vest over four years contingent upon meeting the service conditions of the Omnibus Plan, 25% on each anniversary of the date of grant. Stock option transactions are as follows: March 29, 2020 March 31, 2019 Weighted average exercise price Number of shares Weighted average exercise price Number of shares Options outstanding, beginning of period $ 15.75 2,037,665 $ 4.71 3,647,571 Granted to purchase shares $ 59.19 558,489 $ 79.59 236,256 Exercised $ 3.25 (742,134) $ 1.85 (1,702,503) Cancelled $ 59.83 (59,297) $ 10.99 (143,659) Expired $ 83.53 (346) $ — — Options outstanding, end of period $ 32.97 1,794,377 $ 15.75 2,037,665 The following table summarizes information about stock options outstanding and exercisable at March 29, 2020 : Options Outstanding Options Exercisable Exercise price Number Weighted average remaining life in years Number Weighted average remaining life in years $0.02 156,247 4.1 156,247 4.1 $0.25 74,322 4.4 74,322 4.4 $1.79 213,748 4.9 124,855 4.8 $4.62 212,033 5.9 56,541 5.9 $8.94 133,332 6.8 79,992 6.8 $23.64 50,560 7.4 21,288 7.4 $30.73 180,798 7.2 87,378 7.2 $31.79 35,622 7.6 15,832 7.6 $45.34 95,911 9.2 — — $46.38 11,430 9.7 — — $51.71 7,143 9.4 — — $63.03 415,582 9.0 — — $71.73 7,075 8.9 1,768 8.9 $83.53 200,574 8.2 50,126 8.2 1,794,377 7.0 668,349 5.7 Restricted share units Under the Omnibus Plan, the Company has granted RSUs to employees of the Company. The RSUs are treated as equity instruments for accounting purposes. We expect that vested RSUs will be paid at settlement through the issuance of one subordinate voting share per RSU. The RSUs vest over a period of three years , a third on each anniversary of the date of grant. RSUs transactions are as follows: March March Number Number RSUs outstanding, beginning of period 10,650 — Granted 35,171 10,650 Settled (3,550 ) — Cancelled (2,839 ) — RSUs outstanding, end of period 39,432 10,650 Subordinate voting shares, to a maximum of 6,730,983 shares, have been reserved for issuance under equity incentive plans to select employees of the Company, with vesting contingent upon meeting the service, performance goals and other conditions of the Plan. Accounting for share-based awards For the year ended March 29, 2020 , the Company recorded $7.8 as contributed surplus and compensation expense for stock options and RSUs ( March 31, 2019 - $3.8 , March 31, 2018 - $2.0 ). Share-based compensation expense is included in selling, general and administrative expenses. The assumptions used to measure the fair value of options granted under the Black-Scholes option pricing model at the grant date were as follows: March March Weighted average stock price valuation $ 59.19 $ 79.59 Weighted average exercise price $ 59.19 $ 79.59 Risk-free interest rate 1.50 % 1.82 % Expected life in years 5 5 Expected dividend yield — % — % Volatility 40 % 40 % Weighted average fair value of options issued $ 18.11 $ 32.68 |
Related party transactions
Related party transactions | 12 Months Ended |
Mar. 29, 2020 | |
Related Party [Abstract] | |
Related party transactions | Related party transactions The Company enters into transactions from time to time with its principal shareholders and organizations affiliated with members of the Board of Directors by incurring expenses for business services. During the year ended March 29, 2020 , the Company incurred expenses with related parties of $1.7 ( March 31, 2019 - $1.0 , March 31, 2018 - $1.3 ) from companies related to certain shareholders. Net b alances owing to related parties as at March 29, 2020 were $0.4 ( March 31, 2019 - $0.1 ). With the initial application of IFRS 16, the Company has recognized a lease liability to the Baffin Vendor for the leased premises; the lease liability as at March 29, 2020 was $5.3 . During the year ended March 29, 2020 , the Company paid principal and interest on the lease liability and other operating costs to entities affiliated with the Baffin Vendor totalling $1.4 ( March 31, 2019 - $0.6 ). In connection with the acquisition of Baffin, the Company agreed to acquire the inventories in transit and purchases of such inventories in the year ended March 31, 2019 amounted to $3.0 . No amounts were owing to Baffin entities as at March 29, 2020 and March 31, 2019 . Furthermore, $3.0 is payable to the Baffin Vendor on November 1, 2020 and will be charged to expense over two years (note 5 ). Terms and conditions of transactions with related parties Transactions with related parties are conducted on terms pursuant to an approved agreement, or are approved by the Board of Directors. Key management compensation Key management consists of the Board of Directors, the President and Chief Executive Officer and the executives who report directly to the President and Chief Executive Officer. Year ended March March March $ $ $ Short term employee benefits 9.1 13.2 10.4 Long term employee benefits 0.1 0.1 — Termination benefits — — 0.2 Share-based compensation 5.9 2.9 1.6 Compensation expense 15.1 16.2 12.2 |
Financial instruments and fair
Financial instruments and fair values | 12 Months Ended |
Mar. 29, 2020 | |
Financial Instruments And Fair Value Measurement [Abstract] | |
Financial instruments and fair values | Financial instruments and fair values Management assessed that the fair values of cash, trade receivables, accounts payable and accrued liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The Company’s derivative financial assets and financial liabilities are measured at fair value at the end of each reporting period. The following table gives information about how the fair values of these financial assets and financial liabilities are determined, in particular, the valuation technique(s) and inputs used. Financial assets/ financial liabilities Fair value hierarchy Valuation technique(s) and key input(s) Relationship of unobservable inputs to fair value Foreign currency forward contracts Level 2 Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties. Increases (decreases) in the forward exchange rate increase (decrease) fair value. Increases (decreases) in discount rate decrease (increase) fair value. Foreign currency swap contracts Level 2 Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties. Increases (decreases) in the forward exchange rate increase (decrease) fair value. Increases (decreases) in discount rate decrease (increase) fair value. Embedded derivative related to term loan interest rate floor Level 2 Future cash flows are estimated based on interest rates and forward interest rates, discounted at a rate that reflects the credit risk of the counterparties. Increases (decreases) in the forward interest rate decrease (increase) fair value. Increases (decreases) in the discount rate decrease (increase) fair value. Increase (decrease) in the US$:C$ exchange rate decrease (increase) fair value. The following table presents the fair values and fair value hierarchy of the Company’s financial instruments and excludes financial instruments carried at amortized cost that are short-term in nature: March 29, 2020 March 31, 2019 Level 1 Level 2 Level 3 Carrying value Fair value Level 1 Level 2 Level 3 Carrying value Fair value $ $ $ $ $ $ $ $ $ $ Financial assets Cash 31.7 — — 31.7 31.7 88.6 — — 88.6 88.6 Derivatives included in other current assets — 11.3 — 11.3 11.3 — 1.8 — 1.8 1.8 Derivatives included in other long-term assets — 5.9 — 5.9 5.9 — 7.0 — 7.0 7.0 Financial liabilities Derivatives included in accounts payable and accrued liabilities — 19.0 — 19.0 19.0 — 1.6 — 1.6 1.6 Short-term borrowings — — — — — — — — — — Derivatives included in other long-term liabilities — 2.9 — 2.9 2.9 — 4.4 — 4.4 4.4 Revolving facility — — — — — — — — — — Term loan — — 158.1 158.1 159.3 — — 145.2 145.2 152.4 Lease liabilities — — 227.9 227.9 227.9 — — — — — There were no transfers between the levels of the fair value hierarchy. |
Financial risk management objec
Financial risk management objectives and policies | 12 Months Ended |
Mar. 29, 2020 | |
Financial Instruments [Abstract] | |
Financial risk management objectives and policies | Financial risk management objectives and policies The Company’s primary risk management objective is to protect the Company’s assets and cash flow, in order to increase the Company’s enterprise value. The Company is exposed to capital management risk, market risk, credit risk, and liquidity risk. The Company’s senior management and Board of Directors oversee the management of these risks. The Board of Directors reviews and agrees policies for managing each of these risks which are summarized below. Capital management The Company manages its capital, which consists of equity (subordinate voting shares and multiple shares voting shares), short-term borrowings, and long-term debt (the revolving facility and the term loan), with the objectives of safeguarding sufficient net working capital over the annual operating cycle and providing sufficient financial resources to grow operations to meet long-term consumer demand. Management targets a ratio of trailing 52 or 53-week period adjusted EBITDAR (defined as a djusted earnings before interest, taxes, depreciation, amortization and in fiscal 2019, rent expense) to net debt, reflecting the seasonal change in the business as net working capital builds through the second fiscal quarter. The Board of Directors of the Company monitors the Company’s capital management on a regular basis. The Company will continually assess the adequacy of the Company’s capital structure and capacity and make adjustments within the context of the Company’s strategy, economic conditions, and risk characteristics of the business. Refer to Note 24. Subsequent Events for further enhancements to our capital management program subsequent to March 29, 2020 in response to the impact of COVID-19. Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise interest rate risk and foreign currency risk. Interest rate risk The Company is exposed to interest rate risk related to the effect of interest rate changes on borrowings outstanding under short-term borrowings, the revolving facility and the term loan. As at March 29, 2020 , the Company had no amounts owing on the short-term borrowings and the revolving facility. The amount outstanding under the term loan was $159.3 as at March 29, 2020 which currently bears interest at 5.10% . Based on the weighted average amount of outstanding borrowings under the short-term borrowings during the year ended March 29, 2020 , a 1.00% increase in the average interest rate on our borrowings would have increased annual interest expense by less than $0.1 ( March 31, 2019 - $nil ). Correspondingly, a 1.00% increase in the average interest rate would have increased annual interest expense on the revolving facility and term loan by $0.9 and $1.5 , respectively ( March 31, 2019 - $0.6 and $1.5 , respectively). Interest rate risk on the term loan is partially mitigated by cross-currency swap hedges. The impact on future interest expense because of future changes in interest rates will depend largely on the gross amount of borrowings at that time. Foreign exchange risk Foreign exchange risk in operating cash flows The Company’s consolidated financial statements are expressed in Canadian dollars, but a substantial portion of the Company’s revenues, inventory purchases and expenses are denominated in foreign currencies, primarily U.S. dollars, euros, British pounds sterling, Swiss francs, Chinese yuan, and Hong Kong dollars. The Company has entered into forward foreign exchange contracts to reduce the foreign exchange risk associated with revenues, purchases, and expenses denominated in these currencies. Certain forward foreign exchange contracts were designated at inception and accounted for as cash flow hedges. The operating hedge program for the fiscal years ending March 29, 2020 and March 28, 2021 was initiated during the fourth quarter of the 2019 fiscal year. The Company recognized the following unrealized losses in the fair value of derivatives designated as cash flow hedges in other comprehensive income: Year ended March 29, 2020 March 31, 2019 March 31, 2018 Net loss Tax recovery Net loss Tax recovery Net loss Tax recovery $ $ $ $ $ $ Forward foreign exchange contracts designated as cash flow hedges (3.7 ) 1.1 (3.9 ) 0.8 (1.4 ) 0.5 The Company reclassified the following gains and losses from other comprehensive income on derivatives designated as cash flow hedges to locations in the consolidated financial statements described below: Year ended March March March (Gain) loss from other comprehensive income $ $ $ Forward foreign exchange contracts designated as cash flow hedges Revenue (0.2 ) 6.5 — Selling, general and administrative expenses 1.0 (4.5 ) 0.3 Inventory 0.1 (1.0 ) — During the year ended March 29, 2020 , an unrealized loss of $3.2 ( March 31, 2019 - unrealized gain of $3.7 , March 31, 2018 - unrealized gain of $0.1 ) on forward exchange contracts that are not treated as hedges has been recorded selling, general and administrative expenses in the statement of income. Foreign currency contracts outstanding as at March 29, 2020 related to operating cash flows are: (in millions) Aggregate Amounts Currency Forward contract to purchase Canadian dollars US$ 127.4 U.S. dollars € 120.4 euros Forward contract to sell Canadian dollars US$ 79.1 U.S. dollars € 57.9 euros £ 0.2 British pounds sterling Forward contract to purchase euros CHF 2.1 Swiss francs CNY 455.1 Chinese yuan £ 30.1 British pounds sterling HKD 47.6 Hong Kong dollars SEK 4.8 Swedish kronor Forward contract to sell euros CHF 13.8 Swiss francs £ 1.8 British pounds sterling Revenues and expenses of all foreign operations are translated into Canadian dollars at the foreign currency exchange rates that approximate the rates in effect at the dates when such items are recognized. Appreciating foreign currencies relative to the Canadian dollar, to the extent they are not hedged, will positively impact operating income and net income, while depreciating foreign currencies relative to the Canadian dollar will have the opposite impact. Foreign exchange risk on borrowings The Company is exposed to fluctuations in the amount owing on the term loan that is denominated in U.S. dollars as at March 29, 2020 . Based on the outstanding balance of $159.3 ( US$113.8 ) under the term loan as at March 29, 2020 , a $0.01 depreciation in the value of the Canadian dollar relative to the U.S. dollar would result in a decrease in pre-tax income of $1.1 ( March 31, 2019 - $1.1 ) solely as a result of that exchange rate fluctuation’s effect on the debt. Appreciating foreign currencies relative to the Canadian dollar, to the extent they are not hedged, will positively impact operating income and net income, while depreciating foreign currencies relative to the Canadian dollar will have the opposite impact. The Company hedges a portion of its exposure to foreign currency exchange risk on principal and interest payments on its term loan denominated in U.S. dollars (note 17 ). The Company recognized the following unrealized gains and losses in the fair value of derivatives designed as hedging instruments in other comprehensive income: Year ended March 29, 2020 March 31, 2019 March 31, 2018 Net gain (loss) Tax (expense) recovery Net gain (loss) Tax (expense) recovery Net gain (loss) Tax (expense) recovery $ $ $ $ $ $ Cross-currency swap designated as a cash flow hedge 1.3 (0.2 ) (0.7 ) 0.2 1.5 (0.5 ) Euro-denominated cross-currency swap designated as a net investment hedge (0.3 ) (0.2 ) 3.5 (1.2 ) (3.5 ) 1.2 The Company reclassified the following gains and losses from other comprehensive income on derivatives designated as hedging instruments to selling, general and administrative expenses: Year ended March March March (Gain) loss from other comprehensive income $ $ $ Cross-currency swap designated as a cash flow hedge (5.3 ) 0.4 1.1 During the year ended March 29, 2020 , an unrealized gain of $3.3 ( March 31, 2019 - $2.9 , March 31, 2018 - $0.3 ) in the fair value of the long-dated forward exchange contract related to a portion of the term loan balance has been recognized in selling, general and administrative expenses in the statement of income. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. Credit risk arises from the possibility that certain parties will be unable to discharge their obligations. The Company has a significant number of customers which minimizes the concentration of credit risk. The Company does not have any customers which account for more than 10% of sales or accounts receivable. The Company has entered into an agreement with a third party who has insured the risk of loss for up to 90% of accounts receivable from certain designated customers subject to a total deductible of less than $0.1 , to a maximum of $30.0 per year. As at March 29, 2020 , accounts receivable totaling approximately $20.1 ( March 31, 2019 - $14.1 ) were insured under this agreement, representing 89.6% of trade accounts receivable. In addition, the Company routinely assesses the financial strength of its customers and, as a consequence, believes that its accounts receivable credit risk exposure is limited. Customer deposits are received in advance from certain customers for seasonal orders, and applied to reduce accounts receivable when goods are shipped. Credit terms are normally sixty days for seasonal orders, and thirty days for re-orders. As at March 29, 2020 , customer deposits of $2.1 ( March 31, 2019 - $0.3 ) were included in accounts payable and accrued liabilities. The aging of trade receivables is as follows: Past due Total Current < 30 days 31-60 days > 61 days $ $ $ $ $ Trade accounts receivable 32.0 21.8 4.4 2.5 3.3 Credit card receivables 2.1 2.1 — — — March 29, 2020 34.1 23.9 4.4 2.5 3.3 Trade accounts receivable 19.7 12.9 4.7 0.5 1.6 Credit card receivables 1.6 1.6 — — — March 31, 2019 21.3 14.5 4.7 0.5 1.6 Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to satisfy the requirements for business operations, capital expenditures, debt service and general corporate purposes, under normal and stressed conditions. The primary source of liquidity is funds generated by operating activities; the Company also relies on short-term borrowings and the revolving facility as sources of funds for short term working capital needs. The Company continuously reviews both actual and forecasted cash flows to ensure that the Company has appropriate capital capacity. The following table summarizes the amount of contractual undiscounted future cash flow requirements as at March 29, 2020 : Contractual obligations 2021 2022 2023 2024 2025 Thereafter Total $ $ $ $ $ $ $ Accounts payable and accrued liabilities 136.8 — — — — — 136.8 Term loan — — — — 159.3 — 159.3 Note payable (notes 5, 20) 3.0 — — — — — 3.0 Interest commitments relating to borrowings (1) 8.1 8.1 8.1 8.1 5.4 — 37.8 Foreign exchange forward contracts 7.8 — — — — — 7.8 Lease obligations 49.0 50.0 49.5 44.5 43.0 90.8 326.8 Pension obligation — — — — — 2.8 2.8 (1) Interest commitments are calculated based on the term loan balance and the interest rate payable on the loan of 5.10% as at March 29, 2020 . The Company accrues expenses when incurred. Accounts are deemed payable once a past event occurs that requires payment by a specific date. |
Selected cash flow information
Selected cash flow information | 12 Months Ended |
Mar. 29, 2020 | |
Cash Flow Statement [Abstract] | |
Selected cash flow information | Selected cash flow information Changes in non-cash operating items March March March $ $ $ Trade receivables (10.6 ) 3.4 (3.1 ) Inventories (141.8 ) (87.3 ) (39.5 ) Other current assets 6.1 (10.3 ) (5.6 ) Accounts payable and accrued liabilities (1.3 ) (14.7 ) 41.5 Provisions 14.5 5.6 1.6 Deferred rent — 3.3 2.3 Other 2.5 (0.7 ) 0.5 Change in non-cash operating items (130.6 ) (100.7 ) (2.3 ) Changes in liabilities and equity arising from financing activities Short-term borrowings and revolving facility Term loan Net derivative asset on terminated contracts Lease liabilities Share capital $ $ $ March 31, 2019 (1) (1.2 ) 145.2 (5.5 ) — 112.6 Cash flows: Transaction costs on financing activities (0.9 ) (1.4 ) — — — Subordinate voting shares purchased for cancellation — — — — (38.7 ) Principal paid on lease liabilities — — — (24.7 ) — Settlement of term loan derivative contracts — — 4.6 — — Exercise of stock options — — — — 2.4 Non-cash items: Amortization of debt costs Discount — 0.1 — — — Interest rate modification — 0.1 — — — Deferred transaction costs 0.4 0.3 — — — Acceleration of unamortized costs on term loan extinguishment — 7.0 — — — Unrealized foreign exchange (gain) loss — 6.8 0.9 4.8 — IFRS 16 initial application (notes 4 and 9) — — — 150.8 — Additions and amendments to lease liabilities (note 9) — — — 97.0 — Share purchase charge to retained earnings — — — — 37.1 Contributed surplus on exercise of stock options — — — — 1.3 March 29, 2020 (1) (1.7 ) 158.1 — 227.9 114.7 (1) Deferred financing charges on the revolving facility are included in other long-term liabilities. Revolving facility Term loan Share capital $ $ $ March 31, 2018 (1) (1.7 ) 137.1 106.1 Cash flows: Exercise of stock options — — 3.1 Non-cash items: Issuance of shares in business combination (note 5) — — 1.5 Amortization of debt costs Discount — 0.9 — Embedded derivative — 0.2 — Interest rate modification — 1.2 — Deferred transaction costs 0.5 0.3 — Unrealized foreign exchange loss — 5.5 — Contributed surplus on exercise of stock options — — 1.9 March 31, 2019 (1) (1.2 ) 145.2 112.6 (1) Deferred financing charges on the revolving facility are included in other long-term liabilities. |
Subsequent events
Subsequent events | 12 Months Ended |
Mar. 29, 2020 | |
Disclosure of events after reporting period [Abstract] | |
Subsequent events | Subsequent events Letter of guarantee facility On April 14, 2020, Canada Goose Inc. entered into a letter of guarantee facility in the amount of $10.0 . Letters of guarantee are available for terms of up to twelve months. Amounts issued on the facility will be used to finance working capital requirements through letters of guarantee, standby letters of credit, performance bonds, counter guarantees, counter standby letters of credit, or similar credits. Restructuring On May 20, 2020, the Company underwent a reorganization to address the impact of the COVID-19 pandemic, resulting in the lay-off of 125 employees or approximately 2.5% of its workforce. Amendments to the revolving facility On May 26, 2020 , the Company entered into a further amendment to the revolving facility to increase its ability to borrow against the borrowing base by up to $50.0 . The amended revolving facility consists of the existing revolving facility with a reduced commitment in the amount of $417.5 with a seasonal increase of up to $467.5 during the peak season (June 1 - November 30), and a first-in, last-out (“FILO”) revolving facility in the amount of $50.0 . Borrowings under the existing revolving facility were transferred to the FILO revolving facility on the transaction date and future amounts will be drawn in priority of the FILO revolving facility. Amounts drawn on the FILO revolving facility are subject to an interest rate charge that is 2.00% higher than the existing revolving facility. The FILO revolving facility matures on May 25, 2021 and upon maturity, the credit commitments on the existing revolving facility will be restored. |
SCHEDULE I - CONDENSED FINANCIA
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF CANADA GOOSE HOLDINGS INC. | 12 Months Ended |
Mar. 29, 2020 | |
Consolidated And Separate Financial Statements [Abstract] | |
Schedule I - Condensed Financial Information of Canada Goose Holdings Inc. | SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF CANADA GOOSE HOLDINGS INC. (PARENT COMPANY) All operating activities of the Company are conducted by its subsidiaries. Canada Goose Holdings Inc. is a holding company and does not have any material assets or conduct business operations other than investments its subsidiaries. The credit agreement of Canada Goose, Inc, a wholly owned subsidiary of Canada Goose Holdings Inc., contains provisions whereby Canada Goose Inc. has restrictions on the ability to pay dividends, loan funds and make other upstream distributions to Canada Goose Holdings Inc. These condensed parent company financial statements have been prepared using the same accounting principles and policies described in the notes to the consolidated financial statements. Refer to the consolidated financial statements and notes presented above for additional information and disclosures with respect to these condensed financial statements. Schedule I – Condensed Statements of Income (in millions of Canadian dollars) Year ended March March March $ $ $ Equity in comprehensive income of subsidiary 156.6 147.6 97.5 Fee income from subsidiary 7.2 3.4 0.9 163.8 151.0 98.4 Selling, general and administration expenses 9.9 7.7 5.2 Income before income taxes 153.9 143.3 93.2 Income tax recovery (0.6 ) (1.0 ) (1.1 ) Net income 154.5 144.3 94.3 Schedule I – Condensed Statements of Financial Position (in millions of Canadian dollars) March March Assets $ $ Current assets Cash 0.6 1.1 Other current assets 0.1 0.1 Total current assets 0.7 1.2 Note receivable from subsidiary 54.0 43.5 Investment in subsidiary 497.8 384.8 Deferred income taxes 2.6 2.1 Total assets 555.1 431.6 Liabilities Current liabilities Accounts payable and accrued liabilities 0.3 0.2 Due to subsidiary 34.6 32.3 Total liabilities 34.9 32.5 Shareholders' equity Share capital 114.7 112.6 Contributed surplus 15.7 9.2 Retained earnings 389.8 277.3 Total shareholders' equity 520.2 399.1 Total liabilities & shareholders' equity 555.1 431.6 Schedule I – Condensed Statements of Changes in Equity (in millions of Canadian dollars) Share capital Contributed surplus Retained earnings Total $ $ $ $ Balance at March 31, 2017 103.3 4.1 38.7 146.1 Exercise of stock options 2.8 (1.6 ) — 1.2 Net income — — 94.3 94.3 Share-based compensation — 2.0 — 2.0 Balance at March 31, 2018 106.1 4.5 133.0 243.6 Issuance of common shares in business combination 1.5 — — 1.5 Exercise of stock options 5.0 (1.9 ) — 3.1 Net income — — 144.3 144.3 Share-based compensation (including equity in contributed surplus of $2.8) — 6.6 — 6.6 Balance at March 31, 2019 112.6 9.2 277.3 399.1 IFRS 16 initial application in subsidiaries — — (4.9 ) (4.9 ) Normal course issuer bid purchase of subordinate voting shares (1.6 ) — (37.1 ) (38.7 ) Exercise of stock options 3.7 (1.3 ) — 2.4 Net income — — 154.5 154.5 Share-based compensation — 7.8 — 7.8 Balance at March 29, 2020 114.7 15.7 389.8 520.2 Schedule I – Condensed Statements of Cash Flows (in millions of Canadian dollars) Year ended March March March $ $ $ Operating activities Net income 154.5 144.3 94.3 Items not affecting cash: Equity in undistributed earnings of subsidiary (156.6 ) (147.6 ) (97.5 ) Income tax recovery (0.6 ) (1.0 ) (1.1 ) Share-based compensation 7.8 3.8 2.0 5.1 (0.5 ) (2.3 ) Changes in assets and liabilities (9.6 ) (1.3 ) 2.0 Net cash used in operating activities (4.5 ) (1.8 ) (0.3 ) Investing activities Dividend received 38.7 — — Investment in shares of subsidiary — (1.5 ) — Net cash from (used in) investing activities 38.7 (1.5 ) — Financing activities Subordinate voting shares purchased for cancellation (37.1 ) — — Exercise of stock options 2.4 3.1 1.2 Net cash (used in) from financing activities (34.7 ) 3.1 1.2 (Decrease) increase in cash (0.5 ) (0.2 ) 0.9 Cash, beginning of year 1.1 1.3 0.4 Cash, end of year 0.6 1.1 1.3 Schedule I – Notes to the Condensed Financial Statements (in millions of Canadian dollars) 1. BASIS OF PRESENTATION Canada Goose Holdings Inc. (the “Parent Company”) is a holding company that conducts substantially all of its business operations through its subsidiary. The Parent Company (a British Columbia corporation) was incorporated on November 21, 2013. The Parent Company has accounted for the earnings of its subsidiary under the equity method in these unconsolidated condensed financial statements. 2. STATEMENT OF COMPLIANCE The Parent Company prepared these unconsolidated financial statements in accordance with International Accounting Standards 27, "Separate Financial Statements" , as issued by the International Accounting Standards Board. 3. COMMITMENTS AND CONTINGENCIES The Parent Company has no material commitments or contingencies during the reported periods. 4. SHAREHOLDERS’ EQUITY See the Annual Consolidated Financial Statements Note 18 in reference to the normal course issuer bid transaction during the year ended March 29, 2020 . |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Mar. 29, 2020 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Statement of compliance | Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). |
Operating segments | Operating segments The Company classifies its business in three operating and reportable segments: Direct-to-Consumer, Wholesale, and Other. The Direct-to-Consumer segment comprises sales through country-specific e-commerce platforms and its Company-owned retail stores located in luxury shopping locations. The Wholesale segment comprises sales made to a mix of functional and fashionable retailers, including major luxury department stores, outdoor specialty stores, and individual shops, and to international distributors. In the fourth quarter of fiscal 2020, the Company revised the previous Unallocated segment to the Other segment. The Other segment comprises sales and costs not directly allocated to the Direct-to-Consumer or Wholesale channels, such as sales to employees and selling, general and administrative expenses not directly allocated to the Direct-to-Consumer or Wholesale segments. |
Seasonality | Seasonality Our business is seasonal, and we have historically realized a significant portion of our Wholesale revenue and operating income in the second and third quarters of the fiscal year and Direct-to-Consumer revenue and operating income in the third and fourth quarters of the fiscal year. Thus, lower-than-expected revenue in these periods could have an adverse impact on our annual operating results. Cash flows from operating activities are typically highest in the third and fourth quarters of the fiscal year due to revenue from the Direct-to-Consumer segment and the collection of trade receivables from Wholesale revenue earlier in the year. Working capital requirements typically increase as inventory builds. Borrowings have historically increased in the first and second quarters and been repaid in the third quarter of the fiscal year. (d) R |
Basis of presentation | Basis of presentation The consolidated financial statements are presented in Canadian dollars, the Company’s functional and presentation currency. These consolidated financial statements have been prepared on the historical cost basis except for the following items, which are recorded at fair value: • financial instruments, including derivative financial instruments, at fair value in other comprehensive income and through profit or loss as described in note 21 , and • initial recognition of assets acquired and liabilities assumed in a business combination as described in note 5 . The significant accounting policies set out below have been applied consistently in the preparation of the consolidated financial statements for all periods presented, with the exception of IFRS 16, Leases ("IFRS 16") effective April 1, 2019, as described in note 4 . The Company elected the modified retrospective approach on adoption of the standard, and has not restated prior periods. |
Principles of consolidation | Principles of consolidation The consolidated financial statements include the accounts of Canada Goose Holdings Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated. |
Foreign currency translation and transactions | Foreign currency translatio n and transactions The functional currency of each of the Company’s subsidiaries is the currency of the primary economic environment in which each entity operates. The assets and liabilities of subsidiaries whose functional currency is not the Canadian dollar are translated into the functional currency of the Company using the exchange rate at the reporting date. Revenues and expenses are translated at exchange rates prevailing at the transaction date. The resulting foreign exchange translation differences are recorded as a currency translation adjustment in other comprehensive income. Foreign currency transactions are translated into the functional currency of each of the Company’s subsidiaries using the exchange rates prevailing at the date of the transactions or valuation when items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the changes at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income in selling, general and administrative expenses, except when included in other comprehensive income for qualifying cash flow and net investment hedges. Change in functional currency of subsidiary Each entity within the Company determines its functional currency based on the primary economic environment in which the entity operates. Once an entity's functional currency is determined, it is not changed unless there is a change to the underlying transactions, events, and conditions that determine the entity's primary economic environment. Through the year ending March 31, 2019, the functional currency of Canada Goose US, Inc., the operating subsidiary in the United States ("U.S."), was determined to be Canadian dollars because its wholesale operations were carried out as an extension of the business of the Canadian parent and were therefore integrated with the Canadian operations. The U.S. subsidiary is responsible for all of the Company's direct-to-consumer and wholesale operations in the United States, which now include substantial retail operations, assets and related lease financing. The Company reassessed the functional currency of the U.S. subsidiary in light of the change in circumstances and determined it was no longer an integral foreign operation and that the primary economic environment in which it operates is the United States; as a result, the functional currency of the U.S. subsidiary was changed from Canadian dollars to U.S. dollars, effective April 1, 2019. The change was made on a prospective basis. |
Revenue recognition | Revenue recognition Revenue comprises of Direct-to-Consumer, Wholesale and Other segment revenues. Revenue is measured at the amount of consideration to which the Company expects to be entitled in exchange for the sale of goods in the ordinary course of the Company’s activities. Revenue is presented net of sales tax, estimated returns, sales allowances, and discounts. The Company recognizes revenue when the Company has agreed terms with its customers, the contractual rights and payment terms have been identified, the contract has commercial substance, it is probable that consideration will be collected by the Company, and when control of the goods is transferred to the customer have been met. It is the Company’s policy to sell merchandise through the Direct-to-Consumer channel with a limited right to return, typically within 30 days. Accumulated experience is used to estimate and provide for such returns. |
Business combinations | Business combinations Acquisitions of businesses are accounted for using the acquisition method as of the acquisition date, which is the date when control is transferred to the Company. The consideration transferred in a business combination is measured at fair value, calculated as the sum of the acquisition date fair values of the assets transferred, liabilities incurred by the Company, and the equity interests issued by the Company in exchange for control of the acquiree. Transaction costs that the Company incurs in connection with a business combination are recognized in the statement of income as incurred. Goodwill is measured as the excess of the sum of the fair value of the consideration transferred over the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed. When the consideration transferred in a business combination includes contingent consideration, the contingent consideration is measured at its acquisition date fair value. Contingent consideration is remeasured at subsequent reporting dates at its fair value, and the resulting gain or loss recognized in the statement of income. |
Earnings per share | Earnings per share Basic earnings per share is calculated by dividing net income attributable to ordinary equity holders by the weighted average number of multiple and subordinated voting shares outstanding during the year. Diluted earnings per share is calculated by dividing net income attributable to ordinary equity holders of the Company by the weighted average number of multiple and subordinated voting shares outstanding during the year plus the weighted average number of subordinate shares that would be issued on the exercise of stock options and settlement of restricted share units (“RSUs”). |
Income taxes | Income taxes Current and deferred income taxes are recognized in the statement of income, except when it relates to a business combination, or items recognized in equity or in other comprehensive income. Current income tax Current income tax is the expected income tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to income tax payable in respect of previous years. |
Deferred income tax | Deferred income tax Deferred income tax is provided using the liability method for temporary differences at the reporting date between the income tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax is measured using enacted or substantively enacted income tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. A deferred tax asset is recognized for unused income tax losses and credits to the extent that it is probable that future taxable income will be available against which they can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable income will allow the deferred tax asset to be recovered. Deferred income tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current income tax assets against current income tax liabilities and the deferred tax relates to the same taxable entity and the same taxation authority. Deferred income tax is provided on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. |
Cash | Cash Cash consists of cash and cash equivalents, including cash on hand, deposits in banks, and short-term deposits with maturities of less than three months. The Company uses the indirect method of reporting cash flows from operating activities. |
Trade receivables | Trade receivables Trade receivables, including credit card receivables, consist of amounts owing on product sales where we have extended credit to customers, and are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method, less expected credit loss and sales allowances. The allowance for expected credit losses is recorded against trade receivables and is based on historical experience. |
Inventories | Inventories Raw materials, work-in-process, and finished goods are valued at the lower of cost and net realizable value. Cost is determined using the weighted average cost method. The cost of work-in-process and finished goods inventories include the cost of raw materials and an applicable share of the cost of labour and fixed and variable production overhead costs, including the depreciation of property, plant and equipment used in the production of finished goods and design costs, and other costs incurred to bring the inventories to their present location and condition. The Company estimates net realizable value as the amount at which inventories are expected to be sold, taking into consideration fluctuations in selling prices due to seasonality, less estimated costs necessary to complete the sale. Inventories are written down to net realizable value when the cost of inventories is estimated to be unrecoverable due to obsolescence, damage, or declining selling prices. Inventory is adjusted to reflect estimated loss (“shrinkage”) incurred since the last inventory count. Shrinkage is based on historical experience. When circumstances that previously caused inventories to be written down below cost no longer exist or when there is clear evidence of an increase in realizable value, the amount of the write-down previously recorded is reversed. Storage costs, indirect administrative overhead and certain selling costs related to inventories are expensed in the period that these costs are incurred. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and any accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset, including costs incurred to prepare the asset for its intended use and capitalized borrowing costs, when the recognition criteria are met. The commencement date for capitalization of costs occurs when the Company first incurs expenditures for the qualifying assets and undertakes the required activities to prepare the assets for their intended use. Property, plant and equipment assets are depreciated on a straight-line basis over their estimated useful lives when the assets are available for use. When significant parts of a fixed asset have different useful lives, they are accounted for as separate components and depreciated separately. Depreciation methods and useful lives are reviewed annually and are adjusted for prospectively, if appropriate. Estimated useful lives are as follows: Asset Category Estimated Useful Life Plant equipment 10 years Computer hardware 5 years Leasehold improvements Lesser of the lease term or useful life of the asset Show displays 5 years Furniture and fixtures 5 to 15 years An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset, calculated as the difference between the net disposal proceeds and the carrying amount of the asset, is included in the statement of income when the asset is derecognized. The cost of repairs and maintenance of property, plant and equipment is expensed as incurred and recognized in the statement of income. Property, plant and equipment are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If any such indication exists, the asset is then tested for impairment by comparing its recoverable amount to its carrying value. Any resulting impairment loss is recorded in the statement of income. |
Intangible assets | Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of an intangible asset acquired in a business combination is its fair value as at the date of acquisition. Following initial recognition, intangible assets with finite lives are carried at cost less any accumulated amortization and any accumulated impairment losses. An internally generated intangible asset is recorded for product development costs which are included within intellectual property. Product development costs are incurred in the design, production and testing of new products where the technical feasibility of commercial manufacturing and sale of the product has been demonstrated. The useful lives of intangible assets are assessed as either finite or indefinite. Asset Category Estimated Useful Life Brand name Indefinite Domain name Indefinite ERP software 5 to 7 years Computer software 5 years Intellectual property 1 to 8 years Intangible assets with indefinite useful lives comprise of the Canada Goose and Baffin brand names (note 5 ) and domain name, which were acquired as part of an acquisition and were recorded at their estimated fair value. The brand names and domain name are considered to have an indefinite life based on a history of revenue and cash flow performance, and the intent and ability of the Company to support the brand with spending to maintain its value for the foreseeable future. The brand names and domain name are tested at least annually for impairment, at the cash-generating unit (“CGU”) level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is made on a prospective basis. Intangible assets with finite lives are amortized over the useful economic life on a straight-line basis. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of income over the asset’s estimated useful life. An intangible asset is derecognized on disposal or when no future economic benefits are expected from its use. Gains or losses arising from the derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are included in the statement of income when the asset is derecognized. Intangible assets are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If any such indication exists, the asset is then tested for impairment by comparing its recoverable amount to its carrying value. Any resulting impairment loss is recorded in the statement of income. Lease rights in connection with the opening of new Company-owned retail stores are recorded based on the amount paid. Lease rights have a definite useful life of the lease term and are amortized on a straight-line basis over the term. Upon the adoption of IFRS 16, lease rights were transferred from intangible assets and recognized as initial direct costs in the measurement of right-of-use assets (note 4 ). |
Leases | The Company recognizes a right-of-use asset and a lease liability based on the present value of the future lease payments at the commencement date. The commencement date is when the lessor makes the leased asset available for use by the Company, typically the possession date. The discount rate used in the present value calculation for lease payments is the incremental borrowing rate for each leased asset or portfolio of leased assets with similar characteristics by reference to the Company’s creditworthiness, the security, term and value of the underlying leased asset, and the economic environment in which the leased asset operates. The lease term is determined as the non-cancellable periods of a lease, together with periods covered by a renewal option if the Company is reasonably certain to exercise that option and a termination option if the Company is reasonably certain not to exercise that option. Leases of low-value assets and short-term leases are not included in the calculation of lease liabilities. These lease expenses are recognized in cost of sales or selling, general, and administrative expenses on a straight-line or other systematic basis. Lease liabilities Lease liabilities are measured at the present value of future lease payments, discounted using the Company’s incremental borrowing rates, and include the fixed payments, variable lease payments that depend on an index or a rate, less any lease incentives receivable. Subsequent to initial measurement, the Company measures lease liabilities at amortized cost using the effective interest rate method. Lease liabilities are remeasured when there are changes to the lease payments, lease term, assessment of an option to purchase the underlying asset, expected residual value guarantee, or future lease payments due to a change in the index or rate tied to the payment. Right-of-use assets Right-of-use assets are measured at the initial amount of the lease liabilities, lease payments made at or before the commencement date less any lease incentives received, initial direct costs, if any, and decommissioning costs to restore the site to the condition required by the terms and conditions of the lease. Subsequent to initial measurement, the Company applies the cost model to the right-of-use assets and measures the asset at cost less any accumulated depreciation, accumulated impairment losses in accordance with IAS 36, and any remeasurements of the lease liabilities. Assets are depreciated from the commencement date on a straight-line basis over the earlier of the end of the assets’ useful lives or the end of the lease terms. (n) G |
Goodwill | dwill represents the difference between the purchase price of an acquired business and the Company’s share of the net identifiable assets acquired and liabilities assumed and any contingent liabilities assumed. It is initially recorded at cost and subsequently measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to CGUs based on the lowest level within the entity in which the goodwill is monitored for internal management purposes. The allocation is made to the CGUs that are expected to benefit from the business combination in which the goodwill arose. Any potential impairment of goodwill is identified by comparing the recoverable amount of a CGU to its carrying value. An impairment loss is recognized if the carrying amount of CGU exceeds its recoverable amount. Any loss identified is first applied to reduce the carrying amount of goodwill allocated to the CGU, and then to reduce the carrying amounts of the remaining assets in the CGU on a pro-rata basis. The Company tests goodwill for impairment annually at the reporting date. The recoverable amount of a CGU is the higher of the estimated fair value less costs of disposal or value-in-use of the CGU. In assessing value-in-use, the estimated future cash flows are discounted using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. The Company has determined that the goodwill contributes to the cash flows of seven CGUs ( March 31, 2019 - seven CGUs). (o) Provisions |
Provisions | ons are recognized when the Company has a present obligation, legal or constructive, as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Where the Company expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the statement of income net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized in the statement of income. The provision for warranty returns relates to the Company’s obligation for defective goods sold to customers that have yet to be returned for exchange or repair. Accruals for warranty returns are estimated on the basis of historical returns and are recorded so as to allocate them to the same period the corresponding revenue is recognized. (p) Employee future |
Employee future benefits | The Company sponsors a defined benefit pension plan membership, which is limited to certain employees of Canada Goose International AG and other subsidiaries who reside in Switzerland. The measurement date for the defined benefit pension plan is March 29, 2020, the reporting date. The obligation associated with the Company’s defined benefit pension plan is actuarially valued using the projected unit credit method and management’s best estimate of the discount rate, future salary increases, mortality rates and retirement rates. Assets are measured at fair value. The obligation in excess of plan assets is recorded as a liability. All actuarial gains or losses, net of tax, are recognized immediately through other comprehensive income. (q) Fair values Fair value |
Fair values | price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • in the principal market for the asset or liability, or • in the absence of a principal market, in the most advantageous market for the asset or liability. The Company uses valuation techniques that it believes are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 : inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. For the purpose of fair value disclosures, the Company determines classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. There was no change in the valuation techniques applied to financial instruments during all periods presented. The following table describes the valuation techniques used in the determination of the fair values of financial instruments: Type Valuation Approach Cash, trade receivables, accounts payable and accrued liabilities The carrying amount approximates fair value due to the short term maturity of these instruments. Derivatives (included in other current assets, other long-term assets, accounts payable and accrued liabilities or other long-term liabilities) Specific valuation techniques used to value derivative financial instruments include: - quoted market prices or dealer quotes for similar instruments; - observable market information as well as valuations determined by external valuators with experience in the financial markets. Short-term borrowings, revolving facility, term loan and lease liabilities The fair value is based on the present value of contractual cash flows, discounted at the Company’s current incremental borrowing rate for similar types of borrowing arrangements or, where applicable, market rates. (r) Financial instruments Financ |
Financial instruments | ts and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the financial instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issuance of financial assets and financial liabilities (other than financial assets and financial liabilities classified at fair value through profit or loss) are added to, or deducted from, the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities classified at fair value through profit or loss are recognized immediately in profit or loss. Financial assets and financial liabilities are measured subsequently as described below. i) Non-derivative financial assets Non-derivative financial assets include cash and trade receivables which are measured at amortized cost. The Company initially recognizes receivables and deposits on the date that they are originated. The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. ii) Non-derivative financial liabilities Non-derivative financial liabilities include accounts payable, accrued liabilities, short-term borrowings, the revolving facility, and the term loan. The Company initially recognizes debt instruments on the date that they are originated. All other financial liabilities are recognized initially on the trade date on which the Company becomes a party to the contractual provisions of the instrument. Financial liabilities are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. iii) Derivative financial instruments Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The method of recognizing the resulting gain or loss depends on whether the derivative is designated and effective as a hedging instrument. When a derivative financial instrument, including an embedded derivative, is not designated and effective in a qualifying hedge relationship, all changes in its fair value are recognized immediately in the statement of income; attributable transaction costs are recognized in the statement of income as incurred. The Company does not use derivatives for trading or speculative purposes. Embedded derivatives are separated from a host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivative are not closely related. iv) Hedge accounting The Company is exposed to the risk of currency fluctuations and has entered into currency derivative contracts to hedge its exposure on the basis of planned transactions. Where hedge accounting is applied, the criteria are documented at the inception of the hedge and updated at each reporting date. The Company documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking the hedging transactions. The Company also documents its assessment, at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. The fair value of a hedging derivative is classified as a current asset or liability when the maturity of the hedged item is less than twelve months, and as a non-current asset or liability when the maturity of the hedged item is more than twelve months. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized, net of tax, in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in the statement of income. Amounts accumulated in other comprehensive income are transferred to the statement of income in the periods when the hedged item affects net income. When a forecast transaction that is hedged results in the recognition of a non-financial asset or liability, such as inventory, the amounts are included in the measurement of the cost of the related asset or liability. The deferred amounts are ultimately recognized in the statement of income. Hedges of net investments are accounted for similarly to cash flow hedges, with unrealized gains and losses recognized, net of tax, in other comprehensive income. Amounts included in other comprehensive income are transferred to the statement of income in the period when the foreign operation is disposed of or sold. (s) Share-based payments Share-based p |
Share-based payments | are valued based on the grant date fair value of these awards and the Company records compensation expense over the corresponding service period. The fair value of the share-based payments is determined using acceptable valuation techniques. The Company has issued stock options to purchase subordinate voting shares and RSUs under its equity incentive plans, prior to the public offering on March 21, 2017 (the “Legacy Plan”) and subsequently (the “Omnibus Plan”). Under the terms of the Legacy Plan, options were granted to certain employees of the Company with vesting contingent upon meeting the service, performance goals and exit event conditions of the Legacy Plan. There are two types of stock options: service-vested options are time based and generally vest over five years of service, and performance-based and exit event options vest upon attainment of performance conditions and the occurrence of an exit event. Under the terms of the Omnibus Plan, options are granted to certain executives of the Company with vesting, generally over four years , contingent upon meeting the service conditions of the Omnibus Plan. The compensation expense related to the options and RSUs is recognized ratably over the requisite service period, provided it is probable that the vesting conditions will be achieved and the occurrence of the exit event, if applicable, is probable. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Mar. 29, 2020 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Schedule of Useful Lives of Property, Plant and Equipment | Estimated useful lives are as follows: Asset Category Estimated Useful Life Plant equipment 10 years Computer hardware 5 years Leasehold improvements Lesser of the lease term or useful life of the asset Show displays 5 years Furniture and fixtures 5 to 15 years The following table presents changes in the cost and the accumulated depreciation on the Company’s property, plant and equipment: Plant equipment Computer equipment Leasehold improvements Show displays Furniture and fixtures In progress Total Cost $ $ $ $ $ $ $ March 31, 2018 12.3 4.9 41.3 5.6 11.3 0.4 75.8 Additions 6.9 0.8 9.4 1.9 7.0 9.6 35.6 Business combination (note 5) 2.1 — 0.4 — — — 2.5 Disposals — (0.3 ) (2.5 ) — — — (2.8 ) Transfers 1.0 — 6.2 0.1 2.0 (9.3 ) — March 31, 2019 22.3 5.4 54.8 7.6 20.3 0.7 111.1 Additions 4.4 1.7 17.2 2.4 3.9 23.9 53.5 Disposals (1.6 ) (0.1 ) (0.2 ) (0.1 ) (0.3 ) — (2.3 ) Transfers 1.5 1.7 10.6 0.3 1.6 (15.7 ) — March 29, 2020 26.6 8.7 82.4 10.2 25.5 8.9 162.3 Plant equipment Computer equipment Leasehold improvements Show displays Furniture and fixtures In progress Total Accumulated depreciation $ $ $ $ $ $ $ March 31, 2018 2.4 2.2 7.2 2.5 1.3 — 15.6 Depreciation 1.7 1.0 6.4 1.5 3.1 — 13.7 Disposals — (0.2 ) (2.3 ) — — — (2.5 ) March 31, 2019 4.1 3.0 11.3 4.0 4.4 — 26.8 Depreciation 2.4 1.3 10.6 2.1 4.5 — 20.9 Disposals (0.2 ) — (0.1 ) (0.1 ) (0.1 ) — (0.5 ) March 29, 2020 6.3 4.3 21.8 6.0 8.8 — 47.2 Net book value March 31, 2019 18.2 2.4 43.5 3.6 15.9 0.7 84.3 March 29, 2020 20.3 4.4 60.6 4.2 16.7 8.9 115.1 |
Schedule of Useful Lives of Intangible Assets | The useful lives of intangible assets are assessed as either finite or indefinite. Asset Category Estimated Useful Life Brand name Indefinite Domain name Indefinite ERP software 5 to 7 years Computer software 5 years Intellectual property 1 to 8 years Intangible assets comprise the following: March March $ $ Intangible assets with finite lives 45.9 39.8 Intangible assets with indefinite lives: Brand name 115.5 115.5 Domain name 0.3 0.3 161.7 155.6 The following table presents the changes in cost and accumulated amortization of the Company’s intangible assets with finite lives: Intangible assets with finite lives ERP software Computer software Lease rights Intellectual property In progress Total Cost $ $ $ $ $ $ March 31, 2018 4.3 11.8 6.2 3.9 5.8 32.0 Additions 3.2 1.1 0.5 — 18.6 23.4 Business combination (note 5) — — — 2.2 — 2.2 Transfers 5.3 1.0 — 2.9 (9.2 ) — March 31, 2019 12.8 13.9 6.7 9.0 15.2 57.6 Additions 0.3 1.6 — 0.2 19.6 21.7 IFRS 16 initial direct costs (notes 4 and 9) — — (6.7 ) — — (6.7 ) Disposal — (0.1 ) — — — (0.1 ) Transfers 11.3 6.0 — 4.9 (22.2 ) — March 29, 2020 24.4 21.4 — 14.1 12.6 72.5 ERP software Computer software Lease rights Intellectual property In progress Total Accumulated amortization $ $ $ $ $ $ March 31, 2018 1.4 4.4 0.5 2.2 — 8.5 Amortization 4.2 2.7 0.7 1.7 — 9.3 March 31, 2019 5.6 7.1 1.2 3.9 — 17.8 Amortization 3.5 3.4 — 3.1 — 10.0 IFRS 16 initial direct costs (notes 4 and 9) — — (1.2 ) — — (1.2 ) March 29, 2020 9.1 10.5 — 7.0 — 26.6 Net book value March 31, 2019 7.2 6.8 5.5 5.1 15.2 39.8 March 29, 2020 15.3 10.9 — 7.1 12.6 45.9 |
Schedule of Valuation Techniques Used in Determining Fair Value of Financial Instruments | the valuation techniques used in the determination of the fair values of financial instruments: Type Valuation Approach Cash, trade receivables, accounts payable and accrued liabilities The carrying amount approximates fair value due to the short term maturity of these instruments. Derivatives (included in other current assets, other long-term assets, accounts payable and accrued liabilities or other long-term liabilities) Specific valuation techniques used to value derivative financial instruments include: - quoted market prices or dealer quotes for similar instruments; - observable market information as well as valuations determined by external valuators with experience in the financial markets. Short-term borrowings, revolving facility, term loan and lease liabilities The fair value is based on the present value of contractual cash flows, discounted at the Company’s current incremental borrowing rate for similar types of borrowing arrangements or, where applicable, market rates. (r) Financial instruments Financ |
Changes in accounting policies
Changes in accounting policies (Tables) | 12 Months Ended |
Mar. 29, 2020 | |
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract] | |
Schedule of Initial Application of IFRS 16 | On the date of initial application, the impact of adopting IFRS 16 on the Company’s statement of financial position as at April 1, 2019 was as follows: Condensed Financial Position Information Increase (decrease) As previously reported, March 31, 2019 IFRS 16 initial application Reclassification of initial direct costs Income tax Balance as at April 1, 2019 - IFRS 16 Assets $ $ $ $ $ Current assets Other current assets 32.9 (0.9 ) — — 32.0 Deferred income taxes 12.2 — — 1.2 13.4 Intangible assets 155.6 — (5.5 ) — 150.1 Right-of-use assets — 136.6 5.5 — 142.1 Liabilities Current liabilities Lease liabilities — 19.2 — — 19.2 Deferred income taxes 16.7 — — (0.5 ) 16.2 Lease liabilities — 131.6 — — 131.6 Other long-term liabilities 13.1 (8.5 ) — — 4.6 Shareholders' equity Retained earnings 279.7 (6.6 ) — 1.7 274.8 |
Schedule of Reconciliations of Lease Liabilities | The following table reconciles the lease liabilities recognized on April 1, 2019 and the operating lease commitments disclosed under IAS 17 as at March 31, 2019 discounted using the incremental borrowing rate as at the date of initial application: $ Operating lease commitment as at March 31, 2019 253.4 Operating leases (3.1 ) Leases committed not yet commenced (71.5 ) Undiscounted lease payments 178.8 Discount at incremental borrowing rate (28.0 ) Lease liabilities recognized as at April 1, 2019 150.8 Current lease liabilities 19.2 Non-current lease liabilities 131.6 Total lease liabilities 150.8 |
Business combination (Tables)
Business combination (Tables) | 12 Months Ended |
Mar. 29, 2020 | |
Business Combinations [Abstract] | |
Schedule of Aggregate Purchase Consideration and Assets and Liabilities Assumed | The aggregate purchase consideration for the acquired assets, net of the assumed liabilities was as follows: $ Cash 33.6 Issuance of 16,946 subordinate voting shares 1.5 Total purchase consideration 35.1 Assets acquired and liabilities assumed have been recorded at their fair values at the date of acquisition are as follows: $ Trade receivables 12.2 Inventories 15.9 Other current assets 0.3 Property, plant and equipment 2.5 Intangible assets Brand 2.5 Technology 2.2 Goodwill 7.8 Accounts payable and accrued liabilities (8.3 ) Total assets acquired, net of liabilities assumed 35.1 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Mar. 29, 2020 | |
Operating Segments [Abstract] | |
Schedule of Operating Segments | Year ended March 29, 2020 Direct-to-Consumer Wholesale Other Total $ $ $ $ Revenue 525.0 424.0 9.1 958.1 Cost of sales 130.0 226.2 8.6 364.8 Gross profit 395.0 197.8 0.5 593.3 Selling, general and administrative expenses 107.4 49.9 193.2 350.5 Depreciation and amortization 38.6 2.8 9.3 50.7 Operating income 249.0 145.1 (202.0 ) 192.1 Net interest and other finance costs 28.4 Income before income taxes 163.7 Year ended March 31, 2019 Direct-to-Consumer Wholesale Other Total $ $ $ $ Revenue 431.3 394.7 4.5 830.5 Cost of sales 106.7 202.2 4.8 313.7 Gross profit 324.6 192.5 (0.3 ) 516.8 Selling, general and administrative expenses 93.9 39.1 169.1 302.1 Depreciation and amortization 7.4 2.3 8.3 18.0 Operating income 223.3 151.1 (177.7 ) 196.7 Net interest and other finance costs 14.2 Income before income taxes 182.5 Year ended March 31, 2018 Direct-to-Consumer Wholesale Other Total $ $ $ $ Revenue 255.0 334.6 1.6 591.2 Cost of sales 65.2 177.1 1.3 243.6 Gross profit 189.8 157.5 0.3 347.6 Selling, general and administrative expenses 58.0 34.4 107.7 200.1 Depreciation and amortization 3.6 2.0 3.8 9.4 Operating income 128.2 121.1 (111.2 ) 138.1 Net interest and other finance costs 12.9 Income before income taxes 125.2 |
Schedule of Geographical Areas | The Company determines the geographic location of revenue based on the location of its customers. Year ended March March March $ $ $ Canada 293.1 293.3 228.8 United States 279.0 251.1 184.2 Asia 199.9 112.1 36.1 Europe and Rest of World 186.1 174.0 142.1 Revenue 958.1 830.5 591.2 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Mar. 29, 2020 | |
Income Taxes [Abstract] | |
Schedule of Major Components of Tax Expense (Income) | The components of the provision for income tax are as follows: Year ended March March March $ $ $ Current income tax expense Current period 39.2 45.1 24.4 Adjustment in respect of prior periods (0.3 ) — 0.2 38.9 45.1 24.6 Deferred income tax (recovery) expense Origination and reversal of temporary differences (29.4 ) (5.7 ) 4.3 Effect of change in income tax rates 2.5 (0.4 ) 0.4 Adjustment in respect of prior periods — (0.1 ) (0.2 ) (26.9 ) (6.2 ) 4.5 Income tax expense 12.0 38.9 29.1 |
Schedule of Effective Income Tax Rate Reconciliation | The effective income tax rates differ from the weighted average basic Canadian federal and provincial statutory income tax rates for the following reasons: Year ended March March March $ $ $ Income before income taxes 163.7 182.5 125.2 25.47 % 25.43 % 25.38 % Income tax at expected statutory rate 41.7 46.4 31.8 Non-deductible (taxable) items 0.4 0.2 (0.3 ) Non-deductible stock option expense 1.8 0.9 0.4 Effect of foreign tax rates (11.8 ) (9.4 ) (2.9 ) Non-deductible (taxable) foreign exchange loss (gain) 0.9 0.7 (0.1 ) Change in tax law related to Swiss tax reform (23.1 ) — — Change in tax rates 2.5 — — Other items (0.4 ) 0.1 0.2 Income tax expense 12.0 38.9 29.1 |
Schedule of Deferred Tax Assets and Liabilities | The change in the year in the components of deferred tax assets and liabilities are as follows: Change in the year affecting March Net income Other comprehensive income March $ $ $ $ Losses carried forward 3.0 0.6 — 3.6 Employee future benefits 0.2 — 0.1 0.3 Other liabilities 9.2 26.0 — 35.2 Unrealized profit in inventory 8.3 8.7 — 17.0 Provisions 3.2 1.8 — 5.0 Unrealized foreign exchange (0.3 ) 1.1 1.6 2.4 Total deferred tax asset 23.6 38.2 1.7 63.5 Intangible assets (4.3 ) (1.9 ) — (6.2 ) Property, plant and equipment (23.8 ) (7.8 ) — (31.6 ) Total deferred tax liabilities (28.1 ) (9.7 ) — (37.8 ) Net deferred tax liabilities (4.5 ) 28.5 1.7 25.7 The change in deferred tax assets and liabilities as presented in the statement of financial position are as follows: Change in the year affecting March Net income Other comprehensive income March $ $ $ $ Deferred tax assets 12.2 28.7 (0.1 ) 40.8 Deferred tax liabilities (16.7 ) (0.2 ) 1.8 (15.1 ) (4.5 ) 28.5 1.7 25.7 |
Schedule of Tax Loss Carryforwards | The corporate entities within Canada Goose have the following tax-loss carry-forwards that are expected to expire in the following years, if not utilized. $ 2038 2.0 2039 4.6 2040 2.7 2041 and thereafter 4.5 13.8 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Mar. 29, 2020 | |
Earnings per share [abstract] | |
Schedule of Earnings per Share | The following table presents details for the calculation of basic and diluted earnings per share: Year ended March March March $ $ $ Net income 151.7 143.6 96.1 Weighted average number of multiple and subordinate voting shares outstanding 109,892,031 109,422,574 107,250,039 Weighted average number of shares on exercise of stock options and RSUs 1,276,757 2,345,010 4,269,199 Diluted weighted average number of multiple and subordinate voting shares outstanding 111,168,788 111,767,584 111,519,238 Earnings per share Basic $ 1.38 $ 1.31 $ 0.90 Diluted $ 1.36 $ 1.28 $ 0.86 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 29, 2020 | |
Leases 1 [Abstract] | |
Schedule of Changes in Cost and Accumulated Depreciation of Right-of-Use Assets | The following table presents changes in the cost and the accumulated depreciation of the Company’s right-of-use assets: Retail stores Manufacturing facilities Other Total Cost $ $ $ $ March 31, 2019 — — — — Initial application of IFRS 16 (note 4) 97.0 27.2 12.4 136.6 Reclassification of initial direct costs (note 4 and 13) 5.5 — — 5.5 Additions 82.8 6.7 5.2 94.7 Lease extensions and others 1.1 2.7 — 3.8 Impact of foreign currency translation 5.1 — 0.4 5.5 March 29, 2020 191.5 36.6 18.0 246.1 Retail stores Manufacturing facilities Other Total Accumulated depreciation $ $ $ $ March 31, 2019 — — — — Depreciation 25.7 4.8 2.6 33.1 Impact of foreign currency translation 1.1 — 0.1 1.2 March 29, 2020 26.8 4.8 2.7 34.3 Net book value March 31, 2019 — — — — March 29, 2020 164.7 31.8 15.3 211.8 |
Schedule of Changes in Lease Liabilities | The following table presents the changes in the Company's lease liabilities: Retail stores Manufacturing facilities Other Total $ $ $ $ March 31, 2019 — — — — Initial application of IFRS 16 (note 4) 107.8 29.4 13.6 150.8 Additions 81.5 6.7 5.2 93.4 Lease extensions and others 0.9 2.7 — 3.6 Principal payments (18.4 ) (4.1 ) (2.2 ) (24.7 ) Impact of foreign currency translation 4.5 — 0.3 4.8 March 29, 2020 176.3 34.7 16.9 227.9 Current lease liabilities 27.5 5.0 3.4 35.9 Non-current lease liabilities 148.8 29.7 13.5 192.0 March 29, 2020 176.3 34.7 16.9 227.9 |
Schedule of Rent Expense | Rent expense comprise the following : Year ended March March March $ $ $ Variable rent 15.0 8.4 2.9 Operating leases 2.5 23.8 17.0 17.5 32.2 19.9 |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Mar. 29, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Net Trade Receivables | March March $ $ Trade accounts receivable 32.0 19.7 Credit card receivables 2.1 1.6 34.1 21.3 Less: expected credit loss and sales allowances (1.8 ) (0.9 ) Trade receivables, net 32.3 20.4 |
Schedule of Allowance for Doubtful Accounts and Sales Allowances | The following are the continuities of the Company’s expected credit loss and sales allowances deducted from trade receivables: March 29, 2020 March 31, 2019 Expected credit loss Sales allowances Total Expected credit loss Sales allowances Total $ $ $ $ $ $ Balance at the beginning of the year (0.4 ) (0.5 ) (0.9 ) (0.4 ) (0.4 ) (0.8 ) Losses recognized (0.2 ) (2.8 ) (3.0 ) (0.3 ) (0.6 ) (0.9 ) Amounts settled or written off during the year 0.1 2.0 2.1 0.3 0.5 0.8 Balance at the end of the year (0.5 ) (1.3 ) (1.8 ) (0.4 ) (0.5 ) (0.9 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 29, 2020 | |
Inventories [Abstract] | |
Schedule of Inventories | March March $ $ Raw materials 61.5 45.7 Work in progress 19.4 19.0 Finished goods 331.4 202.6 Total inventories at the lower of cost and net realizable value 412.3 267.3 |
Schedule of Cost of Sales | Amounts charged to cost of sales comprise the following: Year ended March March March $ $ $ Cost of goods manufactured 352.4 309.0 238.7 Depreciation and amortization 12.4 4.7 4.9 364.8 313.7 243.6 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Mar. 29, 2020 | |
Property, plant and equipment [abstract] | |
Schedule of Property, Plant and Equipment | Estimated useful lives are as follows: Asset Category Estimated Useful Life Plant equipment 10 years Computer hardware 5 years Leasehold improvements Lesser of the lease term or useful life of the asset Show displays 5 years Furniture and fixtures 5 to 15 years The following table presents changes in the cost and the accumulated depreciation on the Company’s property, plant and equipment: Plant equipment Computer equipment Leasehold improvements Show displays Furniture and fixtures In progress Total Cost $ $ $ $ $ $ $ March 31, 2018 12.3 4.9 41.3 5.6 11.3 0.4 75.8 Additions 6.9 0.8 9.4 1.9 7.0 9.6 35.6 Business combination (note 5) 2.1 — 0.4 — — — 2.5 Disposals — (0.3 ) (2.5 ) — — — (2.8 ) Transfers 1.0 — 6.2 0.1 2.0 (9.3 ) — March 31, 2019 22.3 5.4 54.8 7.6 20.3 0.7 111.1 Additions 4.4 1.7 17.2 2.4 3.9 23.9 53.5 Disposals (1.6 ) (0.1 ) (0.2 ) (0.1 ) (0.3 ) — (2.3 ) Transfers 1.5 1.7 10.6 0.3 1.6 (15.7 ) — March 29, 2020 26.6 8.7 82.4 10.2 25.5 8.9 162.3 Plant equipment Computer equipment Leasehold improvements Show displays Furniture and fixtures In progress Total Accumulated depreciation $ $ $ $ $ $ $ March 31, 2018 2.4 2.2 7.2 2.5 1.3 — 15.6 Depreciation 1.7 1.0 6.4 1.5 3.1 — 13.7 Disposals — (0.2 ) (2.3 ) — — — (2.5 ) March 31, 2019 4.1 3.0 11.3 4.0 4.4 — 26.8 Depreciation 2.4 1.3 10.6 2.1 4.5 — 20.9 Disposals (0.2 ) — (0.1 ) (0.1 ) (0.1 ) — (0.5 ) March 29, 2020 6.3 4.3 21.8 6.0 8.8 — 47.2 Net book value March 31, 2019 18.2 2.4 43.5 3.6 15.9 0.7 84.3 March 29, 2020 20.3 4.4 60.6 4.2 16.7 8.9 115.1 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Mar. 29, 2020 | |
Intangible Assets [Abstract] | |
Schedule of Intangible Assets | The useful lives of intangible assets are assessed as either finite or indefinite. Asset Category Estimated Useful Life Brand name Indefinite Domain name Indefinite ERP software 5 to 7 years Computer software 5 years Intellectual property 1 to 8 years Intangible assets comprise the following: March March $ $ Intangible assets with finite lives 45.9 39.8 Intangible assets with indefinite lives: Brand name 115.5 115.5 Domain name 0.3 0.3 161.7 155.6 The following table presents the changes in cost and accumulated amortization of the Company’s intangible assets with finite lives: Intangible assets with finite lives ERP software Computer software Lease rights Intellectual property In progress Total Cost $ $ $ $ $ $ March 31, 2018 4.3 11.8 6.2 3.9 5.8 32.0 Additions 3.2 1.1 0.5 — 18.6 23.4 Business combination (note 5) — — — 2.2 — 2.2 Transfers 5.3 1.0 — 2.9 (9.2 ) — March 31, 2019 12.8 13.9 6.7 9.0 15.2 57.6 Additions 0.3 1.6 — 0.2 19.6 21.7 IFRS 16 initial direct costs (notes 4 and 9) — — (6.7 ) — — (6.7 ) Disposal — (0.1 ) — — — (0.1 ) Transfers 11.3 6.0 — 4.9 (22.2 ) — March 29, 2020 24.4 21.4 — 14.1 12.6 72.5 ERP software Computer software Lease rights Intellectual property In progress Total Accumulated amortization $ $ $ $ $ $ March 31, 2018 1.4 4.4 0.5 2.2 — 8.5 Amortization 4.2 2.7 0.7 1.7 — 9.3 March 31, 2019 5.6 7.1 1.2 3.9 — 17.8 Amortization 3.5 3.4 — 3.1 — 10.0 IFRS 16 initial direct costs (notes 4 and 9) — — (1.2 ) — — (1.2 ) March 29, 2020 9.1 10.5 — 7.0 — 26.6 Net book value March 31, 2019 7.2 6.8 5.5 5.1 15.2 39.8 March 29, 2020 15.3 10.9 — 7.1 12.6 45.9 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Mar. 29, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Changes in Goodwill | Goodwill arising from business combinations is as follows: March March $ $ Opening balance 53.1 45.3 Business combination (note 5) — 7.8 Goodwill 53.1 53.1 |
Accounts payables and accrued_2
Accounts payables and accrued liabilities (Tables) | 12 Months Ended |
Mar. 29, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consist of the following: March March $ $ Trade payables 52.6 46.5 Accrued liabilities 51.3 37.1 Employee benefits 12.1 22.3 Other payables 20.8 4.5 Accounts payable and accrued liabilities 136.8 110.4 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Mar. 29, 2020 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Schedule of Sales Contract Provisions | Warranty Sales contracts Sales returns Asset retirement obligations Total $ $ $ $ $ March 31, 2018 9.3 3.0 3.3 1.5 17.1 Additional provisions recognized 9.1 — 5.9 1.3 16.3 Reductions resulting from settlement (5.4 ) — (4.2 ) (0.3 ) (9.9 ) Other (0.7 ) — — — (0.7 ) March 31, 2019 12.3 3.0 5.0 2.5 22.8 Additional provisions recognized 14.5 — 15.2 1.3 31.0 Reductions resulting from settlement (7.4 ) — (9.8 ) — (17.2 ) Other — — 0.3 0.1 0.4 March 29, 2020 19.4 3.0 10.7 3.9 37.0 |
Schedule of Current and Non-Current Provisions | Provisions are classified as current and non-current liabilities based on management’s expectation of the timing of settlement, as follows: March March $ $ Current provisions 15.6 8.1 Non-current provisions 21.4 14.7 37.0 22.8 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Mar. 29, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Term Loan | The amount outstanding with respect to the term loan is as follows: March March $ $ Term loan 159.3 152.4 Less unamortized portion of: Original issue discount — (2.4 ) Deferred transaction costs (1.2 ) (0.9 ) Embedded derivative — (0.5 ) Revaluation for interest rate modification — (3.4 ) 158.1 145.2 |
Schedule of Net Interest and Other Finance Costs | Net interest and other finance costs consist of the following: Year ended March March March $ $ $ Interest expense Short-term borrowings 0.2 — — Revolving facility 3.7 2.4 2.3 Term loan 8.7 11.7 10.4 Lease liabilities 8.4 — — Standby fees 0.8 0.6 0.4 Acceleration of unamortized costs on debt extinguishment 7.0 — — Interest expense and other finance costs 28.8 14.7 13.1 Interest income (0.4 ) (0.5 ) (0.2 ) Net interest and other finance costs 28.4 14.2 12.9 |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 12 Months Ended |
Mar. 29, 2020 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Schedule of Transactions Affecting Issued and Outstanding Share Capital | The transactions affecting the issued and outstanding share capital of the Company are described below: Multiple voting shares Subordinate voting shares Total Number $ Number $ Number $ March 31, 2019 51,004,076 1.4 59,106,998 111.2 110,111,074 112.6 Purchase of subordinate voting shares — — (853,500 ) (38.7 ) (853,500 ) (38.7 ) Excess of purchase price over average share capital amount — — — 37.1 — 37.1 Exercise of stock options — — 742,134 3.7 742,134 3.7 Settlement of RSUs — — 3,550 — 3,550 — March 29, 2020 51,004,076 1.4 58,999,182 113.3 110,003,258 114.7 The transactions affecting the issued and outstanding share capital of the Company in the year ended March 31, 2018 are described below: Multiple voting shares Subordinate voting shares Total Number $ Number $ Number $ March 31, 2017 83,308,154 2.2 23,088,883 101.1 106,397,037 103.3 Convert multiple voting shares to subordinate voting shares (12,414,078 ) (0.3 ) 12,414,078 0.3 — — Exercise of stock options — — 1,994,588 2.8 1,994,588 2.8 March 31, 2018 70,894,076 1.9 37,497,549 104.2 108,391,625 106.1 The transactions affecting the issued and outstanding share capital of the Company in the year ended March 31, 2019 are described below: Multiple voting shares Subordinate voting shares Total Number $ Number $ Number $ March 31, 2018 70,894,076 1.9 37,497,549 104.2 108,391,625 106.1 Issuance of subordinate voting shares in business combination (note 5) — — 16,946 1.5 16,946 1.5 Convert multiple voting shares to subordinate voting shares (19,890,000 ) (0.5 ) 19,890,000 0.5 — — Exercise of stock options — — 1,702,503 5.0 1,702,503 5.0 March 31, 2019 51,004,076 1.4 59,106,998 111.2 110,111,074 112.6 |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Mar. 29, 2020 | |
Share-based payment arrangements [Abstract] | |
Schedule of Stock Option and RSU Transactions | Stock option transactions are as follows: March 29, 2020 March 31, 2019 Weighted average exercise price Number of shares Weighted average exercise price Number of shares Options outstanding, beginning of period $ 15.75 2,037,665 $ 4.71 3,647,571 Granted to purchase shares $ 59.19 558,489 $ 79.59 236,256 Exercised $ 3.25 (742,134) $ 1.85 (1,702,503) Cancelled $ 59.83 (59,297) $ 10.99 (143,659) Expired $ 83.53 (346) $ — — Options outstanding, end of period $ 32.97 1,794,377 $ 15.75 2,037,665 RSUs transactions are as follows: March March Number Number RSUs outstanding, beginning of period 10,650 — Granted 35,171 10,650 Settled (3,550 ) — Cancelled (2,839 ) — RSUs outstanding, end of period 39,432 10,650 |
Schedule of Stock Options Outstanding and Exercisable | The following table summarizes information about stock options outstanding and exercisable at March 29, 2020 : Options Outstanding Options Exercisable Exercise price Number Weighted average remaining life in years Number Weighted average remaining life in years $0.02 156,247 4.1 156,247 4.1 $0.25 74,322 4.4 74,322 4.4 $1.79 213,748 4.9 124,855 4.8 $4.62 212,033 5.9 56,541 5.9 $8.94 133,332 6.8 79,992 6.8 $23.64 50,560 7.4 21,288 7.4 $30.73 180,798 7.2 87,378 7.2 $31.79 35,622 7.6 15,832 7.6 $45.34 95,911 9.2 — — $46.38 11,430 9.7 — — $51.71 7,143 9.4 — — $63.03 415,582 9.0 — — $71.73 7,075 8.9 1,768 8.9 $83.53 200,574 8.2 50,126 8.2 1,794,377 7.0 668,349 5.7 |
Schedule of Assumptions Used to Measure Fair Value of Options Granted | The assumptions used to measure the fair value of options granted under the Black-Scholes option pricing model at the grant date were as follows: March March Weighted average stock price valuation $ 59.19 $ 79.59 Weighted average exercise price $ 59.19 $ 79.59 Risk-free interest rate 1.50 % 1.82 % Expected life in years 5 5 Expected dividend yield — % — % Volatility 40 % 40 % Weighted average fair value of options issued $ 18.11 $ 32.68 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Mar. 29, 2020 | |
Related Party [Abstract] | |
Schedule of Transactions between Related Parties | Key management consists of the Board of Directors, the President and Chief Executive Officer and the executives who report directly to the President and Chief Executive Officer. Year ended March March March $ $ $ Short term employee benefits 9.1 13.2 10.4 Long term employee benefits 0.1 0.1 — Termination benefits — — 0.2 Share-based compensation 5.9 2.9 1.6 Compensation expense 15.1 16.2 12.2 |
Financial instruments and fai_2
Financial instruments and fair values (Tables) | 12 Months Ended |
Mar. 29, 2020 | |
Financial Instruments And Fair Value Measurement [Abstract] | |
Schedule of Fair Value Measurement | The following table gives information about how the fair values of these financial assets and financial liabilities are determined, in particular, the valuation technique(s) and inputs used. Financial assets/ financial liabilities Fair value hierarchy Valuation technique(s) and key input(s) Relationship of unobservable inputs to fair value Foreign currency forward contracts Level 2 Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties. Increases (decreases) in the forward exchange rate increase (decrease) fair value. Increases (decreases) in discount rate decrease (increase) fair value. Foreign currency swap contracts Level 2 Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties. Increases (decreases) in the forward exchange rate increase (decrease) fair value. Increases (decreases) in discount rate decrease (increase) fair value. Embedded derivative related to term loan interest rate floor Level 2 Future cash flows are estimated based on interest rates and forward interest rates, discounted at a rate that reflects the credit risk of the counterparties. Increases (decreases) in the forward interest rate decrease (increase) fair value. Increases (decreases) in the discount rate decrease (increase) fair value. Increase (decrease) in the US$:C$ exchange rate decrease (increase) fair value. |
Schedule of Fair Value Measurement of Assets | The following table presents the fair values and fair value hierarchy of the Company’s financial instruments and excludes financial instruments carried at amortized cost that are short-term in nature: March 29, 2020 March 31, 2019 Level 1 Level 2 Level 3 Carrying value Fair value Level 1 Level 2 Level 3 Carrying value Fair value $ $ $ $ $ $ $ $ $ $ Financial assets Cash 31.7 — — 31.7 31.7 88.6 — — 88.6 88.6 Derivatives included in other current assets — 11.3 — 11.3 11.3 — 1.8 — 1.8 1.8 Derivatives included in other long-term assets — 5.9 — 5.9 5.9 — 7.0 — 7.0 7.0 Financial liabilities Derivatives included in accounts payable and accrued liabilities — 19.0 — 19.0 19.0 — 1.6 — 1.6 1.6 Short-term borrowings — — — — — — — — — — Derivatives included in other long-term liabilities — 2.9 — 2.9 2.9 — 4.4 — 4.4 4.4 Revolving facility — — — — — — — — — — Term loan — — 158.1 158.1 159.3 — — 145.2 145.2 152.4 Lease liabilities — — 227.9 227.9 227.9 — — — — — |
Schedule of Fair Value Measurement of Liabilities | The following table presents the fair values and fair value hierarchy of the Company’s financial instruments and excludes financial instruments carried at amortized cost that are short-term in nature: March 29, 2020 March 31, 2019 Level 1 Level 2 Level 3 Carrying value Fair value Level 1 Level 2 Level 3 Carrying value Fair value $ $ $ $ $ $ $ $ $ $ Financial assets Cash 31.7 — — 31.7 31.7 88.6 — — 88.6 88.6 Derivatives included in other current assets — 11.3 — 11.3 11.3 — 1.8 — 1.8 1.8 Derivatives included in other long-term assets — 5.9 — 5.9 5.9 — 7.0 — 7.0 7.0 Financial liabilities Derivatives included in accounts payable and accrued liabilities — 19.0 — 19.0 19.0 — 1.6 — 1.6 1.6 Short-term borrowings — — — — — — — — — — Derivatives included in other long-term liabilities — 2.9 — 2.9 2.9 — 4.4 — 4.4 4.4 Revolving facility — — — — — — — — — — Term loan — — 158.1 158.1 159.3 — — 145.2 145.2 152.4 Lease liabilities — — 227.9 227.9 227.9 — — — — — |
Financial risk management obj_2
Financial risk management objectives and policies (Tables) | 12 Months Ended |
Mar. 29, 2020 | |
Financial Instruments [Abstract] | |
Schedule of Unrealized Losses in Fair Value of Derivatives in Other Comprehensive Income | The Company recognized the following unrealized gains and losses in the fair value of derivatives designed as hedging instruments in other comprehensive income: Year ended March 29, 2020 March 31, 2019 March 31, 2018 Net gain (loss) Tax (expense) recovery Net gain (loss) Tax (expense) recovery Net gain (loss) Tax (expense) recovery $ $ $ $ $ $ Cross-currency swap designated as a cash flow hedge 1.3 (0.2 ) (0.7 ) 0.2 1.5 (0.5 ) Euro-denominated cross-currency swap designated as a net investment hedge (0.3 ) (0.2 ) 3.5 (1.2 ) (3.5 ) 1.2 The Company recognized the following unrealized losses in the fair value of derivatives designated as cash flow hedges in other comprehensive income: Year ended March 29, 2020 March 31, 2019 March 31, 2018 Net loss Tax recovery Net loss Tax recovery Net loss Tax recovery $ $ $ $ $ $ Forward foreign exchange contracts designated as cash flow hedges (3.7 ) 1.1 (3.9 ) 0.8 (1.4 ) 0.5 |
Schedule of Gains (Losses) Reclassified from Other Comprehensive Income on Derivatives to the Consolidated Financial Statements | The Company reclassified the following gains and losses from other comprehensive income on derivatives designated as cash flow hedges to locations in the consolidated financial statements described below: Year ended March March March (Gain) loss from other comprehensive income $ $ $ Forward foreign exchange contracts designated as cash flow hedges Revenue (0.2 ) 6.5 — Selling, general and administrative expenses 1.0 (4.5 ) 0.3 Inventory 0.1 (1.0 ) — The Company reclassified the following gains and losses from other comprehensive income on derivatives designated as hedging instruments to selling, general and administrative expenses: Year ended March March March (Gain) loss from other comprehensive income $ $ $ Cross-currency swap designated as a cash flow hedge (5.3 ) 0.4 1.1 |
Schedule of Foreign Currency Forward Exchange Contracts | Foreign currency contracts outstanding as at March 29, 2020 related to operating cash flows are: (in millions) Aggregate Amounts Currency Forward contract to purchase Canadian dollars US$ 127.4 U.S. dollars € 120.4 euros Forward contract to sell Canadian dollars US$ 79.1 U.S. dollars € 57.9 euros £ 0.2 British pounds sterling Forward contract to purchase euros CHF 2.1 Swiss francs CNY 455.1 Chinese yuan £ 30.1 British pounds sterling HKD 47.6 Hong Kong dollars SEK 4.8 Swedish kronor Forward contract to sell euros CHF 13.8 Swiss francs £ 1.8 British pounds sterling |
Schedule of Aging of Trade Receivables | The aging of trade receivables is as follows: Past due Total Current < 30 days 31-60 days > 61 days $ $ $ $ $ Trade accounts receivable 32.0 21.8 4.4 2.5 3.3 Credit card receivables 2.1 2.1 — — — March 29, 2020 34.1 23.9 4.4 2.5 3.3 Trade accounts receivable 19.7 12.9 4.7 0.5 1.6 Credit card receivables 1.6 1.6 — — — March 31, 2019 21.3 14.5 4.7 0.5 1.6 |
Schedule of Contractual Undiscounted Future Cash Flow Requirements | The following table summarizes the amount of contractual undiscounted future cash flow requirements as at March 29, 2020 : Contractual obligations 2021 2022 2023 2024 2025 Thereafter Total $ $ $ $ $ $ $ Accounts payable and accrued liabilities 136.8 — — — — — 136.8 Term loan — — — — 159.3 — 159.3 Note payable (notes 5, 20) 3.0 — — — — — 3.0 Interest commitments relating to borrowings (1) 8.1 8.1 8.1 8.1 5.4 — 37.8 Foreign exchange forward contracts 7.8 — — — — — 7.8 Lease obligations 49.0 50.0 49.5 44.5 43.0 90.8 326.8 Pension obligation — — — — — 2.8 2.8 (1) Interest commitments are calculated based on the term loan balance and the interest rate payable on the loan of 5.10% as at March 29, 2020 . |
Selected cash flow information
Selected cash flow information (Tables) | 12 Months Ended |
Mar. 29, 2020 | |
Cash Flow Statement [Abstract] | |
Schedule of Changes in Non-Cash Operating Items | Changes in non-cash operating items March March March $ $ $ Trade receivables (10.6 ) 3.4 (3.1 ) Inventories (141.8 ) (87.3 ) (39.5 ) Other current assets 6.1 (10.3 ) (5.6 ) Accounts payable and accrued liabilities (1.3 ) (14.7 ) 41.5 Provisions 14.5 5.6 1.6 Deferred rent — 3.3 2.3 Other 2.5 (0.7 ) 0.5 Change in non-cash operating items (130.6 ) (100.7 ) (2.3 ) |
Schedule of Changes in Liabilities and Equity and Deferred Financing Charges on the Revolving Credit Facility | Changes in liabilities and equity arising from financing activities Short-term borrowings and revolving facility Term loan Net derivative asset on terminated contracts Lease liabilities Share capital $ $ $ March 31, 2019 (1) (1.2 ) 145.2 (5.5 ) — 112.6 Cash flows: Transaction costs on financing activities (0.9 ) (1.4 ) — — — Subordinate voting shares purchased for cancellation — — — — (38.7 ) Principal paid on lease liabilities — — — (24.7 ) — Settlement of term loan derivative contracts — — 4.6 — — Exercise of stock options — — — — 2.4 Non-cash items: Amortization of debt costs Discount — 0.1 — — — Interest rate modification — 0.1 — — — Deferred transaction costs 0.4 0.3 — — — Acceleration of unamortized costs on term loan extinguishment — 7.0 — — — Unrealized foreign exchange (gain) loss — 6.8 0.9 4.8 — IFRS 16 initial application (notes 4 and 9) — — — 150.8 — Additions and amendments to lease liabilities (note 9) — — — 97.0 — Share purchase charge to retained earnings — — — — 37.1 Contributed surplus on exercise of stock options — — — — 1.3 March 29, 2020 (1) (1.7 ) 158.1 — 227.9 114.7 (1) Deferred financing charges on the revolving facility are included in other long-term liabilities. Revolving facility Term loan Share capital $ $ $ March 31, 2018 (1) (1.7 ) 137.1 106.1 Cash flows: Exercise of stock options — — 3.1 Non-cash items: Issuance of shares in business combination (note 5) — — 1.5 Amortization of debt costs Discount — 0.9 — Embedded derivative — 0.2 — Interest rate modification — 1.2 — Deferred transaction costs 0.5 0.3 — Unrealized foreign exchange loss — 5.5 — Contributed surplus on exercise of stock options — — 1.9 March 31, 2019 (1) (1.2 ) 145.2 112.6 (1) Deferred financing charges on the revolving facility are included in other long-term liabilities. |
The Company - Narrative (Detail
The Company - Narrative (Details) | 12 Months Ended |
Mar. 29, 2020segment | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Proportion of total outstanding shares owned by principal shareholder (as a percent) | 46.40% |
Proportion of voting shares owned by principal shareholder (as a percent) | 89.60% |
Proportion of total outstanding shares owned by public markets (as a percent) | 53.60% |
Proportion of voting shares owned by public markets (as a percent) | 10.40% |
Number of operating segments | 3 |
Number of reportable segments | 3 |
Significant accounting polici_4
Significant accounting policies - Operating Segments (Details) | 12 Months Ended |
Mar. 29, 2020segment | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Number of operating segments | 3 |
Significant accounting polici_5
Significant accounting policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Mar. 29, 2020 | |
Plant equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life | 10 years |
Computer equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life | 5 years |
Show displays | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life | 5 years |
Furniture and fixtures | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life | 5 years |
Furniture and fixtures | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life | 15 years |
Significant accounting polici_6
Significant accounting policies - Intangible Assets (Details) | 12 Months Ended |
Mar. 29, 2020 | |
ERP software | Minimum | |
Disclosure of intangible assets with indefinite useful life [line items] | |
Estimated Useful Life | 5 years |
ERP software | Maximum | |
Disclosure of intangible assets with indefinite useful life [line items] | |
Estimated Useful Life | 7 years |
Computer software | |
Disclosure of intangible assets with indefinite useful life [line items] | |
Estimated Useful Life | 5 years |
Intellectual property | Minimum | |
Disclosure of intangible assets with indefinite useful life [line items] | |
Estimated Useful Life | 1 year |
Intellectual property | Maximum | |
Disclosure of intangible assets with indefinite useful life [line items] | |
Estimated Useful Life | 8 years |
Significant accounting polici_7
Significant accounting policies - Goodwill (Details) - cash_generating_unit | Mar. 29, 2020 | Mar. 31, 2019 |
Corporate Information And Statement Of IFRS Compliance [Abstract] | ||
Number of cash generating units that contribute to goodwill | 7 | 7 |
Significant accounting polici_8
Significant accounting policies - Share-Based Payments (Details) | 12 Months Ended |
Mar. 29, 2020type | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Types of stock options | 2 |
Service-Vested Options | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting period | 5 years |
Omnibus Plan | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting period | 4 years |
Significant accounting judgme_2
Significant accounting judgments, estimates, and assumptions - Narrative (Details) - cash_generating_unit | Mar. 29, 2020 | Mar. 31, 2019 |
Corporate Information And Statement Of IFRS Compliance [Abstract] | ||
Number of cash generating units that contribute to goodwill | 7 | 7 |
Changes in accounting policie_2
Changes in accounting policies - Narrative (Details) | Apr. 01, 2019CAD ($) |
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract] | |
Impairment of right-of-use assets | $ 0 |
Weighted-average borrowing rate of lease liabilities | 4.28% |
Weighted-average lease term, lease liabilities | 8 years |
Changes in accounting policie_3
Changes in accounting policies - Impact of Adoption of IFRS 16 (Details) - CAD ($) $ in Millions | Mar. 29, 2020 | Apr. 01, 2019 | Mar. 31, 2019 |
Current assets | |||
Other current assets | $ 35.9 | $ 32 | $ 32.9 |
Deferred income taxes | 40.8 | 13.4 | 12.2 |
Intangible assets | 161.7 | 150.1 | 155.6 |
Right-of-use assets | 211.8 | 142.1 | 0 |
Current liabilities | |||
Lease liabilities | 35.9 | 19.2 | 0 |
Deferred income taxes | 15.1 | 16.2 | 16.7 |
Lease liabilities | 192 | 131.6 | 0 |
Other long-term liabilities | $ 4.6 | 4.6 | 13.1 |
Shareholders' equity | |||
Retained earnings | 274.8 | $ 279.7 | |
IFRS 16 initial application | |||
Current assets | |||
Other current assets | (0.9) | ||
Deferred income taxes | 0 | ||
Intangible assets | 0 | ||
Right-of-use assets | 136.6 | ||
Current liabilities | |||
Lease liabilities | 19.2 | ||
Deferred income taxes | 0 | ||
Lease liabilities | 131.6 | ||
Other long-term liabilities | (8.5) | ||
Shareholders' equity | |||
Retained earnings | (6.6) | ||
Reclassification of initial direct costs | |||
Current assets | |||
Other current assets | 0 | ||
Deferred income taxes | 0 | ||
Intangible assets | (5.5) | ||
Right-of-use assets | 5.5 | ||
Current liabilities | |||
Lease liabilities | 0 | ||
Deferred income taxes | 0 | ||
Lease liabilities | 0 | ||
Other long-term liabilities | 0 | ||
Shareholders' equity | |||
Retained earnings | 0 | ||
Income tax | |||
Current assets | |||
Other current assets | 0 | ||
Deferred income taxes | 1.2 | ||
Intangible assets | 0 | ||
Right-of-use assets | 0 | ||
Current liabilities | |||
Lease liabilities | 0 | ||
Deferred income taxes | (0.5) | ||
Lease liabilities | 0 | ||
Other long-term liabilities | 0 | ||
Shareholders' equity | |||
Retained earnings | $ 1.7 |
Changes in accounting policie_4
Changes in accounting policies - Lease Liabilities Reconciliation (Details) - CAD ($) $ in Millions | Mar. 29, 2020 | Apr. 01, 2019 | Mar. 31, 2019 |
Disclosure of changes in accounting estimates [line items] | |||
Operating lease commitment as at March 31, 2019 | $ 253.4 | ||
Operating leases | $ (3.1) | ||
Leases committed not yet commenced | (71.5) | ||
Undiscounted lease payments | 178.8 | ||
Discount at incremental borrowing rate | (28) | ||
Lease liabilities | $ 227.9 | 150.8 | 0 |
Current lease liabilities | 35.9 | 19.2 | 0 |
Non-current lease liabilities | $ 192 | $ 131.6 | $ 0 |
Business combination - Narrativ
Business combination - Narrative (Details) - Baffin Inc. - CAD ($) $ in Millions | Nov. 01, 2018 | Mar. 31, 2019 |
Disclosure of detailed information about business combination [line items] | ||
Total purchase consideration | $ 35.1 | |
Liabilities incurred | $ 3 | |
Amortization period of acquisition-related costs | 2 years | |
Acquisition-related costs | $ 1.3 | |
Brand-related intangible assets recognised as of acquisition date | $ 2.5 | |
Technology-related intangible assets recognised as of acquisition date | $ 2.2 | |
Technology-based intangible assets | ||
Disclosure of detailed information about business combination [line items] | ||
Useful life of intangible assets | 5 years |
Business combination - Aggregat
Business combination - Aggregate Purchase Consideration (Details) - Baffin Inc. $ in Millions | Nov. 01, 2018CAD ($)shares |
Disclosure of detailed information about business combination [line items] | |
Cash | $ 33.6 |
Issuance of 16,946 subordinate voting shares | 1.5 |
Total purchase consideration | $ 35.1 |
Subordinate voting stock issued in business combination (shares) | shares | 16,946 |
Business combination - Assets a
Business combination - Assets and Liabilities Assumed at Fair Value (Details) - Baffin Inc. $ in Millions | Nov. 01, 2018CAD ($) |
Disclosure of detailed information about business combination [line items] | |
Trade receivables | $ 12.2 |
Inventories | 15.9 |
Other current assets | 0.3 |
Property, plant and equipment | 2.5 |
Intangible assets | |
Brand | 2.5 |
Technology | 2.2 |
Goodwill | 7.8 |
Accounts payable and accrued liabilities | (8.3) |
Total assets acquired, net of liabilities assumed | $ 35.1 |
Segment information - Reportabl
Segment information - Reportable Operating Segments (Details) $ in Millions | 12 Months Ended | ||
Mar. 29, 2020CAD ($)segment | Mar. 31, 2019CAD ($) | Mar. 31, 2018CAD ($) | |
Operating Segments [Abstract] | |||
Number of reportable segments | segment | 3 | ||
Disclosure of operating segments [line items] | |||
Revenue | $ 958.1 | $ 830.5 | $ 591.2 |
Cost of sales | 364.8 | 313.7 | 243.6 |
Gross profit | 593.3 | 516.8 | 347.6 |
Selling, general and administration expenses | 350.5 | 302.1 | 200.1 |
Depreciation and amortization | 50.7 | 18 | 9.4 |
Operating income | 192.1 | 196.7 | 138.1 |
Net interest and other finance costs | 28.4 | 14.2 | 12.9 |
Income before income taxes | 163.7 | 182.5 | 125.2 |
Direct-to-Consumer | |||
Disclosure of operating segments [line items] | |||
Revenue | 525 | 431.3 | 255 |
Cost of sales | 130 | 106.7 | 65.2 |
Gross profit | 395 | 324.6 | 189.8 |
Selling, general and administration expenses | 107.4 | 93.9 | 58 |
Depreciation and amortization | 38.6 | 7.4 | 3.6 |
Operating income | 249 | 223.3 | 128.2 |
Wholesale | |||
Disclosure of operating segments [line items] | |||
Revenue | 424 | 394.7 | 334.6 |
Cost of sales | 226.2 | 202.2 | 177.1 |
Gross profit | 197.8 | 192.5 | 157.5 |
Selling, general and administration expenses | 49.9 | 39.1 | 34.4 |
Depreciation and amortization | 2.8 | 2.3 | 2 |
Operating income | 145.1 | 151.1 | 121.1 |
Other | |||
Disclosure of operating segments [line items] | |||
Revenue | 9.1 | 4.5 | 1.6 |
Cost of sales | 8.6 | 4.8 | 1.3 |
Gross profit | 0.5 | (0.3) | 0.3 |
Selling, general and administration expenses | 193.2 | 169.1 | 107.7 |
Depreciation and amortization | 9.3 | 8.3 | 3.8 |
Operating income | $ (202) | $ (177.7) | $ (111.2) |
Segment information - Geographi
Segment information - Geographical Areas Table (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of geographical areas [line items] | |||
Revenue | $ 958.1 | $ 830.5 | $ 591.2 |
Canada | |||
Disclosure of geographical areas [line items] | |||
Revenue | 293.1 | 293.3 | 228.8 |
United States | |||
Disclosure of geographical areas [line items] | |||
Revenue | 279 | 251.1 | 184.2 |
Asia | |||
Disclosure of geographical areas [line items] | |||
Revenue | 199.9 | 112.1 | 36.1 |
Europe and Rest of World | |||
Disclosure of geographical areas [line items] | |||
Revenue | $ 186.1 | $ 174 | $ 142.1 |
Income taxes - Components of In
Income taxes - Components of Income Tax (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Current income tax expense | |||
Current period | $ 39.2 | $ 45.1 | $ 24.4 |
Adjustment in respect of prior periods | (0.3) | 0 | 0.2 |
Current income tax expense | 38.9 | 45.1 | 24.6 |
Deferred income tax (recovery) expense | |||
Origination and reversal of temporary differences | (29.4) | (5.7) | 4.3 |
Effect of change in income tax rates | 2.5 | (0.4) | 0.4 |
Adjustment in respect of prior periods | 0 | (0.1) | (0.2) |
Deferred income tax (recovery) expense | (26.9) | (6.2) | 4.5 |
Income tax expense | $ 12 | $ 38.9 | $ 29.1 |
Income taxes - Effective Tax Ra
Income taxes - Effective Tax Rate Reconciliation (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Taxes [Abstract] | |||
Income before income taxes | $ 163.7 | $ 182.5 | $ 125.2 |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | |||
Applicable tax rate (as a percent) | 25.47% | 25.43% | 25.38% |
Income tax at expected statutory rate | $ 41.7 | $ 46.4 | $ 31.8 |
Non-deductible (taxable) items | 0.4 | 0.2 | (0.3) |
Non-deductible stock option expense | 1.8 | 0.9 | 0.4 |
Effect of foreign tax rates | (11.8) | (9.4) | (2.9) |
Non-deductible (taxable) foreign exchange loss (gain) | 0.9 | 0.7 | (0.1) |
Change in tax law related to Swiss tax reform | (23.1) | 0 | 0 |
Change in tax rates | 2.5 | 0 | 0 |
Other items | (0.4) | 0.1 | 0.2 |
Income tax expense | $ 12 | $ 38.9 | $ 29.1 |
Income taxes - Components of De
Income taxes - Components of Deferred Tax Assets and Liabilities (Details) $ in Millions | 12 Months Ended |
Mar. 29, 2020CAD ($) | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax assets, Beginning Balance | $ 12.2 |
Deferred tax liabilities, Beginning Balance | (16.7) |
Net deferred tax liabilities, Beginning Balance | (4.5) |
Change in the year affecting Net income | 28.5 |
Change in the year affecting Other comprehensive loss | 1.7 |
Deferred tax assets, Ending Balance | 40.8 |
Deferred tax liabilities, Ending Balance | (15.1) |
Net deferred tax liabilities, Ending Balance | 25.7 |
Losses carried forward | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax assets, Beginning Balance | 3 |
Change in the year affecting Net income | 0.6 |
Change in the year affecting Other comprehensive loss | 0 |
Deferred tax assets, Ending Balance | 3.6 |
Employee future benefits | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax assets, Beginning Balance | 0.2 |
Change in the year affecting Net income | 0 |
Change in the year affecting Other comprehensive loss | 0.1 |
Deferred tax assets, Ending Balance | 0.3 |
Other liabilities | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax assets, Beginning Balance | 9.2 |
Change in the year affecting Net income | 26 |
Change in the year affecting Other comprehensive loss | 0 |
Deferred tax assets, Ending Balance | 35.2 |
Unrealized profit in inventory | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax assets, Beginning Balance | 8.3 |
Change in the year affecting Net income | 8.7 |
Change in the year affecting Other comprehensive loss | 0 |
Deferred tax assets, Ending Balance | 17 |
Provisions | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax assets, Beginning Balance | 3.2 |
Change in the year affecting Net income | 1.8 |
Change in the year affecting Other comprehensive loss | 0 |
Deferred tax assets, Ending Balance | 5 |
Unrealized foreign exchange | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax assets, Beginning Balance | (0.3) |
Change in the year affecting Net income | 1.1 |
Change in the year affecting Other comprehensive loss | 1.6 |
Deferred tax assets, Ending Balance | 2.4 |
Total deferred tax asset | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax assets, Beginning Balance | 23.6 |
Change in the year affecting Net income | 38.2 |
Change in the year affecting Other comprehensive loss | 1.7 |
Deferred tax assets, Ending Balance | 63.5 |
Intangible assets | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax liabilities, Beginning Balance | (4.3) |
Change in the year affecting Net income | (1.9) |
Change in the year affecting Other comprehensive loss | 0 |
Deferred tax liabilities, Ending Balance | (6.2) |
Property, plant and equipment | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax liabilities, Beginning Balance | (23.8) |
Change in the year affecting Net income | (7.8) |
Change in the year affecting Other comprehensive loss | 0 |
Deferred tax liabilities, Ending Balance | (31.6) |
Total deferred tax liabilities | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax liabilities, Beginning Balance | (28.1) |
Change in the year affecting Net income | (9.7) |
Change in the year affecting Other comprehensive loss | 0 |
Deferred tax liabilities, Ending Balance | $ (37.8) |
Income taxes - Change in Deferr
Income taxes - Change in Deferred Tax Assets and Liabilities (Details) $ in Millions | 12 Months Ended |
Mar. 29, 2020CAD ($) | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deferred tax assets, Beginning Balance | $ 12.2 |
Deferred tax liabilities, Beginning Balance | (16.7) |
Net deferred tax liabilities, Beginning Balance | (4.5) |
Change in the year affecting Net income | 28.5 |
Change in the year affecting Other comprehensive loss | 1.7 |
Deferred tax assets, Ending Balance | 40.8 |
Deferred tax liabilities, Ending Balance | (15.1) |
Net deferred tax liabilities, Ending Balance | 25.7 |
Deferred tax assets | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Change in the year affecting Net income | 28.7 |
Change in the year affecting Other comprehensive loss | (0.1) |
Deferred tax liabilities | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Change in the year affecting Net income | (0.2) |
Change in the year affecting Other comprehensive loss | $ 1.8 |
Income taxes - Narrative (Detai
Income taxes - Narrative (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Taxes [Abstract] | |||
Decrease in deferred tax asset | $ 22 | ||
Unremitted earnings from foreign subsidiaries | 222.1 | $ 119.1 | $ 48.4 |
Tax recovery (less than $0.1 million in 2020) | $ 0 | $ (2.8) |
Income taxes - Tax Loss Carryfo
Income taxes - Tax Loss Carryforwards (Details) $ in Millions | Mar. 29, 2020CAD ($) |
Tax loss carry forwards [Line Items] | |
Unused tax losses for which no deferred tax asset recognised | $ 13.8 |
2038 | |
Tax loss carry forwards [Line Items] | |
Unused tax losses for which no deferred tax asset recognised | 2 |
2039 | |
Tax loss carry forwards [Line Items] | |
Unused tax losses for which no deferred tax asset recognised | 4.6 |
2040 | |
Tax loss carry forwards [Line Items] | |
Unused tax losses for which no deferred tax asset recognised | 2.7 |
2041 and thereafter | |
Tax loss carry forwards [Line Items] | |
Unused tax losses for which no deferred tax asset recognised | $ 4.5 |
Earnings per share - Summary (D
Earnings per share - Summary (Details) - CAD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings per share [abstract] | |||
Net income | $ 151.7 | $ 143.6 | $ 96.1 |
Weighted average number of multiple and subordinate voting shares outstanding (in shares) | 109,892,031 | 109,422,574 | 107,250,039 |
Weighted average number of shares on exercise of stock options and settlement of RSUs (in shares) | 1,276,757 | 2,345,010 | 4,269,199 |
Diluted weighted average number of multiple and subordinate voting shares outstanding (in shares) | 111,168,788 | 111,767,584 | 111,519,238 |
Basic (CAD per share) | $ 1.38 | $ 1.31 | $ 0.90 |
Diluted (CAD per share) | $ 1.36 | $ 1.28 | $ 0.86 |
Leases - Changes in Right-of-Us
Leases - Changes in Right-of-Use Assets (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 29, 2020 | Apr. 01, 2019 | |
Right-of-use assets | ||
Balance at beginning of period | $ 0 | |
Balance at end of period | 211.8 | |
Net book value of right-of-use assets | 211.8 | $ 142.1 |
Retail stores | ||
Right-of-use assets | ||
Balance at beginning of period | 0 | |
Balance at end of period | 164.7 | |
Net book value of right-of-use assets | 164.7 | |
Manufacturing facilities | ||
Right-of-use assets | ||
Balance at beginning of period | 0 | |
Balance at end of period | 31.8 | |
Net book value of right-of-use assets | 31.8 | |
Other | ||
Right-of-use assets | ||
Balance at beginning of period | 0 | |
Balance at end of period | 15.3 | |
Net book value of right-of-use assets | 15.3 | |
Cost | ||
Right-of-use assets | ||
Balance at beginning of period | 0 | |
Initial application of IFRS 16 (note 4) | 136.6 | |
Reclassification of initial direct costs (note 4 and 13) | 5.5 | |
Additions | 94.7 | |
Lease extensions and others | 3.8 | |
Impact of foreign currency translation | 5.5 | |
Balance at end of period | 246.1 | |
Net book value of right-of-use assets | 246.1 | |
Cost | Retail stores | ||
Right-of-use assets | ||
Balance at beginning of period | 0 | |
Initial application of IFRS 16 (note 4) | 97 | |
Reclassification of initial direct costs (note 4 and 13) | 5.5 | |
Additions | 82.8 | |
Lease extensions and others | 1.1 | |
Impact of foreign currency translation | 5.1 | |
Balance at end of period | 191.5 | |
Net book value of right-of-use assets | 191.5 | |
Cost | Manufacturing facilities | ||
Right-of-use assets | ||
Balance at beginning of period | 0 | |
Initial application of IFRS 16 (note 4) | 27.2 | |
Reclassification of initial direct costs (note 4 and 13) | 0 | |
Additions | 6.7 | |
Lease extensions and others | 2.7 | |
Impact of foreign currency translation | 0 | |
Balance at end of period | 36.6 | |
Net book value of right-of-use assets | 36.6 | |
Cost | Other | ||
Right-of-use assets | ||
Balance at beginning of period | 0 | |
Initial application of IFRS 16 (note 4) | 12.4 | |
Reclassification of initial direct costs (note 4 and 13) | 0 | |
Additions | 5.2 | |
Lease extensions and others | 0 | |
Impact of foreign currency translation | 0.4 | |
Balance at end of period | 18 | |
Net book value of right-of-use assets | 18 | |
Accumulated depreciation | ||
Right-of-use assets | ||
Balance at beginning of period | 0 | |
Depreciation | 33.1 | |
Impact of foreign currency translation | 1.2 | |
Balance at end of period | (34.3) | |
Net book value of right-of-use assets | (34.3) | |
Accumulated depreciation | Retail stores | ||
Right-of-use assets | ||
Balance at beginning of period | 0 | |
Depreciation | 25.7 | |
Impact of foreign currency translation | 1.1 | |
Balance at end of period | (26.8) | |
Net book value of right-of-use assets | (26.8) | |
Accumulated depreciation | Manufacturing facilities | ||
Right-of-use assets | ||
Balance at beginning of period | 0 | |
Depreciation | 4.8 | |
Impact of foreign currency translation | 0 | |
Balance at end of period | (4.8) | |
Net book value of right-of-use assets | (4.8) | |
Accumulated depreciation | Other | ||
Right-of-use assets | ||
Balance at beginning of period | 0 | |
Depreciation | 2.6 | |
Impact of foreign currency translation | 0.1 | |
Balance at end of period | (2.7) | |
Net book value of right-of-use assets | $ (2.7) |
Leases - Changes in Lease Liabi
Leases - Changes in Lease Liabilities (Details) - CAD ($) $ in Millions | 12 Months Ended | |||
Mar. 29, 2020 | Mar. 29, 2020 | Apr. 01, 2019 | Mar. 31, 2019 | |
Lease liabilities | ||||
Balance at beginning of period | $ 0 | |||
Initial application of IFRS 16 (note 4) | 150.8 | |||
Additions | 93.4 | |||
Lease extensions and others | 3.6 | |||
Principal payments | (24.7) | |||
Impact of foreign currency translation | 4.8 | |||
Balance at end of period | 227.9 | |||
Current lease liabilities | $ 35.9 | $ 19.2 | $ 0 | |
Non-current lease liabilities | 192 | 131.6 | 0 | |
Lease liabilities | 227.9 | 227.9 | $ 150.8 | 0 |
Retail stores | ||||
Lease liabilities | ||||
Balance at beginning of period | 0 | |||
Initial application of IFRS 16 (note 4) | 107.8 | |||
Additions | 81.5 | |||
Lease extensions and others | 0.9 | |||
Principal payments | (18.4) | |||
Impact of foreign currency translation | 4.5 | |||
Balance at end of period | 176.3 | |||
Current lease liabilities | 27.5 | |||
Non-current lease liabilities | 148.8 | |||
Lease liabilities | 176.3 | 176.3 | 0 | |
Manufacturing facilities | ||||
Lease liabilities | ||||
Balance at beginning of period | 0 | |||
Initial application of IFRS 16 (note 4) | 29.4 | |||
Additions | 6.7 | |||
Lease extensions and others | 2.7 | |||
Principal payments | (4.1) | |||
Impact of foreign currency translation | 0 | |||
Balance at end of period | 34.7 | |||
Current lease liabilities | 5 | |||
Non-current lease liabilities | 29.7 | |||
Lease liabilities | 34.7 | 34.7 | 0 | |
Other | ||||
Lease liabilities | ||||
Balance at beginning of period | 0 | |||
Initial application of IFRS 16 (note 4) | 13.6 | |||
Additions | 5.2 | |||
Lease extensions and others | 0 | |||
Principal payments | (2.2) | |||
Impact of foreign currency translation | 0.3 | |||
Balance at end of period | 16.9 | |||
Current lease liabilities | 3.4 | |||
Non-current lease liabilities | 13.5 | |||
Lease liabilities | $ 16.9 | $ 16.9 | $ 0 |
Leases - Rent Expense (Details)
Leases - Rent Expense (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Leases 1 [Abstract] | |||
Variable rent | $ 15 | $ 8.4 | $ 2.9 |
Operating leases | 2.5 | 23.8 | 17 |
Rent expense | $ 17.5 | $ 32.2 | $ 19.9 |
Trade receivables - Summary (De
Trade receivables - Summary (Details) - CAD ($) $ in Millions | Mar. 29, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Trade and other current receivables [Line Items] | |||
Less: expected credit loss and sales allowances | $ (1.8) | $ (0.9) | $ (0.8) |
Trade receivables, net | 32.3 | 20.4 | |
Carrying value | |||
Trade and other current receivables [Line Items] | |||
Trade accounts receivable | 32 | 19.7 | |
Credit card receivables | 2.1 | 1.6 | |
Current trade and credit card receivables | 34.1 | 21.3 | |
Allowance for doubtful accounts and sales Allowances | |||
Trade and other current receivables [Line Items] | |||
Less: expected credit loss and sales allowances | $ (1.8) | $ (0.9) |
Trade receivables - Allowances
Trade receivables - Allowances (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Trade and other current receivables [Line Items] | ||
Balance at the beginning of the year | $ (0.9) | $ (0.8) |
Losses recognized | (3) | (0.9) |
Amounts settled or written off during the year | 2.1 | 0.8 |
Balance at the end of the year | (1.8) | (0.9) |
Expected credit loss | ||
Trade and other current receivables [Line Items] | ||
Balance at the beginning of the year | (0.4) | (0.4) |
Losses recognized | (0.2) | (0.3) |
Amounts settled or written off during the year | 0.1 | 0.3 |
Balance at the end of the year | (0.5) | (0.4) |
Sales allowances | ||
Trade and other current receivables [Line Items] | ||
Balance at the beginning of the year | (0.5) | (0.4) |
Losses recognized | (2.8) | (0.6) |
Amounts settled or written off during the year | 2 | 0.5 |
Balance at the end of the year | $ (1.3) | $ (0.5) |
Trade receivables - Narrative (
Trade receivables - Narrative (Details) $ in Millions | Dec. 23, 2019EUR (€) | Mar. 29, 2020CAD ($) |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade accounts receivable factored limit | € | € 20,000,000 | |
Exchange rate of cash received for trade accounts receivable (as a percent) | 100.00% | |
Trade accounts receivable factor fee rate (as a percent) | 1.15% | |
Proceeds from sale of trade accounts receivable | $ 7.8 | |
Trade accounts receivable factor fee expense (less than) | 0.1 | |
Trade accounts receivable derecognized but serviced | $ 2.4 |
Inventories (Details)
Inventories (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Components of inventory [Abstract] | |||
Raw materials | $ 61.5 | $ 45.7 | |
Work in progress | 19.4 | 19 | |
Finished goods | 331.4 | 202.6 | |
Total inventories at the lower of cost and net realizable value | 412.3 | 267.3 | |
Components of cost of sales [Abstract] | |||
Cost of goods manufactured | 352.4 | 309 | $ 238.7 |
Depreciation and amortization | 12.4 | 4.7 | 4.9 |
Cost of sales | $ 364.8 | $ 313.7 | $ 243.6 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - CAD ($) $ in Millions | Mar. 29, 2020 | Mar. 31, 2019 |
Inventories [Abstract] | ||
Provisions for obsolescence and inventory shrinkage | $ 17.1 | $ 16.5 |
Property, plant and equipment -
Property, plant and equipment - Summary (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, opening balance | $ 84.3 | |
Property, plant and equipment, closing balance | 115.1 | $ 84.3 |
Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, opening balance | 111.1 | 75.8 |
Additions | 53.5 | 35.6 |
Business combination (note 5) | 2.5 | |
Disposals | (2.3) | (2.8) |
Transfers | 0 | 0 |
Property, plant and equipment, closing balance | 162.3 | 111.1 |
Accumulated depreciation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, opening balance | (26.8) | (15.6) |
Depreciation | 20.9 | 13.7 |
Disposals | (0.5) | (2.5) |
Property, plant and equipment, closing balance | (47.2) | (26.8) |
Plant equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, opening balance | 18.2 | |
Property, plant and equipment, closing balance | 20.3 | 18.2 |
Plant equipment | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, opening balance | 22.3 | 12.3 |
Additions | 4.4 | 6.9 |
Business combination (note 5) | 2.1 | |
Disposals | (1.6) | 0 |
Transfers | 1.5 | 1 |
Property, plant and equipment, closing balance | 26.6 | 22.3 |
Plant equipment | Accumulated depreciation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, opening balance | (4.1) | (2.4) |
Depreciation | 2.4 | 1.7 |
Disposals | (0.2) | 0 |
Property, plant and equipment, closing balance | (6.3) | (4.1) |
Computer equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, opening balance | 2.4 | |
Property, plant and equipment, closing balance | 4.4 | 2.4 |
Computer equipment | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, opening balance | 5.4 | 4.9 |
Additions | 1.7 | 0.8 |
Business combination (note 5) | 0 | |
Disposals | (0.1) | (0.3) |
Transfers | 1.7 | 0 |
Property, plant and equipment, closing balance | 8.7 | 5.4 |
Computer equipment | Accumulated depreciation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, opening balance | (3) | (2.2) |
Depreciation | 1.3 | 1 |
Disposals | 0 | (0.2) |
Property, plant and equipment, closing balance | (4.3) | (3) |
Leasehold improvements | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, opening balance | 43.5 | |
Property, plant and equipment, closing balance | 60.6 | 43.5 |
Leasehold improvements | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, opening balance | 54.8 | 41.3 |
Additions | 17.2 | 9.4 |
Business combination (note 5) | 0.4 | |
Disposals | (0.2) | (2.5) |
Transfers | 10.6 | 6.2 |
Property, plant and equipment, closing balance | 82.4 | 54.8 |
Leasehold improvements | Accumulated depreciation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, opening balance | (11.3) | (7.2) |
Depreciation | 10.6 | 6.4 |
Disposals | (0.1) | (2.3) |
Property, plant and equipment, closing balance | (21.8) | (11.3) |
Show displays | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, opening balance | 3.6 | |
Property, plant and equipment, closing balance | 4.2 | 3.6 |
Show displays | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, opening balance | 7.6 | 5.6 |
Additions | 2.4 | 1.9 |
Business combination (note 5) | 0 | |
Disposals | (0.1) | 0 |
Transfers | 0.3 | 0.1 |
Property, plant and equipment, closing balance | 10.2 | 7.6 |
Show displays | Accumulated depreciation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, opening balance | (4) | (2.5) |
Depreciation | 2.1 | 1.5 |
Disposals | (0.1) | 0 |
Property, plant and equipment, closing balance | (6) | (4) |
Furniture and fixtures | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, opening balance | 15.9 | |
Property, plant and equipment, closing balance | 16.7 | 15.9 |
Furniture and fixtures | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, opening balance | 20.3 | 11.3 |
Additions | 3.9 | 7 |
Business combination (note 5) | 0 | |
Disposals | (0.3) | 0 |
Transfers | 1.6 | 2 |
Property, plant and equipment, closing balance | 25.5 | 20.3 |
Furniture and fixtures | Accumulated depreciation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, opening balance | (4.4) | (1.3) |
Depreciation | 4.5 | 3.1 |
Disposals | (0.1) | 0 |
Property, plant and equipment, closing balance | (8.8) | (4.4) |
In progress | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, opening balance | 0.7 | |
Property, plant and equipment, closing balance | 8.9 | 0.7 |
In progress | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, opening balance | 0.7 | 0.4 |
Additions | 23.9 | 9.6 |
Business combination (note 5) | 0 | |
Disposals | 0 | 0 |
Transfers | (15.7) | (9.3) |
Property, plant and equipment, closing balance | 8.9 | 0.7 |
In progress | Accumulated depreciation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, opening balance | 0 | 0 |
Depreciation | 0 | 0 |
Disposals | 0 | 0 |
Property, plant and equipment, closing balance | $ 0 | $ 0 |
Intangible assets - Summary (De
Intangible assets - Summary (Details) - CAD ($) $ in Millions | Mar. 29, 2020 | Apr. 01, 2019 | Mar. 31, 2019 |
Disclosure of intangible assets useful lives [Line Items] | |||
Intangible assets | $ 161.7 | $ 150.1 | $ 155.6 |
Intangible assets with finite useful lives | |||
Disclosure of intangible assets useful lives [Line Items] | |||
Intangible assets | 45.9 | 39.8 | |
Intangible assets with indefinite lives | Brand name | |||
Disclosure of intangible assets useful lives [Line Items] | |||
Intangible assets | 115.5 | 115.5 | |
Intangible assets with indefinite lives | Domain name | |||
Disclosure of intangible assets useful lives [Line Items] | |||
Intangible assets | $ 0.3 | $ 0.3 |
Intangible assets - Intangible
Intangible assets - Intangible Assets with Finite Lives (Details) - CAD ($) | 12 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | $ 155,600,000 | |
Intangible assets, ending balance | 161,700,000 | $ 155,600,000 |
Impairment loss on intangible assets | 0 | 0 |
Intangible assets with finite lives | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 39,800,000 | |
Intangible assets, ending balance | 45,900,000 | 39,800,000 |
Intangible assets with finite lives | Cost | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 57,600,000 | 32,000,000 |
Additions | 21,700,000 | 23,400,000 |
Business combination | 2,200,000 | |
IFRS 16 initial direct costs | (6,700,000) | |
Disposal | (100,000) | |
Transfers | 0 | 0 |
Intangible assets, ending balance | 72,500,000 | 57,600,000 |
Intangible assets with finite lives | Accumulated amortization | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 17,800,000 | 8,500,000 |
IFRS 16 initial direct costs | (1,200,000) | |
Amortization | 10,000,000 | 9,300,000 |
Intangible assets, ending balance | 26,600,000 | 17,800,000 |
Intangible assets with finite lives | ERP software | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 7,200,000 | |
Intangible assets, ending balance | 15,300,000 | 7,200,000 |
Intangible assets with finite lives | ERP software | Cost | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 12,800,000 | 4,300,000 |
Additions | 300,000 | 3,200,000 |
Business combination | 0 | |
IFRS 16 initial direct costs | 0 | |
Disposal | 0 | |
Transfers | 11,300,000 | 5,300,000 |
Intangible assets, ending balance | 24,400,000 | 12,800,000 |
Intangible assets with finite lives | ERP software | Accumulated amortization | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 5,600,000 | 1,400,000 |
IFRS 16 initial direct costs | 0 | |
Amortization | 3,500,000 | 4,200,000 |
Intangible assets, ending balance | 9,100,000 | 5,600,000 |
Intangible assets with finite lives | Computer software | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 6,800,000 | |
Intangible assets, ending balance | 10,900,000 | 6,800,000 |
Intangible assets with finite lives | Computer software | Cost | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 13,900,000 | 11,800,000 |
Additions | 1,600,000 | 1,100,000 |
Business combination | 0 | |
IFRS 16 initial direct costs | 0 | |
Disposal | (100,000) | |
Transfers | 6,000,000 | 1,000,000 |
Intangible assets, ending balance | 21,400,000 | 13,900,000 |
Intangible assets with finite lives | Computer software | Accumulated amortization | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 7,100,000 | 4,400,000 |
IFRS 16 initial direct costs | 0 | |
Amortization | 3,400,000 | 2,700,000 |
Intangible assets, ending balance | 10,500,000 | 7,100,000 |
Intangible assets with finite lives | Lease rights | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 5,500,000 | |
Intangible assets, ending balance | 0 | 5,500,000 |
Intangible assets with finite lives | Lease rights | Cost | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 6,700,000 | 6,200,000 |
Additions | 0 | 500,000 |
Business combination | 0 | |
IFRS 16 initial direct costs | (6,700,000) | |
Disposal | 0 | |
Transfers | 0 | 0 |
Intangible assets, ending balance | 0 | 6,700,000 |
Intangible assets with finite lives | Lease rights | Accumulated amortization | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 1,200,000 | 500,000 |
IFRS 16 initial direct costs | (1,200,000) | |
Amortization | 0 | 700,000 |
Intangible assets, ending balance | 0 | 1,200,000 |
Intangible assets with finite lives | Intellectual property | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 5,100,000 | |
Intangible assets, ending balance | 7,100,000 | 5,100,000 |
Intangible assets with finite lives | Intellectual property | Cost | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 9,000,000 | 3,900,000 |
Additions | 200,000 | 0 |
Business combination | 2,200,000 | |
IFRS 16 initial direct costs | 0 | |
Disposal | 0 | |
Transfers | 4,900,000 | 2,900,000 |
Intangible assets, ending balance | 14,100,000 | 9,000,000 |
Intangible assets with finite lives | Intellectual property | Accumulated amortization | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 3,900,000 | 2,200,000 |
IFRS 16 initial direct costs | 0 | |
Amortization | 3,100,000 | 1,700,000 |
Intangible assets, ending balance | 7,000,000 | 3,900,000 |
Intangible assets with finite lives | In progress | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 15,200,000 | |
Intangible assets, ending balance | 12,600,000 | 15,200,000 |
Intangible assets with finite lives | In progress | Cost | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 15,200,000 | 5,800,000 |
Additions | 19,600,000 | 18,600,000 |
Business combination | 0 | |
IFRS 16 initial direct costs | 0 | |
Disposal | 0 | |
Transfers | (22,200,000) | (9,200,000) |
Intangible assets, ending balance | 12,600,000 | 15,200,000 |
Intangible assets with finite lives | In progress | Accumulated amortization | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 0 | 0 |
IFRS 16 initial direct costs | 0 | |
Amortization | 0 | 0 |
Intangible assets, ending balance | $ 0 | $ 0 |
Goodwill - Summary (Details)
Goodwill - Summary (Details) - CAD ($) | 12 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Impairment loss recognised in profit or loss, goodwill | $ 0 | $ 0 |
Excess of recoverable value over carrying value per CGU (as a percent) | 56.70% | |
Discount rate applied to cash flow projections (as a percent) | 8.50% | 9.25% |
Goodwill | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Opening balance | $ 53,100,000 | $ 45,300,000 |
Business combination | 0 | 7,800,000 |
Goodwill | $ 53,100,000 | $ 53,100,000 |
Accounts payables and accrued_3
Accounts payables and accrued liabilities - Summary (Details) - CAD ($) $ in Millions | Mar. 29, 2020 | Mar. 31, 2019 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade payables | $ 52.6 | $ 46.5 |
Accrued liabilities | 51.3 | 37.1 |
Employee benefits | 12.1 | 22.3 |
Other payables | 20.8 | 4.5 |
Accounts payable and accrued liabilities | $ 136.8 | $ 110.4 |
Provisions - Summary (Details)
Provisions - Summary (Details) - CAD ($) $ in Millions | 12 Months Ended | |||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 29, 2020 | Mar. 31, 2019 | |
Reconciliation of changes in other provisions [abstract] | ||||
Provisions, opening balance | $ 22.8 | $ 17.1 | ||
Additional provisions recognized | 31 | 16.3 | ||
Reductions resulting from settlement | (17.2) | (9.9) | ||
Other | 0.4 | (0.7) | ||
Provisions, closing balance | 37 | 22.8 | ||
Disclosure of nature of provisions [Abstract] | ||||
Current provisions | $ 15.6 | $ 8.1 | ||
Non-current provisions | 21.4 | 14.7 | ||
Provisions | 37 | 22.8 | 37 | 22.8 |
Warranty | ||||
Reconciliation of changes in other provisions [abstract] | ||||
Provisions, opening balance | 12.3 | 9.3 | ||
Additional provisions recognized | 14.5 | 9.1 | ||
Reductions resulting from settlement | (7.4) | (5.4) | ||
Other | 0 | (0.7) | ||
Provisions, closing balance | 19.4 | 12.3 | ||
Disclosure of nature of provisions [Abstract] | ||||
Provisions | 19.4 | 12.3 | 19.4 | 12.3 |
Sales contracts | ||||
Reconciliation of changes in other provisions [abstract] | ||||
Provisions, opening balance | 3 | 3 | ||
Additional provisions recognized | 0 | 0 | ||
Reductions resulting from settlement | 0 | 0 | ||
Other | 0 | 0 | ||
Provisions, closing balance | 3 | 3 | ||
Disclosure of nature of provisions [Abstract] | ||||
Provisions | 3 | 3 | 3 | 3 |
Sales returns | ||||
Reconciliation of changes in other provisions [abstract] | ||||
Provisions, opening balance | 5 | 3.3 | ||
Additional provisions recognized | 15.2 | 5.9 | ||
Reductions resulting from settlement | (9.8) | (4.2) | ||
Other | 0.3 | 0 | ||
Provisions, closing balance | 10.7 | 5 | ||
Disclosure of nature of provisions [Abstract] | ||||
Provisions | 10.7 | 5 | 10.7 | 5 |
Asset retirement obligations | ||||
Reconciliation of changes in other provisions [abstract] | ||||
Provisions, opening balance | 2.5 | 1.5 | ||
Additional provisions recognized | 1.3 | 1.3 | ||
Reductions resulting from settlement | 0 | (0.3) | ||
Other | 0.1 | 0 | ||
Provisions, closing balance | 3.9 | 2.5 | ||
Disclosure of nature of provisions [Abstract] | ||||
Provisions | $ 3.9 | $ 2.5 | $ 3.9 | $ 2.5 |
Borrowings - Short-term Borrowi
Borrowings - Short-term Borrowings (Details) - Short-term borrowings - CNY (¥) | Mar. 29, 2020 | Jul. 18, 2019 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | ¥ 0 | ¥ 160,000,000 |
Maximum borrowing capacity | ¥ 10,000,000 | |
People's Bank of China Benchmark Lending Rate | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate on borrowings (as a percent) | 105.00% |
Borrowings - Amendments to Long
Borrowings - Amendments to Long-term Debt Agreements (Details) - CAD ($) | 12 Months Ended | |||
Mar. 29, 2020 | Feb. 24, 2020 | May 10, 2019 | May 09, 2019 | |
The Revolving Facility | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Maximum borrowing capacity | $ 467,500,000 | $ 467,500,000 | $ 300,000,000 | $ 200,000,000 |
Increase in credit facility commitments | 517,500,000 | $ 517,500,000 | $ 350,000,000 | $ 250,000,000 |
Deferred transaction costs | 900,000 | |||
Term loan | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Deferred transaction costs | $ 1,400,000 | |||
Interest rate on borrowings (as a percent) | 5.10% | |||
Term loan | LIBOR | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate on borrowings (as a percent) | 3.50% | 4.00% |
Borrowings - Revolving Facility
Borrowings - Revolving Facility (Details) - The Revolving Facility - CAD ($) | Mar. 29, 2020 | Feb. 24, 2020 | Jul. 09, 2019 | May 10, 2019 | May 09, 2019 | Mar. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | ||||||
Maximum borrowing capacity | $ 467,500,000 | $ 467,500,000 | $ 300,000,000 | $ 200,000,000 | ||
Increase in credit facility commitments | 517,500,000 | $ 517,500,000 | $ 350,000,000 | $ 250,000,000 | ||
Credit commitment | 25,000,000 | |||||
Credit sub-commitment | 5,000,000 | |||||
Swingline commitment | 25,000,000 | |||||
Unused borrowing capacity | 226,600,000 | $ 165,500,000 | ||||
Letters of Credit Outstanding | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings | 5,700,000 | 1,200,000 | ||||
Guarantee arrangement | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings | 0 | $ 13,900,000 | ||||
Other Noncurrent Liabilities | Deferred Financing Charges | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings | $ 1,700,000 | $ 1,200,000 |
Borrowings - Term Loan Narrativ
Borrowings - Term Loan Narrative (Details) $ in Millions, $ in Millions | 12 Months Ended | |||||||
Mar. 29, 2020CAD ($) | Mar. 31, 2019CAD ($) | Mar. 31, 2018CAD ($) | Mar. 29, 2020USD ($) | May 10, 2019CAD ($) | May 10, 2019USD ($) | May 09, 2019 | Mar. 31, 2019USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||||
Acceleration of unamortized costs on debt extinguishment | $ 7 | $ 0 | $ 0 | |||||
Term loan | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings | $ 159.3 | $ 152.4 | $ 113.8 | $ 151.7 | $ 113.8 | $ 113.8 | ||
Interest rate on borrowings (as a percent) | 5.10% | 5.10% | ||||||
Deferred transaction costs | $ 1.4 | |||||||
Term loan | LIBOR | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Interest rate on borrowings (as a percent) | 3.50% | 3.50% | 4.00% |
Borrowings - Term Loan Informat
Borrowings - Term Loan Information (Details) $ in Millions, $ in Millions | Mar. 29, 2020CAD ($) | Mar. 29, 2020USD ($) | May 10, 2019CAD ($) | May 10, 2019USD ($) | Mar. 31, 2019CAD ($) | Mar. 31, 2019USD ($) |
Disclosure of detailed information about borrowings [line items] | ||||||
Term loan | $ 158.1 | $ 145.2 | ||||
Term loan | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings | 159.3 | $ 113.8 | $ 151.7 | $ 113.8 | 152.4 | $ 113.8 |
Original issue discount | 0 | (2.4) | ||||
Deferred transaction costs | (1.2) | (0.9) | ||||
Embedded derivative | 0 | (0.5) | ||||
Revaluation for interest rate modification | 0 | (3.4) | ||||
Term loan | $ 158.1 | $ 145.2 |
Borrowings - Hedging Transactio
Borrowings - Hedging Transactions on Term Loan (Details) € in Millions | Jun. 12, 2019CAD ($) | Jun. 12, 2019EUR (€) | Jun. 12, 2019USD ($) |
Currency swap contract | Cash flow hedges | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Notional amount of derivative | $ 70,000,000 | ||
Currency swap contract | Cash flow hedges | LIBOR | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Borrowings, adjustment to interest rate basis | 3.50% | 3.50% | 3.50% |
Currency swap contract | Cash flow hedges | Fixed Rate Debt at 5.02% | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Borrowings | $ 92,988,000 | ||
Interest rate on borrowings (as a percent) | 5.02% | 5.02% | 5.02% |
Currency swap contract | Net investment hedge | Fixed Rate Debt at 5.02% | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Notional amount of derivative | $ 92,988,000 | ||
Interest rate on borrowings (as a percent) | 5.02% | 5.02% | 5.02% |
Currency swap contract | Net investment hedge | Euro-Denominated Fixed Rate Debt at 3.19% | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Borrowings | € | € 61.8 | ||
Interest rate on borrowings (as a percent) | 3.187% | 3.187% | 3.187% |
Forward contract | Fair value hedges | Foreign Currency Risk | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Notional amount of derivative | $ 39,558,000 | ||
Borrowings | $ 30,000,000 |
Borrowings - Net Interest and O
Borrowings - Net Interest and Other Finance Costs (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | |||
Standby fees | $ 0.8 | $ 0.6 | $ 0.4 |
Acceleration of unamortized costs on debt extinguishment | 7 | 0 | 0 |
Interest expense and other finance costs | 28.8 | 14.7 | 13.1 |
Interest income | (0.4) | (0.5) | (0.2) |
Interest expense (income) | 28.4 | 14.2 | 12.9 |
Short-term borrowings | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest expense | 0.2 | 0 | 0 |
Revolving facility | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest expense | 3.7 | 2.4 | 2.3 |
Term loan | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest expense | 8.7 | 11.7 | 10.4 |
Lease liabilities | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest expense | $ 8.4 | $ 0 | $ 0 |
Shareholders' equity - Issued N
Shareholders' equity - Issued Narrative (Details) | 12 Months Ended |
Mar. 29, 2020vote / shares | |
Multiple Voting Shares | |
Disclosure of classes of share capital [line items] | |
Number of votes per share | 10 |
Conversion ratio of multiple voting shares to subordinate shares | 1 |
Percentage beneficial ownership when shares will automatically be converted (less than) | 15.00% |
Subordinate Voting Shares | |
Disclosure of classes of share capital [line items] | |
Number of votes per share | 1 |
Shareholders' equity - Normal C
Shareholders' equity - Normal Course Issuer Bid Narrative (Details) - CAD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
May 30, 2020 | Mar. 29, 2020 | |
Disclosure of classes of share capital [line items] | ||
Purchase of subordinate voting shares (shares) | 853,500 | |
Normal course issuer bid purchase of subordinate voting shares | $ 38.7 | |
Subordinate Voting Shares | ||
Disclosure of classes of share capital [line items] | ||
Stock authorized for repurchase (shares) | 1,600,000 | |
Purchase of subordinate voting shares (shares) | 853,500 | |
Average price per share of subordinate voting shares purchased (CAD per share) | $ 45.35 | |
Share capital | ||
Disclosure of classes of share capital [line items] | ||
Total cash consideration for purchase of subordinate voting shares | $ 38.7 | |
Normal course issuer bid purchase of subordinate voting shares | 1.6 | |
Share capital | Subordinate Voting Shares | ||
Disclosure of classes of share capital [line items] | ||
Total cash consideration for purchase of subordinate voting shares | 38.7 | |
Normal course issuer bid purchase of subordinate voting shares | 1.6 | |
Retained earnings | ||
Disclosure of classes of share capital [line items] | ||
Normal course issuer bid purchase of subordinate voting shares | $ 37.1 |
Shareholders' equity - Secondar
Shareholders' equity - Secondary Offering Narrative (Details) | Nov. 26, 2018CAD ($)shares | Jun. 21, 2018CAD ($)shares | Jul. 05, 2017CAD ($)shares | Mar. 29, 2020shares | Mar. 31, 2019CAD ($)shares | Mar. 31, 2018CAD ($)shares |
Disclosure of classes of share capital [line items] | ||||||
Number of stock options exercised (shares) | 742,134 | 1,702,503 | 1,994,588 | |||
Subordinate Voting Shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of stock options exercised (shares) | 742,134 | 1,702,503 | 1,994,588 | |||
Multiple Voting Shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of stock options exercised (shares) | 0 | 0 | 0 | |||
June 2018 Secondary Offering | ||||||
Disclosure of classes of share capital [line items] | ||||||
Transaction costs | $ | $ 1,200,000 | |||||
June 2018 Secondary Offering | Subordinate Voting Shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares sold (shares) | 10,000,000 | |||||
Proceeds from sale of shares | $ | $ 0 | |||||
Number of stock options exercised (shares) | 100,000 | |||||
June 2018 Secondary Offering | Multiple Voting Shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares converted to subordinate voting shares (in shares) | 9,900,000 | |||||
November 2018 Secondary Offering | ||||||
Disclosure of classes of share capital [line items] | ||||||
Transaction costs | $ | $ 600,000 | |||||
November 2018 Secondary Offering | Subordinate Voting Shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares sold (shares) | 10,000,000 | |||||
Proceeds from sale of shares | $ | $ 0 | |||||
Number of stock options exercised (shares) | 10,000 | |||||
November 2018 Secondary Offering | Multiple Voting Shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares converted to subordinate voting shares (in shares) | 9,990,000 | |||||
Secondary offering | ||||||
Disclosure of classes of share capital [line items] | ||||||
Transaction costs | $ | $ 1,500,000 | |||||
Secondary offering | Subordinate Voting Shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares sold (shares) | 12,500,000 | |||||
Proceeds from sale of shares | $ | $ 0 | |||||
Number of stock options exercised (shares) | 85,922 | |||||
Secondary offering | Multiple Voting Shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares converted to subordinate voting shares (in shares) | 12,414,078 | |||||
Secondary offering | Performance vested exit event stock options | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of stock options vested (shares) | 820,543 |
Shareholders' equity - Issued a
Shareholders' equity - Issued and Outstanding Share Capital (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Number | |||
Number of shares outstanding, beginning balance (shares) | 110,111,074 | 108,391,625 | 106,397,037 |
Purchase of subordinate voting shares (shares) | (853,500) | ||
Excess of purchase price over average share capital amount (shares) | 0 | ||
Issuance of subordinate voting shares in business combination (note 5) (shares) | 16,946 | ||
Convert multiple voting shares to subordinate voting shares (shares) | 0 | 0 | |
Exercise of stock options (shares) | 742,134 | 1,702,503 | 1,994,588 |
Settlement of RSUs (shares) | 3,550 | ||
Number of shares outstanding, ending balance (shares) | 110,003,258 | 110,111,074 | 108,391,625 |
$ | |||
Shareholders’ equity, opening balance | $ 399.1 | $ 243.6 | $ 146.1 |
Issuance of subordinate voting shares in business combination (note 5) | 1.5 | ||
Exercise of stock options | 2.4 | 3.1 | 1.2 |
Shareholders’ equity, closing balance | $ 520.2 | $ 399.1 | $ 243.6 |
Multiple Voting Shares | |||
Number | |||
Number of shares outstanding, beginning balance (shares) | 51,004,076 | 70,894,076 | 83,308,154 |
Purchase of subordinate voting shares (shares) | 0 | ||
Excess of purchase price over average share capital amount (shares) | 0 | ||
Issuance of subordinate voting shares in business combination (note 5) (shares) | 0 | ||
Convert multiple voting shares to subordinate voting shares (shares) | (19,890,000) | (12,414,078) | |
Exercise of stock options (shares) | 0 | 0 | 0 |
Settlement of RSUs (shares) | 0 | ||
Number of shares outstanding, ending balance (shares) | 51,004,076 | 51,004,076 | 70,894,076 |
Subordinate Voting Shares | |||
Number | |||
Number of shares outstanding, beginning balance (shares) | 59,106,998 | 37,497,549 | 23,088,883 |
Purchase of subordinate voting shares (shares) | (853,500) | ||
Excess of purchase price over average share capital amount (shares) | 0 | ||
Issuance of subordinate voting shares in business combination (note 5) (shares) | 16,946 | ||
Convert multiple voting shares to subordinate voting shares (shares) | 19,890,000 | 12,414,078 | |
Exercise of stock options (shares) | 742,134 | 1,702,503 | 1,994,588 |
Settlement of RSUs (shares) | 3,550 | ||
Number of shares outstanding, ending balance (shares) | 58,999,182 | 59,106,998 | 37,497,549 |
Share capital | |||
$ | |||
Shareholders’ equity, opening balance | $ 112.6 | $ 106.1 | $ 103.3 |
Purchase of subordinate voting shares | (38.7) | ||
Excess of purchase price over average share capital amount | 37.1 | ||
Issuance of subordinate voting shares in business combination (note 5) | 1.5 | ||
Convert multiple voting shares to subordinate voting shares | 0 | 0 | |
Exercise of stock options | 3.7 | 5 | 2.8 |
Settlement of RSUs | 0 | ||
Shareholders’ equity, closing balance | 114.7 | 112.6 | 106.1 |
Share capital | Multiple Voting Shares | |||
$ | |||
Shareholders’ equity, opening balance | 1.4 | 1.9 | 2.2 |
Purchase of subordinate voting shares | 0 | ||
Excess of purchase price over average share capital amount | 0 | ||
Issuance of subordinate voting shares in business combination (note 5) | 0 | ||
Convert multiple voting shares to subordinate voting shares | (0.5) | (0.3) | |
Exercise of stock options | 0 | 0 | 0 |
Settlement of RSUs | 0 | ||
Shareholders’ equity, closing balance | 1.4 | 1.4 | 1.9 |
Share capital | Subordinate Voting Shares | |||
$ | |||
Shareholders’ equity, opening balance | 111.2 | 104.2 | 101.1 |
Purchase of subordinate voting shares | (38.7) | ||
Excess of purchase price over average share capital amount | 37.1 | ||
Issuance of subordinate voting shares in business combination (note 5) | 1.5 | ||
Convert multiple voting shares to subordinate voting shares | 0.5 | 0.3 | |
Exercise of stock options | 3.7 | 5 | 2.8 |
Settlement of RSUs | 0 | ||
Shareholders’ equity, closing balance | $ 113.3 | $ 111.2 | $ 104.2 |
Share-based payments - Narrativ
Share-based payments - Narrative (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expiration term of options | 10 years | ||
Contributed surplus and compensation expense for the vesting of stock options | $ 7.8 | $ 3.8 | $ 2 |
Legacy Plan | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of future share options issuable in share-based payment arrangement (shares) | 0 | ||
Omnibus Plan | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period of stock options | 4 years | ||
Vesting period of RSUs | 3 years | ||
Tranche one | Legacy Plan | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting rate (as a percent) | 40.00% | ||
Tranche one | Omnibus Plan | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting rate (as a percent) | 25.00% | ||
Trance two | Legacy Plan | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting rate (as a percent) | 20.00% | ||
Tranche three | Legacy Plan | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting rate (as a percent) | 20.00% | ||
Tranche four | Legacy Plan | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting rate (as a percent) | 20.00% | ||
Subordinate Voting Shares | Omnibus Plan | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Stock issued per RSU upon settlement (shares) | 1 | ||
Maximum number of shares reserved for issuance under equity incentive plans (shares) | 6,730,983 |
Share-based payments - Stock Op
Share-based payments - Stock Option Transactions (Details) | 12 Months Ended | ||
Mar. 29, 2020shares$ / shares | Mar. 31, 2019shares$ / shares | Mar. 31, 2018shares$ / shares | |
Weighted average exercise price | |||
Options outstanding, beginning balance (CAD per share) | $ / shares | $ 15.75 | $ 4.71 | |
Granted to purchase shares (CAD per share) | $ / shares | 59.19 | 79.59 | |
Exercised (CAD per share) | $ / shares | 3.25 | 1.85 | |
Cancelled (CAD per share) | $ / shares | 59.83 | 10.99 | |
Expired (CAD per share) | $ / shares | 83.53 | 0 | |
Options outstanding, ending balance (CAD per share) | $ / shares | $ 32.97 | $ 15.75 | $ 4.71 |
Number of shares | |||
RSUs/Options outstanding, beginning balance (shares) | shares | 2,037,665 | 3,647,571 | |
Granted to purchase shares (shares) | shares | 558,489 | 236,256 | |
Exercised (shares) | shares | (742,134) | (1,702,503) | (1,994,588) |
Cancelled (shares) | shares | (59,297) | (143,659) | |
Expired (shares) | shares | (346) | 0 | |
RSUs/Options outstanding, ending balance (shares) | shares | 1,794,377 | 2,037,665 | 3,647,571 |
Share-based payments - Stock _2
Share-based payments - Stock Options Outstanding and Exercisable (Details) | Mar. 29, 2020shares$ / shares | Mar. 31, 2019shares | Mar. 31, 2018shares |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of options outstanding (shares) | 1,794,377 | 2,037,665 | 3,647,571 |
Weighted average remaining life in years | 7 | ||
Number of options exercisable (shares) | 668,349 | ||
Options Exercisable, Weighted Average Remaining Life in Years | 5.7 | ||
$0.02 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (CAD per share) | $ / shares | $ 0.02 | ||
Number of options outstanding (shares) | 156,247 | ||
Weighted average remaining life in years | 4.1 | ||
Number of options exercisable (shares) | 156,247 | ||
Options Exercisable, Weighted Average Remaining Life in Years | 4.1 | ||
$0.25 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (CAD per share) | $ / shares | $ 0.25 | ||
Number of options outstanding (shares) | 74,322 | ||
Weighted average remaining life in years | 4.4 | ||
Number of options exercisable (shares) | 74,322 | ||
Options Exercisable, Weighted Average Remaining Life in Years | 4.4 | ||
$1.79 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (CAD per share) | $ / shares | $ 1.79 | ||
Number of options outstanding (shares) | 213,748 | ||
Weighted average remaining life in years | 4.9 | ||
Number of options exercisable (shares) | 124,855 | ||
Options Exercisable, Weighted Average Remaining Life in Years | 4.8 | ||
$4.62 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (CAD per share) | $ / shares | $ 4.62 | ||
Number of options outstanding (shares) | 212,033 | ||
Weighted average remaining life in years | 5.9 | ||
Number of options exercisable (shares) | 56,541 | ||
Options Exercisable, Weighted Average Remaining Life in Years | 5.9 | ||
$8.94 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (CAD per share) | $ / shares | $ 8.94 | ||
Number of options outstanding (shares) | 133,332 | ||
Weighted average remaining life in years | 6.8 | ||
Number of options exercisable (shares) | 79,992 | ||
Options Exercisable, Weighted Average Remaining Life in Years | 6.8 | ||
$23.64 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (CAD per share) | $ / shares | $ 23.64 | ||
Number of options outstanding (shares) | 50,560 | ||
Weighted average remaining life in years | 7.4 | ||
Number of options exercisable (shares) | 21,288 | ||
Options Exercisable, Weighted Average Remaining Life in Years | 7.4 | ||
$30.73 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (CAD per share) | $ / shares | $ 30.73 | ||
Number of options outstanding (shares) | 180,798 | ||
Weighted average remaining life in years | 7.2 | ||
Number of options exercisable (shares) | 87,378 | ||
Options Exercisable, Weighted Average Remaining Life in Years | 7.2 | ||
$31.79 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (CAD per share) | $ / shares | $ 31.79 | ||
Number of options outstanding (shares) | 35,622 | ||
Weighted average remaining life in years | 7.6 | ||
Number of options exercisable (shares) | 15,832 | ||
Options Exercisable, Weighted Average Remaining Life in Years | 7.6 | ||
$45.34 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (CAD per share) | $ / shares | $ 45.34 | ||
Number of options outstanding (shares) | 95,911 | ||
Weighted average remaining life in years | 9.2 | ||
Number of options exercisable (shares) | 0 | ||
Options Exercisable, Weighted Average Remaining Life in Years | 0 | ||
$46.38 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (CAD per share) | $ / shares | $ 46.38 | ||
Number of options outstanding (shares) | 11,430 | ||
Weighted average remaining life in years | 9.7 | ||
Number of options exercisable (shares) | 0 | ||
Options Exercisable, Weighted Average Remaining Life in Years | 0 | ||
$51.71 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (CAD per share) | $ / shares | $ 51.71 | ||
Number of options outstanding (shares) | 7,143 | ||
Weighted average remaining life in years | 9.4 | ||
Number of options exercisable (shares) | 0 | ||
Options Exercisable, Weighted Average Remaining Life in Years | 0 | ||
$63.03 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (CAD per share) | $ / shares | $ 63.03 | ||
Number of options outstanding (shares) | 415,582 | ||
Weighted average remaining life in years | 9 | ||
Number of options exercisable (shares) | 0 | ||
Options Exercisable, Weighted Average Remaining Life in Years | 0 | ||
$71.73 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (CAD per share) | $ / shares | $ 71.73 | ||
Number of options outstanding (shares) | 7,075 | ||
Weighted average remaining life in years | 8.9 | ||
Number of options exercisable (shares) | 1,768 | ||
Options Exercisable, Weighted Average Remaining Life in Years | 8.9 | ||
$83.53 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (CAD per share) | $ / shares | $ 83.53 | ||
Number of options outstanding (shares) | 200,574 | ||
Weighted average remaining life in years | 8.2 | ||
Number of options exercisable (shares) | 50,126 | ||
Options Exercisable, Weighted Average Remaining Life in Years | 8.2 |
Share-based payments - RSU Tran
Share-based payments - RSU Transactions (Details) - shares | 12 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Share Options Activity [Roll Forward] | ||
RSUs/Options outstanding, beginning balance (shares) | 2,037,665 | 3,647,571 |
Granted (shares) | 558,489 | 236,256 |
Cancelled (shares) | (59,297) | (143,659) |
RSUs/Options outstanding, ending balance (shares) | 1,794,377 | 2,037,665 |
Omnibus Plan | ||
Share Options Activity [Roll Forward] | ||
RSUs/Options outstanding, beginning balance (shares) | 10,650 | 0 |
Granted (shares) | 35,171 | 10,650 |
Settled (shares) | (3,550) | 0 |
Cancelled (shares) | (2,839) | 0 |
RSUs/Options outstanding, ending balance (shares) | 39,432 | 10,650 |
Share-based payments - Fair Val
Share-based payments - Fair Value Assumptions (Details) - $ / shares | 12 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Share-based payment arrangements [Abstract] | ||
Weighted average stock price valuation (CAD per share) | $ 59.19 | $ 79.59 |
Weighted average exercise price (CAD per share) | $ 59.19 | $ 79.59 |
Risk-free interest rate (as a percent) | 1.50% | 1.82% |
Expected life in years | 5 | 5 |
Expected dividend yield (as a percent) | 0.00% | 0.00% |
Volatility (as a percent) | 40.00% | 40.00% |
Weighted average fair value of options issued (CAD per share) | $ 18.11 | $ 32.68 |
Related party transactions - Su
Related party transactions - Summary (Details) - CAD ($) | Nov. 01, 2018 | Mar. 29, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Apr. 01, 2019 |
Disclosure of transactions between related parties [line items] | |||||
Expenses incurred with related parties | $ 1,700,000 | $ 1,000,000 | $ 1,300,000 | ||
Amounts payable, related party transactions | 400,000 | 100,000 | |||
Lease liabilities | 227,900,000 | 0 | $ 150,800,000 | ||
Disclosure of transactions between related parties [abstract] | |||||
Short term employee benefits | 9,100,000 | 13,200,000 | 10,400,000 | ||
Long term employee benefits | 100,000 | 100,000 | 0 | ||
Termination benefits | 0 | 0 | 200,000 | ||
Share-based compensation | 5,900,000 | 2,900,000 | 1,600,000 | ||
Compensation expense | 15,100,000 | 16,200,000 | $ 12,200,000 | ||
Baffin Inc. | |||||
Disclosure of transactions between related parties [line items] | |||||
Amounts payable, related party transactions | 0 | 0 | |||
Lease liabilities | 5,300,000 | ||||
Operating costs, leases and other | 1,400,000 | $ 600,000 | |||
Purchases of goods, related party transactions | $ 3,000,000 | ||||
Baffin Inc. | |||||
Disclosure of transactions between related parties [line items] | |||||
Liabilities incurred | $ 3,000,000 | ||||
Amortization period of acquisition-related costs | 2 years |
Financial instruments and fai_3
Financial instruments and fair values - Fair Value Hierarchy (Details) - CAD ($) $ in Millions | Mar. 29, 2020 | Mar. 31, 2019 |
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | $ 1,112.7 | $ 725.4 |
Financial liabilities | 592.5 | 326.3 |
Carrying value | Derivatives included in accounts payable and accrued liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 19 | 1.6 |
Carrying value | Short-term borrowings | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Carrying value | Derivatives included in other long-term liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 2.9 | 4.4 |
Carrying value | Revolving facility | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Carrying value | Term loan | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 158.1 | 145.2 |
Carrying value | Lease liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 227.9 | 0 |
Carrying value | Cash | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 31.7 | 88.6 |
Carrying value | Derivatives included in other current assets | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 11.3 | 1.8 |
Carrying value | Derivatives included in other long-term assets | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 5.9 | 7 |
Fair value | Derivatives included in accounts payable and accrued liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 19 | 1.6 |
Fair value | Short-term borrowings | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Fair value | Derivatives included in other long-term liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 2.9 | 4.4 |
Fair value | Revolving facility | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Fair value | Term loan | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 159.3 | 152.4 |
Fair value | Lease liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 227.9 | 0 |
Fair value | Cash | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 31.7 | 88.6 |
Fair value | Derivatives included in other current assets | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 11.3 | 1.8 |
Fair value | Derivatives included in other long-term assets | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 5.9 | 7 |
Level 1 | Derivatives included in accounts payable and accrued liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 1 | Short-term borrowings | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 1 | Derivatives included in other long-term liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 1 | Revolving facility | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 1 | Term loan | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 1 | Lease liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 1 | Cash | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 31.7 | 88.6 |
Level 1 | Derivatives included in other current assets | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 0 | 0 |
Level 1 | Derivatives included in other long-term assets | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 0 | 0 |
Level 2 | Derivatives included in accounts payable and accrued liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 19 | 1.6 |
Level 2 | Short-term borrowings | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 2 | Derivatives included in other long-term liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 2.9 | 4.4 |
Level 2 | Revolving facility | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 2 | Term loan | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 2 | Lease liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 2 | Cash | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 0 | 0 |
Level 2 | Derivatives included in other current assets | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 11.3 | 1.8 |
Level 2 | Derivatives included in other long-term assets | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 5.9 | 7 |
Level 3 | Derivatives included in accounts payable and accrued liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 3 | Short-term borrowings | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 3 | Derivatives included in other long-term liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 3 | Revolving facility | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 3 | Term loan | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 158.1 | 145.2 |
Level 3 | Lease liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 227.9 | 0 |
Level 3 | Cash | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 0 | 0 |
Level 3 | Derivatives included in other current assets | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 0 | 0 |
Level 3 | Derivatives included in other long-term assets | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | $ 0 | $ 0 |
Financial risk management obj_3
Financial risk management objectives and policies - Interest Rate Risk Narrative (Details) $ in Millions | 12 Months Ended | |||||||
Mar. 29, 2020CAD ($) | Mar. 31, 2019CAD ($) | Mar. 29, 2020USD ($) | Mar. 29, 2020CNY (¥) | Jul. 18, 2019CNY (¥) | May 10, 2019CAD ($) | May 10, 2019USD ($) | Mar. 31, 2019USD ($) | |
Short-term borrowings and Revolving facility | ||||||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||||||
Borrowings | $ 0 | |||||||
Term loan | ||||||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||||||
Borrowings | $ 159,300,000 | $ 152,400,000 | $ 113.8 | $ 151,700,000 | $ 113.8 | $ 113.8 | ||
Interest rate (as a percent) | 5.10% | 5.10% | 5.10% | |||||
Term loan | Interest rate risk | ||||||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||||||
Increase in interest expense from change in average interest rate (less than $0.1 million in 2020) | $ 1,500,000 | 1,500,000 | ||||||
Short-term borrowings | ||||||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||||||
Borrowings | ¥ | ¥ 0 | ¥ 160,000,000 | ||||||
Short-term borrowings | Interest rate risk | ||||||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||||||
Increase in interest expense from change in average interest rate (less than $0.1 million in 2020) | 100,000 | 0 | ||||||
Revolving facility | ||||||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||||||
Borrowings | 0 | |||||||
Revolving facility | Interest rate risk | ||||||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||||||
Increase in interest expense from change in average interest rate (less than $0.1 million in 2020) | $ 900,000 | $ 600,000 |
Financial risk management obj_4
Financial risk management objectives and policies - Unrealized Losses in Fair Value of Cash Flow Hedges in Other Comprehensive Income (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of detailed information about hedges [line items] | |||
Net loss | $ (2.4) | $ (4.6) | $ 0.1 |
Foreign exchange risk | Operating hedge program | Cash flow hedges | |||
Disclosure of detailed information about hedges [line items] | |||
Net loss | (3.7) | (3.9) | (1.4) |
Tax recovery | $ 1.1 | $ 0.8 | $ 0.5 |
Financial risk management obj_5
Financial risk management objectives and policies - (Gains) Losses Reclassified from Other Comprehensive Income on Cash Flow Hedges to the Consolidated Financial Statements (Details) - Foreign exchange risk - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of detailed information about hedges [line items] | |||
Forward foreign exchange contracts designated as cash flow hedges recorded in revenue | $ (0.2) | $ 6.5 | $ 0 |
Forward foreign exchange contracts designated as cash flow hedges recorded in selling, general and administrative expenses | 1 | (4.5) | 0.3 |
Forward foreign exchange contracts designated as cash flow hedges recorded in inventory | $ 0.1 | $ (1) | $ 0 |
Financial risk management obj_6
Financial risk management objectives and policies - Foreign Exchange Risk Narrative (Details) $ in Millions | 12 Months Ended | ||||||
Mar. 29, 2020CAD ($) | Mar. 31, 2019CAD ($) | Mar. 31, 2018CAD ($) | Mar. 29, 2020USD ($) | May 10, 2019CAD ($) | May 10, 2019USD ($) | Mar. 31, 2019USD ($) | |
Foreign exchange risk | |||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||
Unrealized gains (losses) on foreign exchange contracts not treated as hedges | $ (3,200,000) | $ 3,700,000 | $ 100,000 | ||||
Reasonably possible increase (decrease) in currency | 0.01 | ||||||
Increase (decrease) in income before income taxes due to reasonably possible change in currency | 1,100,000 | 1,100,000 | |||||
Foreign exchange risk | Cash flow hedges | Long-dated forward exchange contract | |||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||
Unrealized gains (losses) on foreign exchange contracts not treated as hedges | 3,300,000 | 2,900,000 | $ 300,000 | ||||
Term loan | |||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||
Borrowings | $ 159,300,000 | $ 152,400,000 | $ 113.8 | $ 151,700,000 | $ 113.8 | $ 113.8 |
Financial risk management obj_7
Financial risk management objectives and policies - Forward Currency Exchange Contracts (Details) - Mar. 29, 2020 € in Millions, ¥ in Millions, £ in Millions, kr in Millions, SFr in Millions, $ in Millions, $ in Millions | EUR (€) | USD ($) | CNY (¥) | CHF (SFr) | GBP (£) | SEK (kr) | HKD ($) |
Forward contract to purchase Canadian dollars | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Aggregate Amounts | € 120.4 | $ 127.4 | |||||
Forward contract to sell Canadian dollars | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Aggregate Amounts | € 57.9 | $ 79.1 | £ 0.2 | ||||
Forward contract to purchase euros | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Aggregate Amounts | ¥ 455.1 | SFr 2.1 | 30.1 | kr 4.8 | $ 47.6 | ||
Forward contract to sell euros | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Aggregate Amounts | SFr 13.8 | £ 1.8 |
Financial risk management obj_8
Financial risk management objectives and policies - Unrealized Gains (Losses) in Fair Value of Hedging Instruments in Other Comprehensive Income (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of detailed information about hedges [line items] | |||
Net gain (loss) on cross-currency swap designated as a cash flow hedge | $ (2.4) | $ (4.6) | $ 0.1 |
Foreign exchange risk | Cross currency swap | Cash flow hedges | |||
Disclosure of detailed information about hedges [line items] | |||
Net gain (loss) on cross-currency swap designated as a cash flow hedge | 1.3 | (0.7) | 1.5 |
Tax (expense) recovery on cross-currency swap designated as a cash flow hedge | (0.2) | 0.2 | (0.5) |
Foreign exchange risk | Cross currency swap | Net investment hedge | |||
Disclosure of detailed information about hedges [line items] | |||
Net gain (loss) on Euro-denominated cross-currency swap designated as a net investment hedge | (0.3) | 3.5 | (3.5) |
Tax (expense) recovery on Euro-denominated cross-currency swap designated as a net investment hedge | $ (0.2) | $ (1.2) | $ 1.2 |
Financial risk management obj_9
Financial risk management objectives and policies - (Gains) Losses Reclassified from Other Comprehensive Income on Hedging Instruments to Selling, General and Administrative Expenses (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of detailed information about hedges [line items] | |||
Reclassification adjustments on cash flow hedges, net of tax | $ 3.7 | $ (3.8) | $ 1.3 |
Foreign exchange risk | Cross currency swap | Cash flow hedges | |||
Disclosure of detailed information about hedges [line items] | |||
Reclassification adjustments on cash flow hedges, net of tax | $ (5.3) | $ 0.4 | $ 1.1 |
Financial risk management ob_10
Financial risk management objectives and policies - Credit Risk Narrative (Details) - CAD ($) | 12 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Disclosure of credit risk exposure [line items] | ||
Credit term, seasonal orders | 60 days | |
Credit term, re-orders | 30 days | |
Current deposits from customers | $ 2,100,000 | $ 300,000 |
Credit risk | Third party | ||
Disclosure of credit risk exposure [line items] | ||
Insured risk (as a percent) | 90.00% | |
Deductible | $ 100,000 | |
Accounts receivable insured under the agreement | $ 20,100,000 | $ 14,100,000 |
Proportion of accounts receivable insured under agreement (as a percent) | 89.60% | |
Maximum | Credit risk | Third party | ||
Disclosure of credit risk exposure [line items] | ||
Deductible | $ 30,000,000 |
Financial risk management ob_11
Financial risk management objectives and policies - Aging of Trade Receivables (Details) - Carrying value - CAD ($) $ in Millions | Mar. 29, 2020 | Mar. 31, 2019 |
Trade and other current receivables [Line Items] | ||
Trade accounts receivable | $ 32 | $ 19.7 |
Credit card receivables | 2.1 | 1.6 |
Current trade and credit card receivables | 34.1 | 21.3 |
Credit risk | ||
Trade and other current receivables [Line Items] | ||
Trade accounts receivable | 32 | 19.7 |
Credit card receivables | 2.1 | 1.6 |
Current trade and credit card receivables | 34.1 | 21.3 |
Credit risk | Current | ||
Trade and other current receivables [Line Items] | ||
Trade accounts receivable | 21.8 | 12.9 |
Credit card receivables | 2.1 | 1.6 |
Current trade and credit card receivables | 23.9 | 14.5 |
Credit risk | Less than or equal to 30 days | ||
Trade and other current receivables [Line Items] | ||
Trade accounts receivable | 4.4 | 4.7 |
Credit card receivables | 0 | 0 |
Current trade and credit card receivables | 4.4 | 4.7 |
Credit risk | 31-60 days | ||
Trade and other current receivables [Line Items] | ||
Trade accounts receivable | 2.5 | 0.5 |
Credit card receivables | 0 | 0 |
Current trade and credit card receivables | 2.5 | 0.5 |
Credit risk | Greater than 60 days | ||
Trade and other current receivables [Line Items] | ||
Trade accounts receivable | 3.3 | 1.6 |
Credit card receivables | 0 | 0 |
Current trade and credit card receivables | $ 3.3 | $ 1.6 |
Financial risk management ob_12
Financial risk management objectives and policies - Contractual Undiscounted Future Cash Flow Requirements (Details) $ in Millions | Mar. 29, 2020CAD ($) |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Accounts payable and accrued liabilities | $ 136.8 |
Foreign exchange forward contracts | 7.8 |
Lease obligations | 326.8 |
Pension obligation | 2.8 |
Term loan | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | $ 159.3 |
Interest rate on borrowings (as a percent) | 5.10% |
Note payable | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Note payable | $ 3 |
Interest commitments relating to long-term debt | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | 37.8 |
2021 | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Accounts payable and accrued liabilities | 136.8 |
Foreign exchange forward contracts | 7.8 |
Lease obligations | 49 |
Pension obligation | 0 |
2021 | Term loan | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | 0 |
2021 | Note payable | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Note payable | 3 |
2021 | Interest commitments relating to long-term debt | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | 8.1 |
2022 | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Accounts payable and accrued liabilities | 0 |
Foreign exchange forward contracts | 0 |
Lease obligations | 50 |
Pension obligation | 0 |
2022 | Term loan | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | 0 |
2022 | Note payable | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Note payable | 0 |
2022 | Interest commitments relating to long-term debt | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | 8.1 |
2023 | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Accounts payable and accrued liabilities | 0 |
Foreign exchange forward contracts | 0 |
Lease obligations | 49.5 |
Pension obligation | 0 |
2023 | Term loan | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | 0 |
2023 | Note payable | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Note payable | 0 |
2023 | Interest commitments relating to long-term debt | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | 8.1 |
2024 | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Accounts payable and accrued liabilities | 0 |
Foreign exchange forward contracts | 0 |
Lease obligations | 44.5 |
Pension obligation | 0 |
2024 | Term loan | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | 0 |
2024 | Note payable | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Note payable | 0 |
2024 | Interest commitments relating to long-term debt | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | 8.1 |
2025 | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Accounts payable and accrued liabilities | 0 |
Foreign exchange forward contracts | 0 |
Lease obligations | 43 |
Pension obligation | 0 |
2025 | Term loan | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | 159.3 |
2025 | Note payable | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Note payable | 0 |
2025 | Interest commitments relating to long-term debt | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | 5.4 |
Thereafter | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Accounts payable and accrued liabilities | 0 |
Foreign exchange forward contracts | 0 |
Lease obligations | 90.8 |
Pension obligation | 2.8 |
Thereafter | Term loan | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | 0 |
Thereafter | Note payable | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Note payable | 0 |
Thereafter | Interest commitments relating to long-term debt | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | $ 0 |
Selected cash flow informatio_2
Selected cash flow information - Changes in Non-Cash Operating Items (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Cash Flow Statement [Abstract] | |||
Trade receivables | $ (10.6) | $ 3.4 | $ (3.1) |
Inventories | (141.8) | (87.3) | (39.5) |
Other current assets | 6.1 | (10.3) | (5.6) |
Accounts payable and accrued liabilities | (1.3) | (14.7) | 41.5 |
Provisions | 14.5 | 5.6 | 1.6 |
Deferred rent | 0 | 3.3 | 2.3 |
Other | 2.5 | (0.7) | 0.5 |
Change in non-cash operating items | $ (130.6) | $ (100.7) | $ (2.3) |
Selected cash flow informatio_3
Selected cash flow information - Changes in Liabilities and Equity Arising from Financing Activities (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Changes in liabilities arising from financing activities [abstract] | |||
Principal paid on lease liabilities | $ (24.7) | $ 0 | $ 0 |
Settlement of term loan derivative contracts | 4.6 | 0 | 0 |
Acceleration of unamortized costs on term loan extinguishment | 7 | 0 | 0 |
IFRS 16 initial application | 150.8 | ||
Changes in equity arising from financing activities [Roll Forward] | |||
Shareholders’ equity, opening balance | 399.1 | 243.6 | 146.1 |
Subordinate voting shares purchased for cancellation | (38.7) | 0 | 0 |
Exercise of stock options | 2.4 | 3.1 | 1.2 |
Issuance of subordinate voting shares in business combination | 1.5 | ||
Share purchase charge to retained earnings | 38.7 | ||
Contributed surplus on exercise of stock options | (2.4) | (3.1) | (1.2) |
Shareholders’ equity, closing balance | 520.2 | 399.1 | 243.6 |
Short-term borrowings and revolving facility | |||
Changes in liabilities arising from financing activities [abstract] | |||
Liabilities arising from financing activities at beginning of period | (1.2) | ||
Transaction costs on financing activities | (0.9) | ||
Deferred transaction costs | 0.4 | ||
Liabilities arising from financing activities at end of period | (1.7) | (1.2) | |
Revolving facility | |||
Changes in liabilities arising from financing activities [abstract] | |||
Liabilities arising from financing activities at beginning of period | (1.2) | (1.7) | |
Deferred transaction costs | 0.5 | ||
Liabilities arising from financing activities at end of period | (1.2) | (1.7) | |
Term loan | |||
Changes in liabilities arising from financing activities [abstract] | |||
Liabilities arising from financing activities at beginning of period | 145.2 | 137.1 | |
Transaction costs on financing activities | (1.4) | ||
Discount | 0.1 | 0.9 | |
Embedded derivative | 0.2 | ||
Interest rate modification | 0.1 | 1.2 | |
Deferred transaction costs | 0.3 | 0.3 | |
Acceleration of unamortized costs on term loan extinguishment | 7 | ||
Unrealized foreign exchange loss | 6.8 | 5.5 | |
Liabilities arising from financing activities at end of period | 158.1 | 145.2 | 137.1 |
Net derivative asset on terminated contracts | |||
Changes in liabilities arising from financing activities [abstract] | |||
Liabilities arising from financing activities at beginning of period | (5.5) | ||
Settlement of term loan derivative contracts | 4.6 | ||
Unrealized foreign exchange loss | 0.9 | ||
Liabilities arising from financing activities at end of period | 0 | (5.5) | |
Lease liabilities | |||
Changes in liabilities arising from financing activities [abstract] | |||
Liabilities arising from financing activities at beginning of period | 0 | ||
Principal paid on lease liabilities | (24.7) | ||
Unrealized foreign exchange loss | 4.8 | ||
IFRS 16 initial application | 150.8 | ||
Additions and amendments to lease liabilities | 97 | ||
Liabilities arising from financing activities at end of period | 227.9 | 0 | |
Share capital | |||
Changes in equity arising from financing activities [Roll Forward] | |||
Shareholders’ equity, opening balance | 112.6 | 106.1 | 103.3 |
Issuance of subordinate voting shares in business combination | 1.5 | ||
Share purchase charge to retained earnings | 1.6 | ||
Contributed surplus on exercise of stock options | (3.7) | (5) | (2.8) |
Shareholders’ equity, closing balance | 114.7 | 112.6 | 106.1 |
Retained earnings | |||
Changes in equity arising from financing activities [Roll Forward] | |||
Shareholders’ equity, opening balance | 279.7 | 136.1 | 40 |
Share purchase charge to retained earnings | 37.1 | ||
Shareholders’ equity, closing balance | 389.4 | 279.7 | 136.1 |
Contributed surplus | |||
Changes in equity arising from financing activities [Roll Forward] | |||
Shareholders’ equity, opening balance | 9.2 | 4.5 | 4.1 |
Contributed surplus on exercise of stock options | 1.3 | 1.9 | 1.6 |
Shareholders’ equity, closing balance | $ 15.7 | $ 9.2 | $ 4.5 |
Subsequent events (Details)
Subsequent events (Details) | May 20, 2020employee | May 26, 2020CAD ($) | Apr. 14, 2020CAD ($) | Mar. 29, 2020CAD ($) | Feb. 24, 2020CAD ($) | Jul. 18, 2019CNY (¥) | May 10, 2019CAD ($) | May 09, 2019CAD ($) |
Short-term borrowings | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Maximum borrowing capacity | ¥ | ¥ 10,000,000 | |||||||
The Revolving Facility | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Maximum borrowing capacity | $ 467,500,000 | $ 467,500,000 | $ 300,000,000 | $ 200,000,000 | ||||
Increase in credit facility commitments | $ 517,500,000 | $ 517,500,000 | $ 350,000,000 | $ 250,000,000 | ||||
Issuance of Borrowings | Short-term borrowings | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Maximum borrowing capacity | $ 10,000,000 | |||||||
Restructuring | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Number of employees laid-off | employee | 125 | |||||||
Proportion of workforce laid-off (as a percent) | 2.50% | |||||||
Amendment to Credit Facility | The Revolving Facility | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Maximum borrowing capacity | $ 417,500,000 | |||||||
Increase in borrowing capacity | 50,000,000 | |||||||
Increase in credit facility commitments | $ 467,500,000 | |||||||
Increase in stated rate (as a percent) | 2.00% |
SCHEDULE I - CONDENSED FINANC_2
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF CANADA GOOSE HOLDINGS INC. - Condensed Statements of Income (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of transactions between related parties [line items] | |||
Gross profit | $ 593.3 | $ 516.8 | $ 347.6 |
Selling, general and administration expenses | 350.5 | 302.1 | 200.1 |
Income before income taxes | 163.7 | 182.5 | 125.2 |
Income tax recovery | 12 | 38.9 | 29.1 |
Net income | 151.7 | 143.6 | 96.1 |
Parent company | |||
Disclosure of transactions between related parties [line items] | |||
Equity in comprehensive income of subsidiary | 156.6 | 147.6 | 97.5 |
Fee income from subsidiary | 7.2 | 3.4 | 0.9 |
Gross profit | 163.8 | 151 | 98.4 |
Selling, general and administration expenses | 9.9 | 7.7 | 5.2 |
Income before income taxes | 153.9 | 143.3 | 93.2 |
Income tax recovery | (0.6) | (1) | (1.1) |
Net income | $ 154.5 | $ 144.3 | $ 94.3 |
SCHEDULE I - CONDENSED FINANC_3
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF CANADA GOOSE HOLDINGS INC. - Condensed Statements of Financial Position (Details) - CAD ($) $ in Millions | Mar. 29, 2020 | Apr. 01, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Current assets | |||||
Cash | $ 31.7 | $ 88.6 | $ 95.3 | $ 9.7 | |
Other current assets | 35.9 | $ 32 | 32.9 | ||
Total current assets | 524.2 | 413.2 | |||
Deferred income taxes | 40.8 | 13.4 | 12.2 | ||
Total assets | 1,112.7 | 725.4 | |||
Current liabilities | |||||
Accounts payable and accrued liabilities | 136.8 | 110.4 | |||
Total liabilities | 592.5 | 326.3 | |||
Shareholders' equity | |||||
Retained earnings | $ 274.8 | 279.7 | |||
Total shareholders' equity | 520.2 | 399.1 | 243.6 | 146.1 | |
Total liabilities and shareholders' equity | 1,112.7 | 725.4 | |||
Parent company | |||||
Current assets | |||||
Cash | 0.6 | 1.1 | 1.3 | 0.4 | |
Other current assets | 0.1 | 0.1 | |||
Total current assets | 0.7 | 1.2 | |||
Note receivable from subsidiary | 54 | 43.5 | |||
Investment in subsidiary | 497.8 | 384.8 | |||
Deferred income taxes | 2.6 | 2.1 | |||
Total assets | 555.1 | 431.6 | |||
Current liabilities | |||||
Accounts payable and accrued liabilities | 0.3 | 0.2 | |||
Due to subsidiary | 34.6 | 32.3 | |||
Total liabilities | 34.9 | 32.5 | |||
Shareholders' equity | |||||
Share capital | 114.7 | 112.6 | |||
Contributed surplus | 15.7 | 9.2 | |||
Retained earnings | 389.8 | 277.3 | |||
Total shareholders' equity | 520.2 | 399.1 | $ 243.6 | $ 146.1 | |
Total liabilities and shareholders' equity | $ 555.1 | $ 431.6 |
SCHEDULE I - CONDENSED FINANC_4
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF CANADA GOOSE HOLDINGS INC. - Condensed Statements of Changes in Equity (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Shareholders’ equity, opening balance | $ 399.1 | $ 243.6 | $ 146.1 |
Issuance of subordinate voting shares in business combination | 1.5 | ||
IFRS 16 initial application | (4.9) | ||
Normal course issuer bid purchase of subordinate voting shares | (38.7) | ||
Exercise of stock options | 2.4 | 3.1 | 1.2 |
Net income | 151.7 | 143.6 | 96.1 |
Share-based compensation | 7.8 | 6.6 | 2 |
Shareholders’ equity, closing balance | 520.2 | 399.1 | 243.6 |
Share capital | |||
Shareholders’ equity, opening balance | 112.6 | 106.1 | 103.3 |
Issuance of subordinate voting shares in business combination | 1.5 | ||
Normal course issuer bid purchase of subordinate voting shares | (1.6) | ||
Exercise of stock options | 3.7 | 5 | 2.8 |
Shareholders’ equity, closing balance | 114.7 | 112.6 | 106.1 |
Contributed Surplus | |||
Shareholders’ equity, opening balance | 9.2 | 4.5 | 4.1 |
Exercise of stock options | (1.3) | (1.9) | (1.6) |
Share-based compensation | 7.8 | 6.6 | 2 |
Shareholders’ equity, closing balance | 15.7 | 9.2 | 4.5 |
Retained earnings | |||
Shareholders’ equity, opening balance | 279.7 | 136.1 | 40 |
IFRS 16 initial application | (4.9) | ||
Normal course issuer bid purchase of subordinate voting shares | (37.1) | ||
Net income | 151.7 | 143.6 | 96.1 |
Shareholders’ equity, closing balance | 389.4 | 279.7 | 136.1 |
Parent company | |||
Shareholders’ equity, opening balance | 399.1 | 243.6 | 146.1 |
Issuance of subordinate voting shares in business combination | 1.5 | ||
IFRS 16 initial application | (4.9) | ||
Normal course issuer bid purchase of subordinate voting shares | (38.7) | ||
Exercise of stock options | 2.4 | 3.1 | 1.2 |
Net income | 154.5 | 144.3 | 94.3 |
Share-based compensation | 7.8 | 6.6 | 2 |
Shareholders’ equity, closing balance | 520.2 | 399.1 | 243.6 |
Parent company | Share capital | |||
Shareholders’ equity, opening balance | 112.6 | 106.1 | 103.3 |
Issuance of subordinate voting shares in business combination | 1.5 | ||
Normal course issuer bid purchase of subordinate voting shares | (1.6) | ||
Exercise of stock options | 3.7 | 5 | 2.8 |
Shareholders’ equity, closing balance | 114.7 | 112.6 | 106.1 |
Parent company | Contributed Surplus | |||
Shareholders’ equity, opening balance | 9.2 | 4.5 | 4.1 |
Exercise of stock options | (1.3) | (1.9) | (1.6) |
Share-based compensation | 7.8 | 6.6 | 2 |
Shareholders’ equity, closing balance | 15.7 | 9.2 | 4.5 |
Parent company | Retained earnings | |||
Shareholders’ equity, opening balance | 277.3 | 133 | 38.7 |
IFRS 16 initial application | (4.9) | ||
Normal course issuer bid purchase of subordinate voting shares | (37.1) | ||
Net income | 154.5 | 144.3 | 94.3 |
Shareholders’ equity, closing balance | $ 389.8 | $ 277.3 | $ 133 |
SCHEDULE I - CONDENSED FINANC_5
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF CANADA GOOSE HOLDINGS INC. - Condensed Statements of Changes in Equity (Phantom) (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Tax recovery from share-based compensation | $ 0 | $ 2.8 |
Parent company | ||
Tax recovery from share-based compensation | $ 2.8 |
SCHEDULE I - CONDENSED FINANC_6
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF CANADA GOOSE HOLDINGS INC. - Condensed Statements of Cash Flows (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities | |||
Net income | $ 151.7 | $ 143.6 | $ 96.1 |
Items not affecting cash: | |||
Income tax recovery | 12 | 38.9 | 29.1 |
Share-based payment | 8.5 | 3.8 | 2 |
Changes in assets and liabilities | (130.6) | (100.7) | (2.3) |
Net cash from operating activities | 62.5 | 73.4 | 126.2 |
Investing activities | |||
Investment in shares of subsidiary | 0 | (33.6) | (0.6) |
Net cash used in investing activities | (62.3) | (82.9) | (34.4) |
Financing activities | |||
Subordinate voting shares purchased for cancellation | (38.7) | 0 | 0 |
Exercise of stock options | 2.4 | 3.1 | 1.2 |
Net cash (used in) from financing activities | (58.7) | 3.1 | (7.9) |
(Decrease) increase in cash | (56.9) | (6.7) | 85.6 |
Cash, beginning of period | 88.6 | 95.3 | 9.7 |
Cash, end of period | 31.7 | 88.6 | 95.3 |
Parent company | |||
Operating activities | |||
Net income | 154.5 | 144.3 | 94.3 |
Items not affecting cash: | |||
Equity in undistributed earnings of subsidiary | (156.6) | (147.6) | (97.5) |
Income tax recovery | (0.6) | (1) | (1.1) |
Share-based payment | 7.8 | 3.8 | 2 |
Cash flows from (used in) operations before changes in working capital | 5.1 | (0.5) | (2.3) |
Changes in assets and liabilities | (9.6) | (1.3) | 2 |
Net cash from operating activities | (4.5) | (1.8) | (0.3) |
Investing activities | |||
Dividend received | 38.7 | 0 | 0 |
Investment in shares of subsidiary | 0 | (1.5) | 0 |
Net cash used in investing activities | 38.7 | (1.5) | 0 |
Financing activities | |||
Subordinate voting shares purchased for cancellation | (37.1) | 0 | 0 |
Exercise of stock options | 2.4 | 3.1 | 1.2 |
Net cash (used in) from financing activities | (34.7) | 3.1 | 1.2 |
(Decrease) increase in cash | (0.5) | (0.2) | 0.9 |
Cash, beginning of period | 1.1 | 1.3 | 0.4 |
Cash, end of period | $ 0.6 | $ 1.1 | $ 1.3 |