Cover Page
Cover Page | 12 Months Ended |
Mar. 31, 2024 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Mar. 31, 2024 |
Current Fiscal Year End Date | --03-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-38027 |
Entity Registrant Name | CANADA GOOSE HOLDINGS INC. |
Entity Incorporation, State or Country Code | A1 |
Entity Address, Address Line One | Floor 22, 100 Queens Quay East |
Entity Address, City or Town | Toronto |
Entity Address, State or Province | ON |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | M5E 1V3 |
Title of 12(b) Security | Subordinate voting shares |
Trading Symbol | GOOS |
Security Exchange Name | NYSE |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001690511 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | FY |
Subordinate voting shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 45,528,438 |
Multiple voting shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 51,004,076 |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | Floor 22, 100 Queens Quay East |
Entity Address, City or Town | Toronto |
Entity Address, State or Province | ON |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | M5E 1V3 |
Contact Personnel Name | David M. Forrest |
City Area Code | 416 |
Local Phone Number | 780-9850 |
Audit Information
Audit Information | 12 Months Ended |
Mar. 31, 2024 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 1208 |
Auditor Name | Deloitte LLP |
Auditor Location | Toronto, Canada |
Consolidated Statements of Inco
Consolidated Statements of Income - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | |
Profit or loss [abstract] | |||
Revenue | $ 1,333.8 | $ 1,217 | $ 1,098.4 |
Cost of sales | 416.4 | 401.8 | 364.8 |
Gross profit | 917.4 | 815.2 | 733.6 |
Selling, general & administrative expenses | 792.9 | 667.6 | 574.1 |
Profit (loss) from operating activities | 124.5 | 147.6 | 159.5 |
Net interest, finance and other costs | 48.8 | 54.1 | 41.8 |
Income before income taxes | 75.7 | 93.5 | 117.7 |
Income tax expense | 17.6 | 24.6 | 23.1 |
Net income | 58.1 | 68.9 | 94.6 |
Attributable to: | |||
Shareholders of the Company | 58.4 | 72.7 | 94.6 |
Non-controlling interest | (0.3) | (3.8) | 0 |
Net income | $ 58.1 | $ 68.9 | $ 94.6 |
Earnings per share attributable to shareholders of the Company | |||
Basic (in CAD per share) | $ 0.58 | $ 0.69 | $ 0.87 |
Diluted (in CAD per share) | $ 0.57 | $ 0.69 | $ 0.87 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | |
Statement of comprehensive income [abstract] | |||
Net income (loss) | $ 58.1 | $ 68.9 | $ 94.6 |
Items that will not be reclassified to earnings, net of tax: | |||
Actuarial gain on post-employment obligation | 0 | 0.6 | 0.1 |
Items that may be reclassified to earnings, net of tax: | |||
Cumulative translation adjustment (loss) gain | (0.2) | 16.1 | (25.5) |
Net (loss) gain on derivatives designated as cash flow hedges | (0.5) | 0.4 | 8.7 |
Reclassification of net (gain) loss on cash flow hedges to income | (1.1) | 6 | 4.7 |
Other comprehensive (loss) income | (1.8) | 23.1 | (12) |
Comprehensive income | 56.3 | 92 | 82.6 |
Attributable to: | |||
Shareholders of the Company | 57.8 | 95.7 | 82.6 |
Non-controlling interest | (1.5) | (3.7) | 0 |
Comprehensive income | $ 56.3 | $ 92 | $ 82.6 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) $ in Millions | Mar. 31, 2024 | Apr. 02, 2023 |
Current assets | ||
Cash | $ 144.9 | $ 286.5 |
Trade receivables | 70.4 | 50.9 |
Inventories | 445.2 | 472.6 |
Income taxes receivable | 28 | 0.9 |
Other current assets | 52.3 | 52.3 |
Total current assets | 740.8 | 863.2 |
Deferred income taxes | 76.3 | 67.5 |
Property, plant and equipment | 171.8 | 156 |
Intangible assets | 135.1 | 135.1 |
Right-of-use assets | 279.8 | 291.8 |
Goodwill | 70.8 | 63.9 |
Other long-term assets | 7 | 12.5 |
Total assets | 1,481.6 | 1,590 |
Current liabilities | ||
Accounts payable and accrued liabilities | 177.7 | 195.6 |
Provisions | 26.1 | 21.6 |
Income taxes payable | 16.8 | 31.5 |
Short-term borrowings | 9.4 | 27.6 |
Current portion of lease liabilities | 79.9 | 76.1 |
Total current liabilities | 309.9 | 352.4 |
Provisions | 37.3 | 36.5 |
Deferred income taxes | 17.2 | 16.4 |
Revolving Facility | 0 | 0 |
Term Loan | 388.5 | 391.6 |
Lease liabilities | 250.6 | 258.7 |
Other long-term liabilities | 54.6 | 56.9 |
Total liabilities | 1,058.1 | 1,112.5 |
Equity | ||
Equity attributable to shareholders of the Company | 417 | 469.5 |
Non-controlling interests | 6.5 | 8 |
Total equity | 423.5 | 477.5 |
Total liabilities and equity | $ 1,481.6 | $ 1,590 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CAD ($) $ in Millions | Total | Subordinate voting shares | Total attributable to shareholders | Share capital | Share capital Multiple voting shares | Share capital Subordinate voting shares | Contributed surplus | Retained earnings | Retained earnings Subordinate voting shares | Accumulated other comprehensive (loss) income | Non-controlling interest |
Shareholders’ equity, beginning balance at Mar. 28, 2021 | $ 577.6 | $ 577.6 | $ 120.5 | $ 1.4 | $ 119.1 | $ 25.2 | $ 437.1 | $ (5.2) | $ 0 | ||
Normal course issuer bid purchase of subordinate voting shares | (253.2) | $ (253.2) | (253.2) | (11.9) | (11.9) | (241.3) | $ (241.3) | ||||
Issuance of shares | 7.1 | 7.1 | 9.9 | 0 | 9.9 | (2.8) | |||||
Net income (loss) | 94.6 | 94.6 | 94.6 | ||||||||
Other comprehensive (loss) income | (12) | (12) | (12) | ||||||||
Share-based payment | 14 | 14 | 14 | ||||||||
Deferred tax on share-based payment | (0.2) | (0.2) | (0.2) | ||||||||
Shareholders’ equity, ending balance at Apr. 03, 2022 | 427.9 | 427.9 | 118.5 | 1.4 | 117.1 | 36.2 | 290.4 | (17.2) | 0 | ||
Non-controlling interest on business combination | 11.7 | 11.7 | |||||||||
Put option for non-controlling interest | (21.2) | (21.2) | (21.2) | ||||||||
Normal course issuer bid purchase of subordinate voting shares | (26.7) | $ (26.7) | (26.7) | (2.4) | (2.4) | (24.3) | $ (25.4) | ||||
Normal course issuer bid purchase of subordinate voting shares held for cancellation | (1.2) | (1.2) | (0.1) | (0.1) | (1.1) | ||||||
Liability to broker under automatic share purchase plan | (20) | (20) | (20) | ||||||||
Issuance of shares | 0 | 0 | 2.7 | 0 | 2.7 | (2.7) | |||||
Net income (loss) | 68.9 | 72.7 | 72.7 | (3.8) | |||||||
Other comprehensive (loss) income | 23.1 | 23 | 23 | 0.1 | |||||||
Share-based payment | 15 | 15 | 15 | ||||||||
Shareholders’ equity, ending balance at Apr. 02, 2023 | 477.5 | 469.5 | 118.7 | 1.4 | 117.3 | 28.5 | 316.5 | 5.8 | 8 | ||
Normal course issuer bid purchase of subordinate voting shares | (140.2) | (140.2) | (17.8) | (17.8) | (122.4) | ||||||
Liability to broker under automatic share purchase plan | 20 | 20 | 20 | ||||||||
Issuance of shares | 0.1 | 0.1 | 4 | 0 | 4 | (3.9) | |||||
Net income (loss) | 58.1 | 58.4 | 58.4 | (0.3) | |||||||
Other comprehensive (loss) income | (1.8) | (0.6) | (0.6) | (1.2) | |||||||
Share-based payment | 9.8 | 9.8 | 9.8 | ||||||||
Shareholders’ equity, ending balance at Mar. 31, 2024 | $ 423.5 | $ 417 | $ 104.9 | $ 1.4 | $ 103.5 | $ 54.4 | $ 252.5 | $ 5.2 | $ 6.5 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | |
Operating activities | |||
Net income (loss) | $ 58.1 | $ 68.9 | $ 94.6 |
Items not affecting cash: | |||
Depreciation and amortization | 126 | 109.1 | 95.8 |
Income tax expense | 17.6 | 24.6 | 23.1 |
Interest expense | 44.4 | 34 | 38.1 |
Foreign exchange loss | 0.8 | 0.3 | 9 |
Acceleration of unamortized costs on debt extinguishment | 0 | 0 | 9.5 |
Impairment losses | 1.2 | 1 | 7.7 |
Loss (gain) on disposal of assets | 0.1 | (0.1) | 0.1 |
Share-based payment | 10.2 | 15 | 14 |
Remeasurement of put option | 1.6 | 10.9 | 0 |
Remeasurement of contingent consideration | 2.8 | (2.9) | 0 |
Total items not affecting cash | 262.8 | 260.8 | 291.9 |
Changes in non-cash operating items | 10.5 | (75.4) | (82.8) |
Income taxes paid | (66.3) | (37) | (25.2) |
Interest paid | (42.4) | (32.1) | (32.3) |
Net cash from operating activities | 164.6 | 116.3 | 151.6 |
Investing activities | |||
Purchase of property, plant and equipment | (54.9) | (45.2) | (34.5) |
Investment in intangible assets | (1) | (2.2) | (1.5) |
Initial direct costs of right-of-use assets | (0.6) | (0.7) | (1.2) |
Net cash (outflow) inflow from business combination | (15.9) | 2.8 | 0 |
Net cash used in investing activities | (72.4) | (45.3) | (37.2) |
Financing activities | |||
Transaction costs on financing activities | (0.2) | 0 | (1) |
Normal course issuer bid purchase of subordinate voting shares | (141.4) | (26.7) | (253.2) |
Principal payments on lease liabilities | (69.2) | (62.2) | (46.9) |
Settlement of term loan derivative contracts | 0 | 8.6 | 0 |
Issuance of shares | 0.1 | 0 | 7.1 |
Net cash used in financing activities | (232.8) | (80.7) | (298.2) |
Effects of foreign currency exchange rate changes on cash | (1) | 8.5 | (6.4) |
Decrease in cash | (141.6) | (1.2) | (190.2) |
Cash, beginning of period | 286.5 | 287.7 | 477.9 |
Cash, end of period | 144.9 | 286.5 | 287.7 |
Mainland China Facilities | |||
Financing activities | |||
Revolving Facility (repayments) borrowings | (9.8) | 9.8 | 0 |
Japan Facility | |||
Financing activities | |||
Japan Facility repayments and Term loan repayments | (8.3) | (5.7) | 0 |
Term Loan | |||
Financing activities | |||
Japan Facility repayments and Term loan repayments | (4) | (4) | (4.7) |
The Revolving Facility | |||
Financing activities | |||
Revolving Facility (repayments) borrowings | $ 0 | $ (0.5) | $ 0.5 |
The Company
The Company | 12 Months Ended |
Mar. 31, 2024 | |
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 product offerings include various styles of parkas, lightweight down jackets, rainwear, windwear, apparel, fleece, footwear, and accessories for the fall, winter, and spring seasons. The Company’s head office is located at 100 Queens Quay East, Toronto, Canada, M5E 1V3. The use of the terms “Canada Goose”, “we”, 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”), an entity indirectly controlled by the Chairman and Chief Executive Officer of the Company. The principal shareholders hold multiple voting shares representing 52.8% of the total shares outstanding as at March 31, 2024, or 91.8% of the combined voting power of the total voting shares outstanding. Subordinate voting shares that trade on public markets represent 47.2% of the total shares outstanding as at March 31, 2024, or 8.2% 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 co nso lidated financial statements were authorized for issuance by the Company’s Board of Directors on May 15, 2024. Fiscal year The Company's fiscal year is 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 for a 52-week fiscal year. The additional week in a 53-week fiscal year is added to the third quarter. Fiscal 2022 was the first 53-week fiscal year, which ended on April 3, 2022. Fiscal 2024 is a 52-week fiscal year. Operating segments The Company classifies its business in three operating and reportable segments: Direct-to-Consumer (“DTC”), Wholesale, and Other. The DTC segment comprises sales through country-specific e-Commerce platforms available across numerous markets, which includes the newly launched recommerce platform Canada Goose Generations, currently available in the United States and Canada, and our Company-owned retail stores located in luxury shopping locations. The Wholesale segment comprises sales made to a mix of retailers and international distributors, who are partners that have exclusive rights to an entire market. The Wholesale segment includes the introduction of travel retail in the second quarter of fiscal 2024. The Other segment comprises revenue and costs that are not related to the Company’s DTC or Wholesale segments, such as sales to employees, friends and family sales, and results from the newly acquired Paola Confectii business (see " Note 5. Business Combinations " for details and definitions). 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 DTC 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 DTC 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 . |
Material accounting policy info
Material accounting policy information | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract] | |
Material accounting policy information | Material accounting policy information (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. Financial instruments and fair values” and • initial recognition of assets acquired and liabilities assumed in a business combination. Certain comparative figures have been reclassified to conform with the current year presentation. Foreign exchange gains and losses related to the outstanding principal balance on the Term Loan, net of hedging, are reflected in the presentation of net interest, finance and other costs as outlined below (see “ Note 17. Borrowings” for details and definitions); previously this was presented in SG&A expenses. This change was made to present all financing costs related to the Term Loan within the same financial statement caption in the consolidated statements of income. For the year ended April 2, 2023 and April 3, 2022, the Company reclassified foreign exchange losses of $12.1m and $2.8m, respectively. This reclassification did not impact net income, earnings per share, or the consolidated statements of financial position in the comparative year. As at March 31, 2024, the Company amended the allocation basis for certain SG&A expenses between the operating segments to provide more relevant information on financial performance of each operating segment. The reclassification did not impact net income, earnings per share, or the consolidated statements of financial position in the comparative year. Comparative figures have been reclassified to conform with the current year presentation. (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 translation 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 statements of income in SG&A expenses, except when included in other comprehensive income for qualifying cash flow and net investment hedges. F unctional 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. (d) Revenue recognition Revenue comprises DTC, 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 pre sented 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. It is the Company’s policy to sell merchandise through the DTC channel with a limited right of return, typically within 30 days. Accumulated experience is used to estimate and provide for such returns. (e) Business combination 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 statements 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 statements of income. (f) Non-controlling interest Non-controlling interest is measured based on the proportionate share of the acquiree's identifiable net assets. Transactions with non-controlling interests are treated as transactions with equity owners of the Company. Changes in the Company's ownership interest are accounted for as equity transactions. (g) 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 subordinate 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 subordinate 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”) and performance share units (“PSUs”). (h) Income taxes Current and deferred income taxes are recognized in the statements 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. As disclosed in Note 4. Changes in accounting policies , the Company has applied the mandatory exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two rules in accordance with amendments to IAS 12 Income Taxes . (i) 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. (j) 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. (k) 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, 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. (l) 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 (except moulds) 10 years Footwear moulds 5 years Computer equipment 3 years Leasehold improvements Lesser of the lease term or useful life of the asset Show displays 5 years Furniture and fixtures 5 to 10 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 statements 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 statements 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. Impairment losses are recorded in the statements of income. (m) 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. The useful lives of intangible assets are assessed as either finite or indefinite. Asset Category Estimated Useful Life Brand name Indefinite Domain name Indefinite Software 5 to 7 years Intellectual property 1 to 8 years Customer lists (Canada Goose) 10 years Customer lists (Paola Confectii SRL) 4 years Distribution rights 10 years In connection with the acquisition of the business of Paola Confectii SRL during fiscal 2024 (See “Note 5. Business combinations” for more details) , identifiable intangible assets acquired consist of the customer list and brand. Intangible assets with indefinite useful lives consists of the Canada Goose, Baffin, and Paola Confectii SRL brand names, as well as the Canada Goose and Baffin domain names, 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 statements 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 statements 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 statements of income. (n) Leases The Compa ny 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, if the rate implicit in the lease is not readily determinable, 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 SG&A 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, and net of accumulated impairment losses. 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, Impairment of Assets 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. Right-of-use 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. Impairment losses are recorded in the statements of income. (o) 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 the recoverable amount, 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 there are 12 CGUs, 11 for which goodwill contributes to the cash flows (April 2, 2023 - 11 CGUs, 10 for which goodwill contributed to the cash flows). The increase in CGUs from the comparative period is attributable to the Paola Confectii acquisition which represents an additional CGU. No other changes were made to the existing CGUs from the previous year. See “Note 5. Business combinations” for more details. (p) 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 statements 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 statements 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. (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. Revolving Facility, Term Loan, Mainland China Facilities, and Japan Facility 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. Put option liability The fair value is based on the present value of the amount expected to be paid to the non-controlling shareholder if the put option is exercised. Subsequent changes in the present value of the amount that could be required to be paid at each reporting date are recorded with the statements of income until the put option is exercised or expires. Contingent consideration The fair value of the applicable contingent consideration is determined based on the estimated financial outcome and the resulting expected contingent consideration to be paid, discounted using an appropriate rate. Subsequent changes in the fair value is recognized in the statements of income. Earn-Out included in other long-term liabilities The fair value is based on a pre-determined percentage of net equity value of Paola Confectii SRL, determined as a multiple of EBITDA and EBITDA margin for the fiscal year ending March 30, 2025, subject to a floor, less net debt adjustments. Subsequent changes in the fair value are recognized in the statements of income. (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, the Revolving Facility (as defined below), the Term Loan (as defined below), the Mainland China Facilities (as defined below), and the Japan Facility (as defined below). 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. In respect of non-controlling interests, a financial liability is recognized for the put option based on the present value of the amount expected to be paid to the non-controlling shareholder if exercised. Subsequently, the put option liability is adjusted to reflect changes in the present value of the amount that could be required to be paid at each reporting date, with fluctuations being recorded within the statements of income, until it is exercised or expires. The put option is measured at fair value through profit or loss. 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 statements of income; attributable transaction costs are recognized in the statements 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 12 months, and as a non-current asset or liability when the maturity of the hedged item is more than 12 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 statements of income. Amounts accumulated in other comprehensive income are transferred to the statements of income in the periods when the hedged item affects net income. When a forecasted transaction that is hedged results in the recognition of a non-financial asset or liability, such as inve |
Significant accounting judgment
Significant accounting judgments, estimates, and assumptions | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies, Changes In Accounting Estimates And Errors [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. 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. Ongoing estimates are made 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, the Company considers the historical level of credit losses and makes 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 12 CGUs (April 2, 2023 - 11 CGUs) and tests impairment of non-financial assets 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 31, 2024. 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. Consolidation Judgments Made in Relation to Accounting Policies Applied: The Company uses judgment in determining the entities that it controls and therefore consolidates. The Company controls an entity when the Company has the existing rights that give it the current ability to direct the activities that significantly affect the entity’s returns. Judgment is applied in determining whether the Company controls the entities in which it does not have full ownership rights. Most often, judgment involves reviewing contractual rights to determine if rights are participating (giving power over the entity) or protective rights (protecting the Company’s interest without giving it power). |
Changes in accounting policies
Changes in accounting policies | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract] | |
Changes in accounting policies | Changes in accounting policies Standards issued and not yet adopted Certain new standards, amendments, and interpretations to existing IFRS standards have been published but are not yet effective and have not been adopted early by the Company. Management anticipates that pronouncements will be adopted in the Company’s accounting policy for the first period beginning after the effective date of the pronouncement. Information on new standards, amendments, and interpretations is provided below. In January 2020, the IASB issued an amendment to IAS 1, Presentation of Financial Statements (“IAS 1”) to clarify its requirements for the presentation of liabilities in the statement of financial position. The limited scope amendment affected only the presentation of liabilities in the statement of financial position and not the amount or timing of its recognition. The amendment clarified that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period and specified that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability. It also introduced a definition of ‘settlement’ to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. On October 31, 2022, the IASB issued Non-Current Liabilities with Covenants (Amendments to IAS 1). These amendments specify that covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. The amendment is effective for annual reporting periods beginning on or after January 1, 2024. Earlier application is permitted, however the Company has elected not to early adopt this amendment. The Company has performed an initial assessment on the impact of the amendment and the Company expects that adoption will result in a reclassification of the non-current portion of warranty provisions to be reported as current in nature, based on the terms and conditions of the Company’s warranty program. The impact is expected to be material in the consolidated statements of financial position. Standards issued and adopted In February 2021, the IASB issued narrow-scope amendments to IAS 1, IFRS Practice Statement 2, Making Materiality Judgements and IAS 8, Accounting Polices, Changes in Accounting Estimates and Errors . The amendments require the disclosure of material accounting policy information rather than disclosing significant accounting policies and clarified how to distinguish changes in accounting policies from changes in accounting estimates. Beginning April 3, 2023, the Company adopted the amendments. The adoption of the amendments did not have a material impact on the Annual Financial Statements. In May 2023, the IASB issued International Tax Reform, Pillar Two Model Rules, Amendments to IAS 12, Income Taxes (the “Amendments”). The Amendments provide the Company with an exception from recognition and disclosure requirements for deferred tax assets and liabilities arising from the OECD Pillar Two international tax reform. The mandatory temporary exception has been adopted by the Company. |
Business combinations
Business combinations | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure of detailed information about business combination [abstract] | |
Business combinations | Business combinations Transactions during the year ended March 31, 2024 On November 1, 2023, a newly incorporated subsidiary of the Company, Paola Confectii Manufacturing Limited (“Paola Confectii”), acquired the business of Paola Confectii SRL, a luxury knitwear manufacturer for total cash consideration of $15.9m. This acquisition is expected to enhance product margins and supply control, while deepening in-house product expertise and capability. The aggregate purchase consideration for the business combination is as follows: $ Cash 16.4 Working capital adjustments (0.5) Total purchase consideration 15.9 Management determined that the assets and substantive processes comprised a business and therefore accounted for the transaction as a business combination under IFRS 3, Business Combinations using the acquisition method of accounting. Under the acquisition method, assets and liabilities of the acquiree are recorded at their fair values. Assets acquired and liabilities assumed have been recorded at the date of acquisition as follows: $ Assets acquired Trade receivables 7.2 Inventories 1.6 Prepaid expenses 0.1 Property, plant and equipment 2.6 Intangible assets Customer list 3.5 Brand 1.0 Right-of-use assets 1.2 Goodwill 8.3 Accounts payable and accrued liabilities (8.4) Lease liability (1.2) Total assets acquired, net of liabilities assumed 15.9 The determination of the fair value of assets acquired and liabilities assumed is based on estimates and certain assumptions with respect to the fair values of the assets acquired and liabilities assumed that were finalized as at the reporting date, within one year of the acquisition. Goodwill of $8.3m was recognized as the excess of the acquisition cost over the fair value of net identifiable assets at the date of acquisition. Goodwill is mainly attributable to the strengthening of our vertically integrated supply chain and expected future growth potential of the knitwear category. Goodwill recognized is not expected to be deductible for income tax purposes. Identifiable intangible assets acquired consist of the customer list and brand. The fair value of the customer list was $3.5m, measured using the multi-period excess earnings method, which will be amortized over a 4 -year period on a straight-line basis. The fair value of the brand was $1.0m, measured using the relief-from-royalty method. In connection with the business combination, subject to the controlling shareholders of Paola Confectii SRL ("PCML Vendors") remaining employees through November 1, 2025, a further amount is payable to the PCML Vendors if certain performance conditions are met based on financial results (“Earn-Out”). The estimated value is calculated as a pre-determined percentage of net equity value, determined as a multiple of EBITDA and EBITDA margin for the fiscal year ending March 30, 2025, subject to a floor, less net debt adjustments. As at the reporting date, the estimated value of the payout was $7.4m. The Company recognized the amount payable to the PCML Vendors as a separate transaction that was not included in applying the acquisition method as the amount reflects remuneration for future services to be performed conditional on employment until November 1, 2025, and therefore this amount will be expensed over two years. The Company incurred $0.8m in transaction related costs which are included in SG&A expenses in the consolidated statements of income and comprehensive income for the year ended March 31, 2024. Paola Confectii’s results are consolidated into the Company’s financial results effective from the date of acquisition and are presented in the Company’s Other operating segment. The results of Paola Confectii were not significant for the period beginning on the date of acquisition and ended on March 31, 2024 and would not have been either during fiscal 2024 if the acquisition had occurred as of the beginning of the fiscal year. The PCML Vendors are employed as members of key management and continue to lead and maintain regular operations at Paola Confectii. The Earn-Out to the PCML Vendors and transactions with one of the PCML Vendors in connection with the acquisition for the lease of the manufacturing facility are related party transactions as they have been retained as employees of the Company. See “Note 20. Related Party Transactions” for more details. Transactions during the year ended April 2, 2023 The Company and a former distributor of the Company's products in Japan, Sazaby League, Ltd. ("Sazaby League"), entered into an agreement (the "Joint Venture Agreement") to form a joint venture (the “Japan Joint Venture”) pursuant to which the Company acquired 50% of the issued and outstanding voting shares of the legal entity comprising the joint venture, Canada Goose Japan, K.K. (“CG Japan”), on April 4, 2022. CG Japan was established to market, distribute and sell Canada Goose products, and to operate retail stores and e-Commerce in Japan. Prior to the establishment of CG Japan, the Company sold its products to Sazaby League. The majority of sales historically occurred in the first and second quarters and were recorded in the Wholesale operating segment. Subsequent to the transaction, the Company has consolidated the results of CG Japan and revenue and results of operations will be aligned to the respective operating segments and are expected to occur more in line with the seasonality of the Company's Wholesale and DTC segments. Management performed an analysis under IFRS 10, Consolidated Financial Statements and since the Company has the power to direct the relevant activities of CG Japan, is exposed to variable returns, and can use its power to influence those returns, management determined that the Company has control over CG Japan for accounting purposes. In addition, management performed an analysis under IFRS 3, Business Combinations and has determined that the Company is the acquirer of CG Japan. Management determined that the assets and processes acquired comprised a business and therefore, accounted for the transaction as a business combination using the acquisition method of accounting. Under the acquisition method, assets and liabilities of the acquiree are recorded at their fair values. The Company paid cash consideration to CG Japan of JPY250.0m ($2.6m) plus deferred contingent consideration to the non-controlling shareholder with an estimated fair value of JPY1,958.9m ($20.0m) resulting in total consideration of JPY2,208.9m ($22.6m). The deferred contingent consideration is payable if an agreed cumulative adjusted EBIT target is not reached through the period ended June 30, 2026. The fair value of the applicable contingent consideration is determined based on the estimated financial outcome and the resulting expected contingent consideration to be paid, discounted using an appropriate rate. As at April 4, 2022, the contingent consideration amount was recorded in other long-term liabilities. The amount of contingent consideration is remeasured at its fair value each reporting period, with changes in fair value recorded in the consolidated statements of income and comprehensive income. The Company incurred $1.3m in transaction related costs which are included in SG&A expenses in the consolidated statements of income and consolidated statements of comprehensive income for the year ended April 2, 2023. For the year ended April 3, 2022, the Company incurred $0.7m in transaction related costs. Assets acquired and liabilities assumed have been recorded based on the final valuation of their fair values at the date of acquisition as follows: $ Assets acquired Cash 5.4 Inventories 27.3 Property, plant and equipment 1.2 Intangible assets 14.9 Right-of-use assets 3.3 Goodwill 10.8 Other assets 2.4 65.3 Liabilities assumed Bank loan 19.4 Lease liabilities 3.2 Warranty provision 0.3 22.9 Total identifiable net assets acquired 42.4 Less: Deferred tax liability (8.1) Less: Non-controlling interests (11.7) Net assets acquired 22.6 Consideration Cash paid 2.6 Contingent consideration 20.0 Total purchase consideration 22.6 Cash consideration paid (2.6) Plus: Cash balance acquired 5.4 Net cash inflow on business combination 2.8 The determination of the fair value of assets acquired and liabilities assumed is based on estimates and certain assumptions with respect to the fair values of the assets acquired and liabilities assumed that were finalized as at April 2, 2023, within one year of the acquisition. Goodwill is calculated as the difference between total consideration and the fair value of the net assets acquired and is attributable to expected synergies between CG Japan and the Company’s existing operations. Goodwill of $10.8m was recognized as the excess of the acquisition cost over the fair value of net identifiable assets at the date of acquisition. Goodwill recognized is not expected to be deductible for income tax purposes. Intangible assets of $14.9m relate to the fair value of the customer list and reacquired distribution rights of the Japan market, which will be amortized over a 10-year period. The fair value of property, plant and equipment and right-of-use assets 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 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. The fair value of inventories has been measured at net realizable value, less cost to sell. CG Japan’s results are consolidated into the Company’s financial results effective April 4, 2022. For the year ended April 2, 2023, CG Japan contributed approximately $54.0m to the Company’s consolidated revenue and $1.0m to the Company’s operating income. In connection with the business combination, the Joint Venture Agreement includes a put option that allows the non-controlling shareholder to sell its 50% interest to the Company within six months after certain circumstances constituting a "put option trigger" event occur. If the put option is not exercised during such six-month period, the put option will expire. The Company established a financial liability for the put option in respect of non-controlling interests. The fair value of the put option is classified as Level 3 within IFRS 13, Fair value measurement . As at April 4, 2022, the fair value of the put option held in Japanese yen by the non-controlling shareholder was recorded in other long-term liabilities in the amount of JPY2,076.4m ($21.2m). The Company recorded the put option liability based on the present value of the amount expected to be paid to the non-controlling shareholder if exercised. Subsequently, the put option liability is adjusted to reflect changes in the present value of the amount that could be required to be paid at each reporting date, with fluctuations being recorded within the Company's consolidated statements of income, until it is exercised or expires. |
Segment information
Segment information | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure of operating segments [abstract] | |
Segment information | Segment information The Company has three reportable operating segments: DTC, Wholesale, and Other. The Company measures each reportable operating segment’s performance based on revenue and segment operating income (loss), which is the profit metric utilized by the Company’s chief operating decision maker, the Chairman and Chief Executive Officer, for assessing the performance of operating segments. No single customer contributed 10 per cent or more to the Company’s revenue for the years ended March 31, 2024, April 2, 2023, and April 3, 2022. As at March 31, 2024, the performance measure for our Other segment was revised to exclude corporate general and administrative expenses; these expenses are now presented as a reconciling item to the Company’s consolidated operating income. This change in segment reporting was made to improve the understanding of financial performance in the Other segment. Corporate expenses comprises costs that do not occur through the DTC, Wholesale, or Other segments, including the cost of marketing expenditures to build brand awareness across all segments, management overhead costs in support of manufacturing operations, other corporate costs, and foreign exchange gains and losses not specifically associated with segment operations. The following table presents key performance information of the Company’s reportable operating segments: Year ended March 31, April 2, April 3, $ $ $ Revenue DTC 950.7 807.3 740.4 Wholesale 312.3 373.8 348.5 Other 70.8 35.9 9.5 Total segment revenue 1,333.8 1,217.0 1,098.4 Operating income (loss) Reclassified Reclassified DTC 387.1 347.4 322.9 Wholesale 114.0 131.2 121.5 Other 14.0 10.5 4.1 Total segment operating income 515.1 489.1 448.5 The following table reconciles the Company’s reportable total segment operating income to income before income taxes: Year ended March 31, April 2, April 3, $ $ $ Total segment operating income 515.1 489.1 448.5 Corporate expenses (390.6) (341.5) (289.0) Total operating income 124.5 147.6 159.5 Net interest, finance and other costs 48.8 54.1 41.8 Income before incomes taxes 75.7 93.5 117.7 The following table summarizes depreciation and amortization in SG&A expenses of each reportable operating segment and depreciation and amortization included in corporate expenses: Year ended March 31, April 2, April 3, $ $ $ Depreciation and amortization expense DTC 96.5 81.6 78.1 Wholesale 3.9 3.9 2.3 Other — — — Total segment depreciation and amortization expense 100.4 85.5 80.4 Corporate expenses 15.8 14.9 8.3 Total depreciation and amortization expense 116.2 100.4 88.7 Geographic information The Company determines the geographic location of revenue based on the location of its customers. Year ended March 31, April 2, April 3, $ $ $ Canada 246.3 241.0 213.1 United States 324.6 340.2 305.9 North America 570.9 581.2 519.0 Greater China 1 422.2 287.3 288.8 Asia Pacific (excluding Greater China 1 ) 84.7 66.9 38.3 Asia Pacific 506.9 354.2 327.1 EMEA 2 256.0 281.6 252.3 Total revenue 1,333.8 1,217.0 1,098.4 1. Greater China comprises Mainland China, Hong Kong, Macau, and Taiwan. 2. EMEA comprises Europe, the Middle East, Africa, and Latin America. The Company’s non-current, non-financial assets (comprising of property, plant and equipment, intangible assets and right-of-use assets) are geographically located as follows: Year ended March 31, April 2, $ $ Canada 222.1 232.9 United States 140.7 111.7 North America 362.8 344.6 Greater China 1 63.6 73.6 Asia Pacific (excluding Greater China 1 ) 34.1 33.1 Asia Pacific 97.7 106.7 EMEA 2 126.2 131.6 Non-current, non-financial assets 586.7 582.9 1. Greater China comprises Mainland China, Hong Kong, Macau, and Taiwan. 2. EMEA comprises Europe, the Middle East, Africa, and Latin America. |
Income taxes
Income taxes | 12 Months Ended |
Mar. 31, 2024 | |
Income taxes paid (refund) [abstract] | |
Income taxes | Income taxes The components of the provision for income tax are as follows: Year ended March 31, April 2, April 3, Current income tax expense $ $ $ Current period 15.4 44.0 35.6 Adjustment in respect of prior periods 9.5 (1.9) (0.4) 24.9 42.1 35.2 Deferred income tax recovery Origination and reversal of temporary differences (0.8) (18.5) (11.9) Effect of change in income tax rates (0.2) (0.6) — Adjustment in respect of prior periods (6.3) 1.6 (0.2) (7.3) (17.5) (12.1) Income tax expense 17.6 24.6 23.1 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 31, April 2, April 3, $ $ $ Income before income taxes 75.7 93.5 117.7 Expected Statutory Rate 25.5 % 25.3 % 25.4 % Income tax at expected statutory rate 19.3 23.7 29.8 Non-deductible (taxable) items (0.1) 0.8 (0.8) Non-deductible stock option expense 1.7 3.0 2.9 Effect of foreign tax rates (10.3) (10.0) (14.6) Non-deductible (taxable) remeasurement of contingent consideration and put option 1.4 2.4 — Non-deductible (taxable) foreign exchange loss (gain) 0.9 1.4 0.2 Change in tax rates (0.2) (0.4) 0.1 Change in deferred tax asset not recognized 1.7 4.1 6.1 Adjustments in respect of prior years 3.2 (0.4) (0.6) Income tax expense 17.6 24.6 23.1 Pillar Two legislation has been enacted or substantively enacted locally in a number of jurisdictions in which the Company operates in, where they would be effective for financial year beginning on April 1, 2024. Based on a preliminary assessment, the Pillar Two effective tax rate in most of the jurisdictions in which the Company operates in, is above 15%. As a result, any impact of these rules is not expected to be material. However, the Company will continue to monitor and reassess the impact of the Pillar Two rules. The change in the year in the components of deferred tax assets and liabilities are as follows: Change in the year affecting April 2, Net income Foreign exchange translation Other comprehensive income (loss) March 31, $ $ $ $ $ Losses carried forward 11.5 15.5 — — 27.0 Employee future benefits 0.1 — — 0.1 0.2 Other liabilities 1.9 5.0 0.8 — 7.7 Inventory capitalization 6.8 (4.2) — — 2.6 Capital lease 9.3 3.0 — — 12.3 Tax relief from Swiss tax reform 7.6 (5.9) — — 1.7 Unrealized profit in inventory 36.9 (1.6) 0.1 — 35.4 Provisions and other temporary differences 7.6 0.4 — — 8.0 Total deferred tax asset 81.7 12.2 0.9 0.1 94.9 Unrealized foreign exchange (3.1) 0.7 — (0.3) (2.7) Intangible assets (18.8) (0.8) — — (19.6) Property, plant and equipment (8.7) (4.8) — — (13.5) Total deferred tax liabilities (30.6) (4.9) — (0.3) (35.8) Net deferred tax assets (liabilities) 51.1 7.3 0.9 (0.2) 59.1 The change in deferred tax assets and liabilities as presented in the statement of financial position are as follows: Changes in the year affecting April 2, Net income Foreign exchange translation Other comprehensive loss March 31, $ $ $ $ $ Deferred tax assets 67.5 8.8 0.2 (0.2) 76.3 Deferred tax liabilities (16.4) (1.5) 0.7 — (17.2) 51.1 7.3 0.9 (0.2) 59.1 Available deferred income tax assets related to capital losses, and Swiss tax relief in the amount of $0.5m and $31.8m, respectively, were 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 the Company have the following tax-loss carry-forwards that are expected to expire in the following years, if not utilized. $ 2040 and prior 13.1 2041 8.8 2042 8.5 2043 7.5 2044 8.1 46.0 An additional $52.2m of operating losses can be carried forward indefinitely. As at March 31, 2024, deferred income taxes have not been provided on $419.8m (April 2, 2023 - $417.7m, April 3, 2022 - $356.4m) of undistributed earnings of foreign subsidiaries, as the Company has concluded that such earnings should not give rise to additional tax liabilities upon repatriation or are indefinitely reinvested. As at March 31, 2024, in addition to the amount charged to profit or loss and other comprehensive income, no tax recovery was recognized directly in equity related to excess tax deductions on share-based payments for stock options exercised (April 2, 2023 - $nil, April 3, 2022 - $nil). No tax expense was reversed out of equity related to reduction of expected tax deductions on issuance of RSU and PSU (April 2, 2023 - $nil and $nil, respectively, April 3, 2022 - $0.2m and $nil, respectively). |
Earnings per share
Earnings per share | 12 Months Ended |
Mar. 31, 2024 | |
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 31, April 2, April 3, $ $ $ Net income attributable to shareholders of the Company 58.4 72.7 94.6 Weighted average number of multiple and subordinate voting shares outstanding 100,816,758 105,058,643 108,296,802 Weighted average number of shares on exercise of stock options, RSUs and PSUs 1 1,006,315 563,669 857,919 Diluted weighted average number of multiple and subordinate voting shares outstanding 101,823,073 105,622,312 109,154,721 Earnings per share attributable to shareholders of the Company Basic $ 0.58 $ 0.69 $ 0.87 Diluted $ 0.57 $ 0.69 $ 0.87 1 Subordinate voting shares issuable on exercise of stock options are not treated as dilutive if including them would decrease the loss per share, or if the weighted average daily closing share price for the period was greater than the exercise price. As at March 31, 2024, there were 3,904,366 shares (April 2, 2023 - 2,231,231 shares, April 3, 2022 - 1,475,545 shares) that were not taken into account in the calculation of diluted earnings per share because their effect was anti-dilutive. |
Trade receivables
Trade receivables | 12 Months Ended |
Mar. 31, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade receivables | Trade receivables March 31, April 2, $ $ Trade accounts receivable 57.1 30.4 Credit card receivables 3.7 2.5 Other receivables 12.3 19.5 73.1 52.4 Less: expected credit loss and sales allowances (2.7) (1.5) Trade receivables 70.4 50.9 The following are the continuities of the Company’s expected credit loss and sales allowances deducted from trade receivables: March 31, April 2, Expected credit loss Sales allowances Total Expected credit loss Sales allowances Total $ $ $ $ $ $ Balance at the beginning of the year (0.4) (1.1) (1.5) (0.3) (0.8) (1.1) Losses recognized (1.8) — (1.8) (0.1) (0.3) (0.4) Amounts settled or written off during the year 0.1 0.5 0.6 — — — Balance at the end of the year (2.1) (0.6) (2.7) (0.4) (1.1) (1.5) |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2024 | |
Inventories [Abstract] | |
Inventories | Inventories March 31, April 2, $ $ Raw materials 48.4 60.3 Work in progress 25.8 17.5 Finished goods 371.0 394.8 Total inventories at the lower of cost and net realizable value 445.2 472.6 Inventories are written down to net realizable value when the cost of inventories is estimated to be unrecoverable due to obsolescence, damage, or declining rate of sale. The breakdown of the provision for obsolescence is presented as follows: March 31, April 2, $ $ Raw material shrink reserves 0.1 0.2 Finished goods shrink reserves 0.9 0.4 Raw material obsolete inventory reserves 22.1 20.5 Finished goods obsolete inventory reserves 37.7 22.1 Provision for obsolescence 60.8 43.2 Amounts charged to cost of sales comprise the following: Year ended March 31, April 2, April 3, $ $ $ Cost of goods manufactured 405.5 392.1 350.1 Depreciation and amortization included in costs of sales 10.9 9.7 14.7 Cost of sales 416.4 401.8 364.8 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Mar. 31, 2024 | |
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 $ $ $ $ $ $ $ April 3, 2022 30.9 12.8 125.1 9.4 34.8 4.1 217.1 Additions — 0.9 8.8 — 2.2 63.3 75.2 Additions from business combinations (note 5) — — 0.9 — 0.3 — 1.2 Disposals — (0.1) (1.0) — (0.1) — (1.2) Transfers 1.1 1.5 15.5 1.6 1.6 (21.3) — Impact of foreign currency translation — 0.2 2.1 0.4 1.0 0.4 4.1 April 2, 2023 32.0 15.3 151.4 11.4 39.8 46.5 296.4 Additions 0.2 1.9 11.5 0.2 3.7 42.9 60.4 Additions from business combinations (note 5) 2.4 0.1 0.1 — — — 2.6 Disposals (0.1) (0.3) (6.4) (1.0) (1.1) (0.1) (9.0) Transfers 2.9 4.4 70.4 (0.4) 7.7 (85.0) — Impact of foreign currency translation (0.1) (0.1) (1.8) 0.1 (0.4) (0.2) (2.5) March 31, 2024 37.3 21.3 225.2 10.3 49.7 4.1 347.9 Plant equipment Computer equipment Leasehold improvements Show displays Furniture and fixtures In progress Total Accumulated depreciation $ $ $ $ $ $ $ April 3, 2022 12.1 9.3 53.9 7.3 20.3 — 102.9 Depreciation 3.2 2.7 23.1 1.1 7.3 — 37.4 Disposals — (0.1) (1.0) — (0.1) — (1.2) Impairment losses — — 0.2 — — — 0.2 Impact of foreign currency translation — 0.2 (0.1) 0.3 0.7 — 1.1 April 2, 2023 15.3 12.1 76.1 8.7 28.2 — 140.4 Depreciation 3.7 3.4 30.2 1.2 6.9 — 45.4 Disposals (0.1) (0.2) (6.4) (1.0) (1.0) — (8.7) Impairment losses — — 0.2 — — — 0.2 Impact of foreign currency translation — — (1.0) — (0.2) — (1.2) March 31, 2024 18.9 15.3 99.1 8.9 33.9 — 176.1 Net book value April 2, 2023 16.7 3.2 75.3 2.7 11.6 46.5 156.0 March 31, 2024 18.4 6.0 126.1 1.4 15.8 4.1 171.8 Impairment losses for the years ended March 31, 2024 and April 2, 2023 were booked within the DTC segment as part of SG&A expenses in the statements of income. |
Intangible assets
Intangible assets | 12 Months Ended |
Mar. 31, 2024 | |
Intangible assets other than goodwill [abstract] | |
Intangible assets | Intangible assets Intangible assets comprise the following: March 31, April 2, $ $ Intangible assets with finite lives 18.3 19.3 Intangible assets with indefinite lives: Brand name 116.5 115.5 Domain name 0.3 0.3 135.1 135.1 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 Software Intellectual property Customer lists Distribution rights Total Cost $ $ $ $ $ April 3, 2022 8.5 18.2 — — 26.7 Additions 1.8 0.1 — — 1.9 Additions from business combinations (note 5) — — 7.7 7.2 14.9 April 2, 2023 10.3 18.3 7.7 7.2 43.5 Additions 0.8 0.1 — — 0.9 Additions from business combinations (note 5) — — 3.5 — 3.5 Disposals (0.1) — — — (0.1) Impact of foreign currency translation (0.1) 0.1 (0.7) (0.9) (1.6) March 31, 2024 10.9 18.5 10.5 6.3 46.2 Software Intellectual property Customer lists Distribution rights Total Accumulated amortization $ $ $ $ $ April 3, 2022 3.6 16.7 — — 20.3 Amortization 1.8 0.7 0.7 0.7 3.9 April 2, 2023 5.4 17.4 0.7 0.7 24.2 Amortization 1.8 0.5 0.8 0.7 3.8 Disposals (0.1) — — — (0.1) Impact of foreign currency translation — — 0.1 (0.1) — March 31, 2024 7.1 17.9 1.6 1.3 27.9 Net book value April 2, 2023 4.9 0.9 7.0 6.5 19.3 March 31, 2024 3.8 0.6 8.9 5.0 18.3 Intellectual property consists of acquired technology, patents and trademarks. Indefinite life intangible assets Indefinite life intangible assets recorded by the Company are comprised of the Canada Goose, Baffin, and Paola Confectii brand names, as well as the Canada Goose and Baffin domain names associated with the Company’s websites. 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 31, 2024 and April 2, 2023 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 for goodwill impairment testing (see "Note 14. Goodwill" for more details). |
Leases
Leases | 12 Months Ended |
Mar. 31, 2024 | |
Leases, Assets And Liabilities [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 $ $ $ $ April 3, 2022 296.3 36.7 17.4 350.4 Additions 82.8 8.2 39.6 130.6 Additions from business combinations (note 5) 1.5 — 1.8 3.3 Lease modifications 2.4 — — 2.4 Derecognition on termination (1.8) — (1.0) (2.8) Impact of foreign currency translation 15.5 — 0.6 16.1 April 2, 2023 396.7 44.9 58.4 500.0 Additions 29.8 0.2 2.7 32.7 Additions from business combinations (note 5) — 1.2 — 1.2 Lease modifications 31.9 — 1.8 33.7 Derecognition on termination (5.1) (2.1) (1.8) (9.0) Impact of foreign currency translation (3.0) — (0.2) (3.2) March 31, 2024 450.3 44.2 60.9 555.4 Retail stores Manufacturing facilities Other Total Accumulated depreciation $ $ $ $ April 3, 2022 110.1 15.2 9.9 135.2 Depreciation 55.5 5.4 7.2 68.1 Derecognition on termination (1.2) — (1.0) (2.2) Impairment losses 0.8 — — 0.8 Impact of foreign currency translation 5.9 — 0.4 6.3 April 2, 2023 171.1 20.6 16.5 208.2 Depreciation 63.8 5.5 7.3 76.6 Derecognition on termination (5.1) (2.1) (1.8) (9.0) Impairment losses 1.0 — — 1.0 Impact of foreign currency translation (1.1) — (0.1) (1.2) March 31, 2024 229.7 24.0 21.9 275.6 Net book value April 2, 2023 225.6 24.3 41.9 291.8 March 31, 2024 220.6 20.2 39.0 279.8 Impairment losses for the year ended March 31, 2024 and April 2, 2023 were booked within the DTC segment as part of SG&A expenses in the statements of income. Lease liabilities The following table presents the changes in the Company's lease liabilities: Retail stores Manufacturing facilities Other Total $ $ $ $ April 3, 2022 217.2 24.8 8.7 250.7 Additions 82.1 8.2 39.6 129.9 Additions from business combinations (note 5) 1.5 — 1.7 3.2 Lease modifications 2.4 — — 2.4 Derecognition on termination (0.7) — — (0.7) Principal payments (54.5) (5.3) (2.4) (62.2) Impact of foreign currency translation 11.2 — 0.3 11.5 April 2, 2023 259.2 27.7 47.9 334.8 Additions 29.7 0.2 2.3 32.2 Additions from business combinations (note 5) — 1.2 — 1.2 Lease modifications 31.9 — 1.8 33.7 Principal payments (63.0) (5.3) (0.9) (69.2) Impact of foreign currency translation (2.1) — (0.1) (2.2) March 31, 2024 255.7 23.8 51.0 330.5 Lease liabilities are classified as current and non-current liabilities as follows: Retail stores Manufacturing facilities Other Total $ $ $ $ Current lease liabilities 64.7 6.1 5.3 76.1 Non-current lease liabilities 194.5 21.6 42.6 258.7 April 2, 2023 259.2 27.7 47.9 334.8 Current lease liabilities 65.8 6.3 7.8 79.9 Non-current lease liabilities 189.9 17.5 43.2 250.6 March 31, 2024 255.7 23.8 51.0 330.5 In the year ended March 31, 2024, $39.6m of lease payments were not included in the measurement of lease liabilities (April 2, 2023 - $23.5m, April 3, 2022 - $21.5m). The majority of these balances related to short-term leases and variable rent payments, net of rent concessions, which are expenses as incurred. |
Goodwill
Goodwill | 12 Months Ended |
Mar. 31, 2024 | |
Intangible assets and goodwill [abstract] | |
Goodwill | Goodwill Goodwill arising from business combinations is as follows: March 31, April 2, $ $ Opening balance 63.9 53.1 Business combination (note 5) 8.3 10.8 Impact of foreign currency translation (1.4) — Goodwill 70.8 63.9 The Company has determined there to be 11 CGUs (April 2, 2023 - 10 CGUs) for which goodwill and indefinite life intangible assets are tested for impairment. The increase in CGUs from the comparative period is attributable to the recognition of goodwill from the Paola Confectii business combination which represents an additional CGU. No other changes were made to the existing CGUs from the previous year. The Company completed its annual impairment tests and concluded that there was no impairment in the years ended March 31, 2024 and April 2, 2023. The following table outlines the goodwill allocation for the applicable CGUs for the current year: March 31, April 2, $ $ North America DTC - Retail 11.7 11.7 North America DTC - e-Commerce 6.6 6.6 North America Wholesale 5.7 5.7 Asia Pacific DTC - Retail 9.8 9.8 Asia Pacific DTC - e-Commerce 2.6 2.6 Asia Pacific Wholesale 3.6 3.6 EMEA 1 DTC - Retail 4.3 4.3 EMEA 1 DTC - e-Commerce 2.8 2.8 EMEA 1 Wholesale 6.0 6.0 Japan Joint Venture 2 9.4 10.8 Paola Confectii 8.3 — Goodwill 70.8 63.9 1 EMEA comprises Europe, the Middle East, Africa, and Latin America. 2 Goodwill for the Japan Joint Venture is JPY1,059.3m; year-over-year movement in the balance in Canadian Dollars is due to the impact of foreign exchange translation from JPY to CAD of $1.4m. 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 SG&A 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 23.5% for each CGU. Because the VIU amount exceeds the CGUs’ asset carrying amount, the CGU 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 12.80% (April 2, 2023 - 12.67%) 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, specific risk premium, a cost of debt based on comparable corporate bond yields and the capital structure of the Company. Cash flow projections are based on management’s most recent forecasts over a five year period. A long term growth rate of 2% has been applied to cash flows beyond the forecasted period. |
Accounts payables and accrued l
Accounts payables and accrued liabilities | 12 Months Ended |
Mar. 31, 2024 | |
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 31, April 2, $ $ Trade payables 57.6 60.1 Accrued liabilities 73.5 82.4 Employee benefits 38.6 21.9 Derivative financial instruments 1.9 3.3 ASPP liability (note 18) — 20.0 Other payables 6.1 7.9 Accounts payable and accrued liabilities 177.7 195.6 |
Provisions
Provisions | 12 Months Ended |
Mar. 31, 2024 | |
Provisions [abstract] | |
Provisions | Provisions Provisions consist primarily of amounts recorded with respect to customer warranty obligations, 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 DTC segment which have a limited right of return (typically within 30 days), or exchange only, in certain jurisdictions. 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 returns Asset retirement obligations Total $ $ $ $ April 3, 2022 29.2 12.9 7.7 49.8 Additional provisions recognized 7.6 10.8 4.1 22.5 Reductions resulting from settlement (6.4) (7.5) — (13.9) Release of provisions — (1.3) — (1.3) Other — 0.7 0.3 1.0 April 2, 2023 30.4 15.6 12.1 58.1 Additional provisions recognized 6.6 20.8 2.6 30.0 Reductions resulting from settlement (6.8) (16.9) — (23.7) Release of provisions — (0.7) (0.1) (0.8) Other 0.1 — (0.3) (0.2) March 31, 2024 30.3 18.8 14.3 63.4 Provisions are classified as current and non-current liabilities based on management’s expectation of the timing of settlement, as follows: March 31, April 2, $ $ Current provisions 26.1 21.6 Non-current provisions 37.3 36.5 Provisions 63.4 58.1 |
Borrowings
Borrowings | 12 Months Ended |
Mar. 31, 2024 | |
Borrowings [abstract] | |
Borrowings | Borrowings Amendments to borrowings Effective June 30, 2023, LIBOR rates are no longer published for U.S Dollars. As a result, in the first quarter ended July 2, 2023, the Company transitioned facilities and contracts denominated in U.S dollars applying LIBOR to the Secured Overnight Financing Rate published by the Federal Reserve Bank of New York (“SOFR”). At this time, the Company entered into further amendments to its Revolving Facility (as defined below), Term Loan Facility (as defined below) and the interest rate swaps to transition to SOFR. In connection with the amendments, during the first quarter ended July 2, 2023, the Company also extended the maturity of the Revolving Facility to May 15, 2028 and incurred transaction costs of $0.7m, on the extension of the Revolving Facility, which are being amortized using the effective interest rate method over the new term to maturity. There were no further amendments to borrowings in the year ended March 31, 2024. See "Note 22. Financial risk management objectives and policies" for more details on the amendments to the interest rate swaps. Revolving Facility The Company has an agreement with a syndicate of lenders for a senior secured asset-based revolving credit facility ("Revolving Facility") in the amount of $467.5m, with an increase in commitments to $517.5m during the peak season (June 1 - November 30). The Revolving Facility matures on May 15, 2028. Amounts owing under the Revolving Facility may be borrowed, repaid and re-borrowed for general corporate purposes. 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 . The Revolving Facility has multiple interest rate charge options that are based on the Canadian prime rate, Banker's Acceptance rate, the lenders' Alternate Base Rate, European Base Rate, SOFR rate, or EURIBOR rate plus an applicable margin, with interest payable the earlier of quarterly or at the end of the then current interest period (whichever is earlier). As at March 31, 2024, the Company had repaid all amounts owing on the Revolving Facility (April 2, 2023 - $nil). As at March 31, 2024, no interest and administrative fees remain outstanding (April 2, 2023 - $nil). Deferred financing charges in the amounts of $1.0m (April 2, 2023 - $0.5m), were included in other long-term liabilities. As at and during the year ended March 31, 2024, the Company was in compliance with all covenants. The Company had unused borrowing capacity available under the Revolving Facility of $203.7m as at March 31, 2024 (April 2, 2023 - $238.4m). The revolving credit commitment also includes a letter of credit commitment in the amount of $25.0m, with a $5.0m 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 $25.0m. As at March 31, 2024, the Company had letters of credit outstanding under the Revolving Facility of $1.5m (April 2, 2023 - $1.8m). Term Loan The Company has a senior secured loan agreement with a syndicate of lenders that is secured on a split collateral basis ("Term Loan") alongside the Revolving Facility. The Term Loan has an aggregate principal amount of USD300.0m, with quarterly repayments of USD0.75m on the principal amount and a maturity date of October 7, 2027. Moreover, the Term Loan has an interest rate of SOFR plus a term SOFR adjustment of 0.11448% with an applicable margin of 3.50% payable monthly in arrears. SOFR plus the term SOFR adjustment may not be less than 0.75%. Voluntary prepayments of amounts owing under the Term Loan may be made at any time without premium or penalty but once repaid may not be reborrowed. As at March 31, 2024, the Company had USD290.3m (April 2, 2023 - USD293.3m) aggregate principal amount outstanding under the Term Loan. 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 year ended March 31, 2024, the Company was in compliance with all covenants. 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 31, April 2, $ $ Term Loan 393.1 396.3 Unamortized portion of deferred transaction costs (0.6) (0.6) Term Loan, net of unamortized deferred transaction costs 392.5 395.7 Mainland China Facilities A subsidiary of the Company in Mainland China has two uncommitted loan facilities in the aggregate amount of RMB266.4m ($50.0m) ("Mainland China Facilities"). The term of each draw on the loans is one three one three Japan Facility A subsidiary of the Company in Japan has a loan facility in the aggregate amount of JPY4,000.0m ($35.8m) ("Japan Facility") with a floating interest rate of Japanese Bankers Association Tokyo Interbank Offered Rate (“JBA TIBOR”) plus an applicable margin of 0.30%. The term of the facility is 12 months and each draw on the facility is payable within the term. Proceeds drawn on the Japan Facility are being used to support build up of inventory for peak season sales. As at March 31, 2024, the Company had $5.4m (JPY600.0m) owing on the Japan Facility (April 2, 2023 - $13.7m (JPY1,350.0m)). Short-term Borrowings As at March 31, 2024, the Company has short-term borrowings in the amount of $9.4m. Short-term borrowings include $5.4m (April 2, 2023 - $13.7m) owing on the Japan Facility, and $4.0m (April 2, 2023 - $4.1m) for the current portion of the quarterly principal repayments on the Term Loan. For the year ended April 2, 2023, short-term borrowings included $9.8m on the Mainland China Facilities. Short-term borrowings are all due within the next 12 months. Net interest, finance and other costs consist of the following: Year ended March 31, April 2, April 3, $ $ $ Reclassified Reclassified Interest expense Mainland China Facilities 0.9 0.5 0.4 Japan Facility 0.1 0.1 — Revolving Facility 2.8 1.1 1.8 Term Loan 19.9 18.8 17.4 Lease liabilities 17.7 11.6 9.1 Standby fees 1.2 1.8 0.9 Acceleration of unamortized costs on debt extinguishment — — 9.5 Foreign exchange losses on Term Loan net of hedges 2.1 12.1 2.8 Fair value remeasurement on the put option liability (note 21) 1.6 10.9 — Fair value remeasurement on the contingent consideration (note 21) 2.8 (2.9) — Interest income (1.3) (0.9) (0.4) Other costs 1.0 1.0 0.3 Net interest, finance and other costs 48.8 54.1 41.8 |
Shareholders' equity
Shareholders' equity | 12 Months Ended |
Mar. 31, 2024 | |
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 Chairman 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 31, 2024 Normal course issuer bid for Fiscal 2024 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 4,980,505 subordinate voting shares over the 12-month period from November 22, 2023 and ending no later than November 21, 2024 (the "Fiscal 2024 NCIB"). Purchased subordinate voting shares will be cancelled. In connection with the Fiscal 2024 NCIB, the Company also entered an automatic share purchase plan (the “Fiscal 2024 ASPP”) under which a designated broker may purchase subordinate voting shares under the Fiscal 2024 NCIB during the regularly scheduled quarterly trading blackout periods of the Company. The repurchases made under the Fiscal 2024 ASPP will be made in accordance with certain purchasing parameters and will continue until the earlier of the date in which the Company has acquired the maximum limit of subordinate voting shares pursuant to the Fiscal 2024 ASPP or upon the date of expiry of the Fiscal 2024 NCIB. During the year ended March 31, 2024, under the Fiscal 2024 NCIB, the Company purchased 3,586,124 subordinate voting shares for cancellation for total cash consideration of $56.9m. The amount to purchase the subordinate voting shares was charged to share capital, with the remaining $48.8m charged to retained earnings. Of the 3,586,124 subordinate voting shares purchased, 3,088,648 were purchased under the Fiscal 2024 ASPP for total cash consideration of $49.6m. For the trading blackout period relating to the fiscal year ended March 31, 2024, the Company elected not to rely on the Fiscal 2024 ASPP. Therefore, there was no liability due to the designated broker as at March 31, 2024. Normal course issuer bid for Fiscal 2023 The Board of Directors authorized the Company to initiate a normal course issuer bid, in accordance with the requirements of the Toronto Stock Exchange, to purchase and cancel up to 5,421,685 subordinate voting shares over the 12-month period from November 22, 2022 and concluded on November 21, 2023 (the “Fiscal 2023 NCIB”). In connection with the Fiscal 2023 NCIB, the Company also entered an automatic share purchase plan (the “Fiscal 2023 ASPP”) under which a designated broker purchased subordinate voting shares under the Fiscal 2023 NCIB during the regularly scheduled quarterly trading blackout periods of the Company. This Fiscal 2023 ASPP terminated on November 21, 2023, along with the Fiscal 2023 NCIB, and the liability to the broker was fully settled at the end of the plan. During the three fiscal quarters ended December 31, 2023, under the Fiscal 2023 NCIB until its expiration, the Company purchased 4,268,883 subordinate voting shares for cancellation for total cash consideration of $83.3m. The amount to purchase the subordinate voting shares has been charged to share capital, with the remaining $73.6m charged to retained earnings. Of the 4,268,883 subordinate voting shares purchased, 1,184,152 were purchased under the ASPP for total cash consideration of $25.3m. Since the commencement of the Fiscal 2023 NCIB, the Company purchased 5,421,685, which represents the total authorized subordinate voting shares for cancellation for total cash consideration of $111.2m. 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 $ April 2, 2023 51,004,076 1.4 53,184,912 117.3 104,188,988 118.7 Purchase of subordinate voting shares — — (7,855,007) (17.8) (7,855,007) (17.8) Total share purchases — — (7,855,007) (17.8) (7,855,007) (17.8) Exercise of stock options — — 64,058 0.2 64,058 0.2 Settlement of RSUs — — 134,475 3.8 134,475 3.8 Total share issuances — — 198,533 4.0 198,533 4.0 March 31, 2024 51,004,076 1.4 45,528,438 103.5 96,532,514 104.9 Share capital transactions for the year ended April 2, 2023 In connection with the Fiscal 2023 NCIB, during the year ended April 2, 2023, the Company purchased 1,152,802 subordinate voting shares for cancellation for total cash consideration of $26.7m. The amount to purchase the subordinate voting shares has been charged to share capital, with the remaining $25.4m charged to retained earnings. Of the 1,152,802 subordinate voting shares purchased, 821,622 were purchased under the Fiscal 2023 ASPP for total cash consideration of $20.0m. A liability representing the maximum amount that the Company could be required to pay the designated broker under the Fiscal 2023 ASPP was $20.0m as at April 2, 2023. The amount was charged to contributed surplus. 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 $ April 3, 2022 51,004,076 1.4 54,190,432 117.1 105,194,508 118.5 Purchase of subordinate voting shares — — (1,103,102) (2.4) (1,103,102) (2.4) Purchase of subordinate voting shares held for cancellation — — (49,700) (0.1) (49,700) (0.1) Total share purchases — — (1,152,802) (2.5) (1,152,802) (2.5) Exercise of stock options — — 60,248 — 60,248 — Settlement of RSUs — — 87,034 2.7 87,034 2.7 Total share issuances — — 147,282 2.7 147,282 2.7 April 2, 2023 51,004,076 1.4 53,184,912 117.3 104,188,988 118.7 Share capital transactions for the year ended April 3, 2022 The Company previously maintained another NCIB in relation to its subordinate voting shares. The Company was authorized to make purchases from August 20, 2021 to August 19, 2022, in accordance with the requirements of the TSX. The Board of Directors of the Company had authorized the Company to repurchase up to 5,943,239 subordinate voting shares, representing approximately 10% of the issued and outstanding subordinate voting shares as at August 6, 2021. Purchases were made during the validity of such NCIB by means of open market transactions on the TSX, the NYSE and one Canadian alternative trading system . During the year ended April 3, 2022, the Company purchased 5,636,763 subordinate voting shares for cancellation for total cash consideration of $253.2m. The amount to purchase the subordinate voting shares has been charged to share capital, with the remaining $241.3m 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 28, 2021 51,004,076 1.4 59,435,079 119.1 110,439,155 120.5 Purchase of subordinate voting shares — — (5,636,763) (11.9) (5,636,763) (11.9) Total share purchases — — (5,636,763) (11.9) (5,636,763) (11.9) Exercise of stock options — — 342,148 8.5 342,148 8.5 Settlement of RSUs — — 49,968 1.4 49,968 1.4 Total share issuances — — 392,116 9.9 392,116 9.9 April 3, 2022 51,004,076 1.4 54,190,432 117.1 105,194,508 118.5 |
Share-based payments
Share-based payments | 12 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangements [Abstract] | |
Share-based payments | Share-based payments Stock options 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 10 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. All Legacy Plan options have fully vested or been cancelled prior to the year ended March 31, 2024. No new options will be issued under the Legacy Plan. 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: Year ended March 31, April 2, Weighted average exercise price Number of shares Weighted average exercise price Number of shares Options outstanding, beginning of period $ 36.58 4,055,199 $ 42.99 2,722,690 Granted to purchase shares $ 19.77 1,278,211 $ 24.63 1,580,506 Exercised $ 1.61 (64,058) $ 0.23 (60,248) Cancelled $ 28.83 (660,575) $ 40.66 (187,749) Options outstanding, end of period $ 33.51 4,608,777 $ 36.58 4,055,199 The following table summarizes information about stock options outstanding and exercisable at March 31, 2024: Options Outstanding Options Exercisable Exercise price Number Weighted average remaining life in years Number Weighted average remaining life in years $0.02 15,434 0.0 15,434 0.0 $1.79 44,307 0.8 44,307 0.8 $8.94 122,221 2.8 122,221 2.8 $14.29 2,565 9.6 — 0.0 $16.21 519,884 9.9 — 0.0 $22.24 611,798 9.1 — 0.0 $23.64 42,576 3.4 42,576 3.4 $23.77 12,285 8.2 3,072 8.2 $24.64 1,169,619 7.9 322,809 7.2 $30.73 48,730 3.0 48,730 3.0 $31.79 35,622 3.6 35,622 3.6 $33.97 635,096 5.8 462,427 5.6 $45.34 33,708 4.0 33,708 4.0 $48.93 541,197 6.9 284,064 6.6 $50.00 250,000 6.2 187,500 6.2 $63.03 359,157 4.8 359,157 4.8 $83.53 164,578 3.8 164,578 3.8 4,608,777 7.0 2,126,205 5.3 Restricted share units The Company has granted shares as part o f the RSU program under the Omnibus Plan 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: Year ended March 31, April 2, Number of shares Number of shares RSUs outstanding, beginning of period 318,082 215,590 Granted 438,814 209,187 Settled (134,475) (87,034) Cancelled (141,903) (19,661) RSUs outstanding, end of period 480,518 318,082 Performance share units In May 2023, the Company implemented a PSU program under the Omnibus Plan. A PSU represents the right to receive a subordinate voting share settled by the issuance of shares at the vesting date. PSUs vest on the third anniversary of the award date and are earned only if certain performance targets are achieved. Shares issued per PSU at the vesting date can decrease or increase if minimum or maximum performance targets are achieved ranging from 0% to 200% of the PSU award granted. PSUs are treated as equity instruments for accounting purposes. PSUs transactions are as follows: Year ended March 31, April 2, Number of shares Number of shares PSUs outstanding, beginning of period — — Granted 399,349 — Cancelled (56,424) — PSUs outstanding, end of period 342,925 — Shares reserved for issuance As at March 31, 2024, subordinate voting shares, to a maximum of 5,310,387 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 Omnibus Plan. Accounting for share-based awards For the year ended March 31, 2024, the Company recorded $10.4m as compensation expense for stock options, RSUs and PSUs (April 2, 2023 - $15.0m, April 3, 2022 - $14.0m). Share-based compensation expense is included in SG&A 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: Year ended March 31, April 2, Weighted average stock price valuation $ 19.77 $ 24.63 Weighted average exercise price $ 19.77 $ 24.63 Risk-free interest rate 4.09 % 2.52 % Expected life in years 5.4 5.0 Expected dividend yield — % — % Volatility 40 % 40 % Weighted average fair value of options issued $ 6.82 $ 7.86 RSU and PSU fair values are determined based on the market value of the subordinate voting shares at the time of grant. As at March 31, 2024, the weighted average fair value of RSUs was $21.37 (April 2, 2023 - $24.63). As at March 31, 2024, the weighted average fair value of PSUs was $22.21. |
Related party transactions
Related party transactions | 12 Months Ended |
Mar. 31, 2024 | |
Related party transactions [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 31, 2024, the Company had transactions with related parties of $1.1m (April 2, 2023 - $1.3m, April 3, 2022 - $1.7m) from companies related to certain shareholders. Net balances owing to related parties as at March 31, 2024 were $0.2m (April 2, 2023 - $0.4m). A lease liability due to the previous controlling shareholder of the acquired Baffin Inc. business (the "Baffin Vendor") for leased premises was $2.5m as at March 31, 2024 (April 2, 2023 - $3.1m). During the year ended March 31, 2024, the Company paid principal and interest on the lease liability, net of rent concessions, and other operating costs to entities affiliated with the Baffin Vendor totaling $1.6m (April 2, 2023 - $1.4m, April 3, 2022 - $1.4m). No amounts were owing to Baffin entities as at March 31, 2024 and April 2, 2023. The joint venture between the Company and the Sazaby League (“Japan Joint Venture”), has lease liabilities due to the non-controlling shareholder, Sazaby League for leased premises. Lease liabilities were $1.9m as at March 31, 2024 (April 2, 2023 - $2.7m). During the year ended March 31, 2024, the Company incurred principal and interest on lease liabilities, royalty fees, and other operating costs to Sazaby League totalling $5.2m (April 2, 2023 - $5.9m, April 3, 2022 - $nil). Balances owing to Sazaby League as at March 31, 2024 were $0.3m (April 2, 2023 - $0.2m). During the year ended March 31, 2024, the Japan Joint Venture sold inventory of $1.5m to companies wholly owned by Sazaby League (April 2, 2023 - $1.7m, April 3, 2022 - $nil). As at March 31, 2024, the Japan Joint Venture recognized a trade receivable of $0.1m from these companies (April 2, 2023 - $0.1m). Pursuant to the agreement entered between the Company and Sazaby League to form the Japan Joint Venture (“Joint Venture Agreement”), during the year ended April 2, 2023 the Company sold inventory of $11.9m to Sazaby League for repurchase by the Japan Joint Venture, and subsequently the Japan Joint Venture repurchased $11.9m of inventory from Sazaby League. These transactions were measured based on pricing established through the Joint Venture Agreement at market terms and were not recognized as sales transactions. There were no similar inventory transactions for the year ended March 31, 2024. The repurchase of inventory pursuant to this Joint Venture Agreement was completed during the fourth quarter ended April 2, 2023. In connection with the business combination during the year ended March 31, 2024, the Company recognized $1.5m of remuneration costs related to the Earn-Out based on the estimated value of $7.4m for the payout. These costs have been included in other long-term liabilities on the statement of financial position, and reflects the amount owing to the PCML Vendors as at March 31, 2024. A lease liability due to one of the PCML Vendors for leased premises was $1.2m as at March 31, 2024. During the year ended March 31, 2024, the Company paid principal and interest on the lease liability, to one of the PCML Vendors totalling less than $0.1m. No amounts were owing to one of the PCML Vendors as at March 31, 2024. 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 Chairman and Chief Executive Officer and the executives who report directly to the Chairman and Chief Executive Officer. Year ended March 31, April 2, April 3, $ $ $ Short term employee benefits 10.8 10.1 12.5 Long term employee benefits 0.2 0.1 0.1 Termination benefits 1.0 — — Share-based compensation 7.3 11.2 11.5 Compensation expense 19.3 21.4 24.1 |
Financial instruments and fair
Financial instruments and fair values | 12 Months Ended |
Mar. 31, 2024 | |
Financial Instruments And Fair Value Measurement [Abstract] | |
Financial Instruments and Fair Values | Financial instruments and fair values 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) 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. Foreign currency and interest rate swap contracts Level 2 Future cash flows are estimated based on forward exchange rates (from observable forward exchange and interest swap rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties. Revolving Facility, Term Loan and Japan Facility Level 2 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. Mainland China Facilities Level 3 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. Put option liability Level 3 The fair value is based on the present value of the amount expected to be paid to the non-controlling shareholder if the put option is exercised. Contingent consideration Level 3 The fair value of the applicable contingent consideration is determined based on the estimated financial outcome and the resulting expected contingent consideration to be paid, discounted using an appropriate rate. Earn-Out (note 5) Level 3 The fair value is based on a pre-determined percentage of net equity value of Paola Confectii SRL, determined as a multiple of EBITDA and EBITDA margin for the fiscal year ending March 30, 2025, subject to a floor, less net debt adjustments. 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, where fair value approximates carrying values: March 31, April 2, Level 1 Level 2 Level 3 Carrying value Fair value Level 1 Level 2 Level 3 Carrying value Fair value $ $ $ $ $ $ $ $ $ $ Financial assets Derivatives included in other current assets — 15.1 — 15.1 15.1 — 12.4 — 12.4 12.4 Derivatives included in other long-term assets — 6.9 — 6.9 6.9 — 12.4 — 12.4 12.4 Financial liabilities Derivatives included in accounts payable and accrued liabilities — 1.9 — 1.9 1.9 — 3.3 — 3.3 3.3 Mainland China Facilities — — — — — — — 9.8 9.8 9.8 Japan Facility — 5.4 — 5.4 5.4 — 13.7 — 13.7 13.7 Term Loan — 392.5 — 392.5 389.2 — 395.7 — 395.7 433.1 Derivatives included in other long-term liabilities — 5.3 — 5.3 5.3 — 6.0 — 6.0 6.0 Put option liability included in other long-term liabilities — — 29.4 29.4 29.4 — — 32.1 32.1 32.1 Contingent consideration included in other long-term liabilities — — 17.7 17.7 17.7 — — 16.8 16.8 16.8 Earn-Out included in other long-term liabilities (note 5) — — 1.5 1.5 1.5 — — — — — In connection with the Japan Joint Venture, for the year ended March 31, 2024, the Company recorded an increase of JPY327.0m ($0.9m, excluding translation losses of $1.9m) on the remeasurement of the contingent consideration. The Company recorded an increase of JPY129.3m (a decrease of $2.7m, excluding translation losses of $4.3m) on the remeasurement of the put option liability during the year ended March 31, 2024. The change in fair values of the contingent consideration and put option liability were driven by updated cash flow forecasts, progression through the 4-year and 10-year terms, respectively, and lower cost of equity in the market. For the year ended April 2, 2023, the Company recorded a decrease of JPY301.2m ($3.2m, excluding translation losses of $0.3m) on the remeasurement of the contingent consideration. The Company recorded an increase of JPY1,079.9m ($10.9m, excluding translation gains of less than $0.1m) on the remeasurement of the put option liability during the year ended April 2, 2023. |
Financial risk management objec
Financial risk management objectives and policies | 12 Months Ended |
Mar. 31, 2024 | |
Financial Risk Management [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, liquidity risk, credit risk, market risk, foreign exchange risk, and interest rate 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 and capital structure with the objectives of safeguarding sufficient working capital over the annual operating cycle and providing sufficient financial resources to grow operations to meet long-term consumer demand. 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. 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 the Revolving Facility, the Mainland China Facilities, and Japan 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 31, 2024: 2025 2026 2027 2028 2029 Thereafter Total $ $ $ $ $ $ $ Accounts payable and accrued liabilities 177.7 — — — — — 177.7 Japan Facility 5.4 — — — — — 5.4 Term Loan 4.0 4.1 4.1 380.9 — — 393.1 Interest commitments relating to borrowings 1 35.2 35.2 35.2 17.5 — — 123.1 Lease obligations 92.0 75.8 66.3 42.1 32.5 81.6 390.3 Pension obligation — — — — — 1.8 1.8 Total contractual obligations 314.3 115.1 105.6 440.5 32.5 83.4 1,091.4 1 Interest commitments are calculated based on the loan balance and the interest rate payable on the Japan Facility and the Term Loan of 0.45% and 8.94% respectively, as at March 31, 2024. As at March 31, 2024, we had additional liabilities which included provisions for warranty, sales returns, asset retirement obligations, deferred income tax liabilities, the Earn-Out to the PCML Vendors, the put option liability and the contingent consideration on the Japan Joint Venture. These liabilities have not been included in the table above as the timing and amount of future payments are uncertain. Letter of guarantee facility On April 14, 2020, Canada Goose Inc. entered into a letter of guarantee facility in the amount of $10.0m. Within the facility, letters of guarantee are available for terms of up to 12 months from the date of issuance and will be charged a fee equal to 1.0% per annum calculated against the face amount and over the term of the guarantee. 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. The Company immediately reimburses the issuing bank for amounts drawn on issued letters of guarantees. At March 31, 2024, the Company had $7.4m outstanding. In addition, a subsidiary of the Company in Mainland China entered into letters of guarantee and as at March 31, 2024 the amount outstanding was $9.1m. Amounts will be used to support retail operations of such subsidiaries through letters of guarantee, standby letters of credit, performance bonds, counter guarantees, counter standby letters of credit, or similar credits. 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 manages its credit risk through a combination of third party credit insurance and internal house risk. Credit insurance is provided by a third party for customers and is subject to continuous monitoring of the credit worthiness of the Company's customers. Insurance covers a specific amount of revenue, which may be less than the Company's total revenue with a specific customer. The Company has an agreement with a third party who has insured the risk of loss for up to 90% of trade accounts receivable from certain designated customers subject to a total deductible of $0.1m, to a maximum of $30.0m per year. As at March 31, 2024, trade accounts receivable totaling approximately $14.8m (April 2, 2023 - $10.3m) were insured subject to the policy cap. Complementary to the third party insurance, the Company establishes payment terms with customers to mitigate credit risk and continues to closely monitor its trade accounts receivable credit risk exposure. Within CG Japan, the Company has an agreement with a third party who has insured the risk of trade accounts receivable for certain designated customers for a maximum of JPY540.0m per annum subject to a deductible of 10% and applicable only to accounts with receivables over JPY100k. As at March 31, 2024, trade accounts receivable totalling approximately $0.3m (JPY32.5m) were insured subject to the policy cap (April 2, 2023 - $0.7m (JPY72.8m)). Customer deposits are received in advance from certain customers for seasonal orders to further mitigate credit risk, and applied to reduce accounts receivable when goods are shipped. As at March 31, 2024, customer deposits of $22.9m (April 2, 2023 - $0.2m) were included in accounts payable and accrued liabilities. The aging of trade receivables was as follows: Past due Total Current < 30 days 31-60 days > 61 days $ $ $ $ $ Trade accounts receivable 57.1 33.5 10.0 5.1 8.5 Credit card receivables 3.7 3.7 — — — Other receivables 12.3 11.8 0.3 — 0.2 March 31, 2024 73.1 49.0 10.3 5.1 8.7 Trade accounts receivable 30.4 22.2 4.4 1.1 2.7 Credit card receivables 2.5 2.5 — — — Other receivables 19.5 18.9 0.5 — 0.1 April 2, 2023 52.4 43.6 4.9 1.1 2.8 Trade accounts receivable factoring program A subsidiary of the Company in Europe has an agreement to factor, on a limited recourse basis, certain of its trade accounts receivable up to a limit of EUR20.0m 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 sterling overnight index average 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 31, 2024, the Company received total cash proceeds from the sale of trade accounts receivable with carrying values of $46.3m which were derecognized from the Company's statement of financial position (April 2, 2023 - $45.7m). Fees of $0.4m were incurred during the year ended March 31, 2024 (April 2, 2023 - $0.3m) and included in net interest, finance and other costs in the statements of income. As at March 31, 2024, the outstanding amount of trade accounts receivable derecognized from the Company’s statement of financial position, but which the Company continued to service was $0.6m (April 2, 2023 - $1.1m). Subsequent to the year ended March 31, 2024, the Company has terminated its factoring program. 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 foreign exchange risk and interest rate risk. 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, purchases, and expenses are denominated in other currencies, primarily U.S. dollars, euros, British pounds sterling, Swiss francs, Chinese yuan, Hong Kong dollars and Japanese yen. 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. 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. As a result, we are exposed to foreign currency translation gains and losses. Appreciating foreign currencies relative to the Canadian dollar, to the extent they are not hedged, will positively impact operating income and net income by increasing our revenue, while depreciating foreign currencies relative to the Canadian dollar will have the opposite impact. The Company recognized the following unrealized gains and losses in the fair value of derivatives designated as cash flow hedges in other comprehensive income: Year ended March 31, April 2, April 3, Net gain Tax recovery Net loss Tax recovery Net loss Tax expense $ $ $ $ $ $ Forward foreign exchange contracts designated as cash flow hedges 1.3 0.1 (3.7) 0.9 (4.5) (0.1) The Company reclassified the following losses and gains from other comprehensive income on derivatives designated as cash flow hedges to locations in the consolidated financial statements described below: Year ended March 31, April 2, April 3, Loss (gain) from other comprehensive income $ $ $ Forward foreign exchange contracts designated as cash flow hedges Revenue 1.8 5.5 3.9 SG&A expenses (0.4) 0.1 (0.4) Inventory 0.5 0.8 (0.9) During the year ended March 31, 2024, an unrealized gain of $1.7m (April 2, 2023 - unrealized gain of $4.5m, April 3, 2022 - unrealized gain of $4.7m) on forward exchange contracts that were not treated as hedges was recognized in SG&A expenses in the statements of income. Foreign currency forward exchange contracts outstanding as at March 31, 2024 related to operating cash flows were: (in millions) Aggregate Amounts Currency Forward contract to purchase Canadian dollars USD 62.1 U.S. dollars € 89.3 euros ¥ 2,085.8 Japanese yen Forward contract to sell Canadian dollars USD 22.4 U.S. dollars € 40.1 euros Forward contract to purchase euros CNY 525.4 Chinese yuan £ 25.5 British pounds sterling HKD 32.9 Hong Kong dollars CHF 0.1 Swiss francs Forward contract to sell euros CHF 3.3 Swiss francs £ 1.5 British pounds sterling CNY 9.2 Chinese yuan HKD 7.0 Hong Kong dollars Foreign exchange risk on borrowings The Company enters into derivative transactions to hedge a portion of its exposure to interest rate risk and foreign currency exchange risk related to principal and interest payments on the Term Loan denominated in U.S. dollars (see “ Note 17. Borrowings” ). The Company also entered into a five-year forward exchange contract by selling $368.5m and receiving USD270.0m as measured on the trade date, to fix the foreign exchange risk on a portion of the term loan borrowings. The Company recognized the following unrealized losses and gains in the fair value of derivatives designed as hedging instruments in other comprehensive income: Year ended March 31, April 2, April 3, Net loss Tax recovery Net gain Tax expense Net gain Tax expense $ $ $ $ $ $ Swaps designated as cash flow hedges (1.8) 0.3 4.1 (0.8) 13.2 (4.5) The Company reclassified the following gains and losses from other comprehensive income on derivatives designated as hedging instruments to net interest, finance and other costs: Year ended March 31, April 2, April 3, (Gain) loss from other comprehensive income $ $ $ Swaps designated as cash flow hedges (2.0) 0.5 0.9 During the year ended March 31, 2024, an unrealized loss of $1.3m (April 2, 2023 - unrealized gain of $17.5m, April 3, 2022 - unrealized loss of $4.6m) in the fair value of the long-dated forward exchange contract related to a portion of the Term Loan balance has been recognized in net interest, finance and other costs in the consolidated statements of income. Interest rate risk The Company is exposed to interest rate risk related to the effect of interest rate changes on the borrowings outstanding under the Japan Facility, and the Term Loan, which currently bear interest rates at 0.45%, and 8.94%, respectively. Interest rate risk on the Term Loan is partially mitigated by interest rate swap hedges. The Company entered into five-year interest rate swaps agreements terminating December 31, 2025 to pay fixing interest rate and receiving floating interest rates on notional debt of USD270.0m. Effective June 30, 2023, the floating interest benchmark reference rate contained within the swap agreements were amended from LIBOR to SOFR and the average fixed rates were reduced from 1.97% to 1.76%. These swap agreements fix the interest rate on the USD300.0m Term Loan. Following the amendment, the interest rate swaps continue to be designated and accounted for as cash flow hedges. Based on the closing balance of outstanding borrowings, a 1.00% increase in the closing interest rate during the year ended March 31, 2024 would have increased interest expense on the Japan Facility and the Term Loan before hedging by $0.1m and $3.9m, respectively (April 2, 2023 - $0.3m, and $3.9m, respectively). Until the third quarter ended December 31, 2023, the Company calculated interest rate sensitivity on debt facilities using the average balance of the facility and average interest rate in the reporting period. Following the third quarter, and applicable for the fourth quarter and fiscal year ended March 31, 2024, the Company calculated interest rate sensitivity on debt facilities using the closing balance of the facility and the closing interest rate. The Company believes this change provides more relevant information on interest rate sensitivity. The Company has recognized this change as a change in estimates and had adjusted the disclosure prospectively. |
Selected cash flow information
Selected cash flow information | 12 Months Ended |
Mar. 31, 2024 | |
Cash Flow Information [Abstract] | |
Selected cash flow information | Selected cash flow information Changes in non-cash operating items Year ended March 31, April 2, April 3, $ $ $ Trade receivables (12.4) (4.6) (8.7) Inventories 27.2 (49.9) (60.7) Other current assets 2.8 (9.4) (3.4) Accounts payable and accrued liabilities (9.5) (16.8) (8.5) Provisions 5.2 9.0 3.7 Other (2.8) (3.7) (5.2) Change in non-cash operating items 10.5 (75.4) (82.8) Changes in liabilities and equity arising from financing activities Mainland China Facilities Japan Facility Revolving Facility Term Loan Lease liabilities Share capital $ $ $ $ $ $ April 2, 2023 9.8 13.7 (0.5) 395.7 334.8 118.7 Cash flows: Mainland China Facilities borrowings (9.8) — — — — — Japan Facility borrowings — (8.3) — — — — Term Loan repayments — — — (4.0) — — Transactions costs on financing activities — — (0.1) (0.1) — — Normal course issuer bid purchase of subordinate voting shares — — — — — (140.2) Principal payments on lease liabilities — — — — (69.2) — Issuance of shares — — — — — 0.1 Additions from business combination — — — — 1.2 — Non-cash items: Accrued transaction costs — — (0.7) — — — Amortization of deferred transaction costs — — 0.3 0.2 — — Unrealized foreign exchange loss (gain) — — — 0.7 (2.2) — Additions and amendments to lease liabilities (note 13) — — — — 65.9 — Share purchase charge to retained earnings (note 18) — — — — — 122.4 Contributed surplus on share issuances (note 18) — — — — — 3.9 March 31, 2024 — 5.4 (1.0) 392.5 330.5 104.9 Mainland China Facilities Japan Facility Revolving Facility Term Loan Lease liabilities Net derivative asset on terminated contracts Share capital $ $ $ $ $ $ $ April 3, 2022 — — (0.9) 370.0 250.7 (7.3) 118.5 Cash flows: Cash inflow from business combination — 19.4 — — 3.2 — — Mainland China Facilities borrowings 9.8 — — — — — — Japan Facility repayments — (5.7) — — — — — Term Loan repayments — — — (4.0) — — — Normal course issuer bid purchase of subordinate voting shares — — — — — — (26.7) Principal payments on lease liabilities — — — — (62.2) — — Settlement of term loan derivative contracts — — — — — 8.6 — Non-cash items: Amortization of deferred transaction costs — — 0.4 0.2 — — — Fair market valuation — — — — — (0.6) — Unrealized foreign exchange loss (gain) — — — 29.5 11.5 (0.7) — Additions and amendments to lease liabilities (note 13) — — — — 132.3 — — Derecognition on termination of lease liabilities (note 13) — — — — (0.7) — — Share purchase charge to retained earnings (note 18) — — — — — — 24.3 Normal course issuer bid purchase of subordinate voting shares held for cancellation (note 18) — — — — — — (0.1) Contributed surplus on share issuances (note 18) — — — — — — 2.7 April 2, 2023 9.8 13.7 (0.5) 395.7 334.8 — 118.7 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | Subsequent Events Subsequent to the year ended March 31, 2024, the Company and Sazaby League amended the Joint Venture Agreement to extend the period by which the deferred contingent consideration is payable if an agreed cumulative adjusted EBIT target is not reached through the period ended June 30, 2026 to April 2, 2028. Subsequent to the year ended March 31, 2024, the Company has terminated its trade receivables factoring program. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Canada Goose Holdings Inc. | 12 Months Ended |
Mar. 31, 2024 | |
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 Canada Goose Holdings Inc. (the “Parent Company”) are conducted by its subsidiaries. The Parent Company is a holding company and does not have any material assets or conduct business operations other than investments in its subsidiaries. The credit agreement of Canada Goose Inc., a wholly owned subsidiary of the Parent Company, contains provisions whereby Canada Goose Inc. has restrictions on the ability to pay dividends, loan funds and make other upstream distributions to the Parent Company. 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. See 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 31, April 2, April 3, $ $ $ Equity in comprehensive income of subsidiary 63.6 97.5 88.6 Fee income from subsidiary 6.9 10.2 10.8 70.5 107.7 99.4 Selling, general and administration expenses 16.7 16.8 16.9 Net interest, finance and other costs — 0.5 1.9 Income before income taxes 53.8 90.4 80.6 Income tax recovery (2.5) (1.6) (2.0) Net income 56.3 92.0 82.6 Attributable to: Shareholders of the Company 57.8 95.7 82.6 Non-controlling interest (1.5) (3.7) — Net income 56.3 92.0 82.6 The accompanying notes to the condensed financial statements are an integral part of these financial statements. Schedule I – Condensed Statements of Financial Position (in millions of Canadian dollars) March 31, April 2, Reclassified Assets $ $ Current assets Cash — 6.9 Total current assets — 6.9 Note receivable from subsidiary 92.6 76.4 Investment in subsidiary 408.9 479.8 Deferred income taxes 13.4 10.9 Total assets 514.9 574.0 Liabilities Current liabilities Accounts payable and accrued liabilities 1.6 20.1 Due to subsidiary 60.4 44.3 Total current liabilities 62.0 64.4 Other non-current liabilities 29.4 32.1 Total liabilities 91.4 96.5 Equity Equity attributable to shareholders of the Company 417.0 469.5 Non-controlling interests 6.5 8.0 Total equity 423.5 477.5 Total liabilities and equity 514.9 574.0 The accompanying notes to the condensed financial statements are an integral part of these financial statements. Schedule I – Condensed Statements of Changes in Equity (in millions of Canadian dollars) Share capital Contributed surplus Retained earnings Total attributable to shareholders Non-controlling interest Total $ $ $ $ $ $ Balance at March 28, 2021 120.5 25.2 431.9 577.6 — 577.6 Normal course issuer bid purchase of subordinate voting shares (11.9) — (241.3) (253.2) — (253.2) Issuance of shares 9.9 (2.8) — 7.1 — 7.1 Net income — — 82.6 82.6 — 82.6 Share-based payment — 14.0 — 14.0 — 14.0 Deferred tax on share-based payment — (0.2) — (0.2) — (0.2) Balance at April 3, 2022 118.5 36.2 273.2 427.9 — 427.9 Non-controlling interest on business combination — — — — 11.7 11.7 Put option for non-controlling interest — — (21.2) (21.2) — (21.2) Normal course issuer bid purchase of subordinate voting shares (2.4) — (24.3) (26.7) — (26.7) Normal course issuer bid purchase of subordinate voting shares held for cancellation (0.1) — (1.1) (1.2) — (1.2) Liability to broker under automatic share purchase plan — (20.0) — (20.0) — (20.0) Issuance of shares 2.7 (2.7) — — — — Net income — — 95.7 95.7 (3.7) 92.0 Share-based payment — 15.0 — 15.0 — 15.0 Balance at April 2, 2023 118.7 28.5 322.3 469.5 8.0 477.5 Normal course issuer bid purchase of subordinate voting shares (17.8) — (122.4) (140.2) — (140.2) Liability to broker under automatic share purchase plan — 20.0 — 20.0 — 20.0 Issuance of shares 4.0 (3.9) — 0.1 — 0.1 Net income — — 57.8 57.8 (1.5) 56.3 Share-based payment — 9.8 — 9.8 — 9.8 Balance at March 31, 2024 104.9 54.4 257.7 417.0 6.5 423.5 The accompanying notes to the condensed financial statements are an integral part of these financial statements. Schedule I – Condensed Statements of Cash Flows (in millions of Canadian dollars) Year ended March 31, April 2, April 3, $ $ $ Operating activities Net income 56.3 92.0 82.6 Items not affecting cash: Equity in undistributed earnings of subsidiary (63.6) (97.5) (88.6) Net interest expense — 0.5 1.9 Income tax recovery (2.5) (1.6) (2.0) Share-based compensation 9.8 15.0 14.0 — 8.4 7.9 Changes in assets and liabilities 1.7 (493.5) (20.2) Intercompany accounts payable — 240.0 242.5 Net cash from (used in) operating activities 1.7 (245.1) 230.2 Investing activities Dividend received 131.5 198.4 — Investment in shares of subsidiary — 80.0 — Net cash from investing activities 131.5 278.4 — Financing activities Subordinate voting shares purchased and cancelled under NCIB (140.2) (26.7) (241.3) Exercise of stock options 0.1 — 7.1 Net cash used in financing activities (140.1) (26.7) (234.2) (Decrease) increase in cash (6.9) 6.6 (4.0) Cash, beginning of year 6.9 0.3 4.3 Cash, end of year — 6.9 0.3 The accompanying notes to the condensed financial statements are an integral part of these financial statements. Schedule I – Notes to the Condensed Financial Statements (in millions of Canadian dollars) 1. BASIS OF PRESENTATION The Parent Company is a holding company that conducts substantially all of its business operations through its subsidiaries. The Parent Company (a British Columbia corporation) was incorporated on November 21, 2013. The Parent Company has accounted for the earnings of its subsidiaries under the equity method in these unconsolidated condensed financial statements. Certain comparative figures have been reclassified to conform with the current year presentation. 2. TRANSACTIONS WITH SUBSIDIARIES The Parent Company received cash dividends from its consolidated subsidiaries totaling $131.5m during the year ended March 31, 2024, $198.4m dividends were received for the year ended April 2, 2023, and no dividends were received for the year ended April 3, 2022. 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 Sha reholders’ equity during the year ended March 31, 2024. |
Insider Trading Policies and Pr
Insider Trading Policies and Procedures | 12 Months Ended |
Mar. 31, 2024 | |
Insider Trading Policies and Procedures [Line Items] | |
Insider Trading Policies and Procedures Adopted | true |
Material accounting policy in_2
Material accounting policy information (Policies) | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies, Changes In Accounting Estimates And Errors [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 (“DTC”), Wholesale, and Other. The DTC segment comprises sales through country-specific e-Commerce platforms available across numerous markets, which includes the newly launched recommerce platform Canada Goose Generations, currently available in the United States and Canada, and our Company-owned retail stores located in luxury shopping locations. The Wholesale segment comprises sales made to a mix of retailers and international distributors, who are partners that have exclusive rights to an entire market. The Wholesale segment includes the introduction of travel retail in the second quarter of fiscal 2024. The Other segment comprises revenue and costs that are not related to the Company’s DTC or Wholesale segments, such as sales to employees, friends and family sales, and results from the newly acquired Paola Confectii business (see " Note 5. Business Combinations |
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 DTC 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 DTC 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 . |
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. Financial instruments and fair values” and • initial recognition of assets acquired and liabilities assumed in a business combination. Certain comparative figures have been reclassified to conform with the current year presentation. Foreign exchange gains and losses related to the outstanding principal balance on the Term Loan, net of hedging, are reflected in the presentation of net interest, finance and other costs as outlined below (see “ Note 17. Borrowings” for details and definitions); previously this was presented in SG&A expenses. This change was made to present all financing costs related to the Term Loan within the same financial statement caption in the consolidated statements of income. For the year ended April 2, 2023 and April 3, 2022, the Company reclassified foreign exchange losses of $12.1m and $2.8m, respectively. This reclassification did not impact net income, earnings per share, or the consolidated statements of financial position in the comparative year. As at March 31, 2024, the Company amended the allocation basis for certain SG&A expenses between the operating segments to provide more relevant information on financial performance of each operating segment. The reclassification did not impact net income, earnings per share, or the consolidated statements of financial position in the comparative year. Comparative figures have been reclassified to conform with the current year presentation. |
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 translation 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 statements of income in SG&A expenses, except when included in other comprehensive income for qualifying cash flow and net investment hedges. F unctional 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. |
Revenue recognition | Revenue recognition Revenue comprises DTC, 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 pre sented 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. It is the Company’s policy to sell merchandise through the DTC channel with a limited right of return, typically within 30 days. Accumulated experience is used to estimate and provide for such returns. |
Business combination | Business combination 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 statements 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 statements of income. |
Non-controlling interest | Non-controlling interest Non-controlling interest is measured based on the proportionate share of the acquiree's identifiable net assets. Transactions with non-controlling interests are treated as transactions with equity owners of the Company. Changes in the Company's ownership interest are accounted for as equity transactions. |
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 subordinate 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 subordinate 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”) and performance share units (“PSUs”). |
Income taxes | Income taxes Current and deferred income taxes are recognized in the statements 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. As disclosed in Note 4. Changes in accounting policies , the Company has applied the mandatory exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two rules in accordance with amendments to IAS 12 Income Taxes |
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. As disclosed in Note 4. Changes in accounting policies , the Company has applied the mandatory exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two rules in accordance with amendments to IAS 12 Income Taxes |
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, 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 (except moulds) 10 years Footwear moulds 5 years Computer equipment 3 years Leasehold improvements Lesser of the lease term or useful life of the asset Show displays 5 years Furniture and fixtures 5 to 10 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 statements 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 statements 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. Impairment losses are recorded in the statements 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. The useful lives of intangible assets are assessed as either finite or indefinite. Asset Category Estimated Useful Life Brand name Indefinite Domain name Indefinite Software 5 to 7 years Intellectual property 1 to 8 years Customer lists (Canada Goose) 10 years Customer lists (Paola Confectii SRL) 4 years Distribution rights 10 years In connection with the acquisition of the business of Paola Confectii SRL during fiscal 2024 (See “Note 5. Business combinations” for more details) , identifiable intangible assets acquired consist of the customer list and brand. Intangible assets with indefinite useful lives consists of the Canada Goose, Baffin, and Paola Confectii SRL brand names, as well as the Canada Goose and Baffin domain names, 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 statements 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 statements 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 statements of income. |
Leases | Leases The Compa ny 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, if the rate implicit in the lease is not readily determinable, 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 SG&A 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, and net of accumulated impairment losses. 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, Impairment of Assets 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. Right-of-use 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. Impairment losses are recorded in the statements of income. |
Goodwill | 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 the recoverable amount, 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 there are 12 CGUs, 11 for which goodwill contributes to the cash flows (April 2, 2023 - 11 CGUs, 10 for which goodwill contributed to the cash flows). The increase in CGUs from the comparative period is attributable to the Paola Confectii acquisition which represents an additional CGU. No other changes were made to the existing CGUs from the previous year. See “Note 5. Business combinations” for more details. |
Provisions | 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 statements 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 statements 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. |
Fair values | 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. Revolving Facility, Term Loan, Mainland China Facilities, and Japan Facility 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. Put option liability The fair value is based on the present value of the amount expected to be paid to the non-controlling shareholder if the put option is exercised. Subsequent changes in the present value of the amount that could be required to be paid at each reporting date are recorded with the statements of income until the put option is exercised or expires. Contingent consideration The fair value of the applicable contingent consideration is determined based on the estimated financial outcome and the resulting expected contingent consideration to be paid, discounted using an appropriate rate. Subsequent changes in the fair value is recognized in the statements of income. Earn-Out included in other long-term liabilities The fair value is based on a pre-determined percentage of net equity value of Paola Confectii SRL, determined as a multiple of EBITDA and EBITDA margin for the fiscal year ending March 30, 2025, subject to a floor, less net debt adjustments. Subsequent changes in the fair value are recognized in the statements of income. |
Financial instruments | 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, the Revolving Facility (as defined below), the Term Loan (as defined below), the Mainland China Facilities (as defined below), and the Japan Facility (as defined below). 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. In respect of non-controlling interests, a financial liability is recognized for the put option based on the present value of the amount expected to be paid to the non-controlling shareholder if exercised. Subsequently, the put option liability is adjusted to reflect changes in the present value of the amount that could be required to be paid at each reporting date, with fluctuations being recorded within the statements of income, until it is exercised or expires. The put option is measured at fair value through profit or loss. 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 statements of income; attributable transaction costs are recognized in the statements 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 12 months, and as a non-current asset or liability when the maturity of the hedged item is more than 12 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 statements of income. Amounts accumulated in other comprehensive income are transferred to the statements of income in the periods when the hedged item affects net income. When a forecasted 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 statements 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 statements of income in the period when the foreign operation is disposed of or sold. |
Share-based payments | 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, RSUs, and PSUs under its equity incentive plans, prior to the public offering on March 21, 2017 (the “Legacy Plan”) and subsequently (the “Omnibus Plan”). All Legacy Plan options have fully vested or been cancelled prior to the year ended March 31, 2024. 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, RSUs, and PSUs 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. |
Material accounting policy in_3
Material accounting policy information (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract] | |
Schedule of Useful Lives of Property, Plant and Equipment | Estimated useful lives are as follows: Asset Category Estimated Useful Life Plant equipment (except moulds) 10 years Footwear moulds 5 years Computer equipment 3 years Leasehold improvements Lesser of the lease term or useful life of the asset Show displays 5 years Furniture and fixtures 5 to 10 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 $ $ $ $ $ $ $ April 3, 2022 30.9 12.8 125.1 9.4 34.8 4.1 217.1 Additions — 0.9 8.8 — 2.2 63.3 75.2 Additions from business combinations (note 5) — — 0.9 — 0.3 — 1.2 Disposals — (0.1) (1.0) — (0.1) — (1.2) Transfers 1.1 1.5 15.5 1.6 1.6 (21.3) — Impact of foreign currency translation — 0.2 2.1 0.4 1.0 0.4 4.1 April 2, 2023 32.0 15.3 151.4 11.4 39.8 46.5 296.4 Additions 0.2 1.9 11.5 0.2 3.7 42.9 60.4 Additions from business combinations (note 5) 2.4 0.1 0.1 — — — 2.6 Disposals (0.1) (0.3) (6.4) (1.0) (1.1) (0.1) (9.0) Transfers 2.9 4.4 70.4 (0.4) 7.7 (85.0) — Impact of foreign currency translation (0.1) (0.1) (1.8) 0.1 (0.4) (0.2) (2.5) March 31, 2024 37.3 21.3 225.2 10.3 49.7 4.1 347.9 Plant equipment Computer equipment Leasehold improvements Show displays Furniture and fixtures In progress Total Accumulated depreciation $ $ $ $ $ $ $ April 3, 2022 12.1 9.3 53.9 7.3 20.3 — 102.9 Depreciation 3.2 2.7 23.1 1.1 7.3 — 37.4 Disposals — (0.1) (1.0) — (0.1) — (1.2) Impairment losses — — 0.2 — — — 0.2 Impact of foreign currency translation — 0.2 (0.1) 0.3 0.7 — 1.1 April 2, 2023 15.3 12.1 76.1 8.7 28.2 — 140.4 Depreciation 3.7 3.4 30.2 1.2 6.9 — 45.4 Disposals (0.1) (0.2) (6.4) (1.0) (1.0) — (8.7) Impairment losses — — 0.2 — — — 0.2 Impact of foreign currency translation — — (1.0) — (0.2) — (1.2) March 31, 2024 18.9 15.3 99.1 8.9 33.9 — 176.1 Net book value April 2, 2023 16.7 3.2 75.3 2.7 11.6 46.5 156.0 March 31, 2024 18.4 6.0 126.1 1.4 15.8 4.1 171.8 |
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 Software 5 to 7 years Intellectual property 1 to 8 years Customer lists (Canada Goose) 10 years Customer lists (Paola Confectii SRL) 4 years Distribution rights 10 years Intangible assets comprise the following: March 31, April 2, $ $ Intangible assets with finite lives 18.3 19.3 Intangible assets with indefinite lives: Brand name 116.5 115.5 Domain name 0.3 0.3 135.1 135.1 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 Software Intellectual property Customer lists Distribution rights Total Cost $ $ $ $ $ April 3, 2022 8.5 18.2 — — 26.7 Additions 1.8 0.1 — — 1.9 Additions from business combinations (note 5) — — 7.7 7.2 14.9 April 2, 2023 10.3 18.3 7.7 7.2 43.5 Additions 0.8 0.1 — — 0.9 Additions from business combinations (note 5) — — 3.5 — 3.5 Disposals (0.1) — — — (0.1) Impact of foreign currency translation (0.1) 0.1 (0.7) (0.9) (1.6) March 31, 2024 10.9 18.5 10.5 6.3 46.2 Software Intellectual property Customer lists Distribution rights Total Accumulated amortization $ $ $ $ $ April 3, 2022 3.6 16.7 — — 20.3 Amortization 1.8 0.7 0.7 0.7 3.9 April 2, 2023 5.4 17.4 0.7 0.7 24.2 Amortization 1.8 0.5 0.8 0.7 3.8 Disposals (0.1) — — — (0.1) Impact of foreign currency translation — — 0.1 (0.1) — March 31, 2024 7.1 17.9 1.6 1.3 27.9 Net book value April 2, 2023 4.9 0.9 7.0 6.5 19.3 March 31, 2024 3.8 0.6 8.9 5.0 18.3 |
Schedule of Valuation Techniques Used in Determining Fair Value of Financial Instruments | 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. Revolving Facility, Term Loan, Mainland China Facilities, and Japan Facility 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. Put option liability The fair value is based on the present value of the amount expected to be paid to the non-controlling shareholder if the put option is exercised. Subsequent changes in the present value of the amount that could be required to be paid at each reporting date are recorded with the statements of income until the put option is exercised or expires. Contingent consideration The fair value of the applicable contingent consideration is determined based on the estimated financial outcome and the resulting expected contingent consideration to be paid, discounted using an appropriate rate. Subsequent changes in the fair value is recognized in the statements of income. Earn-Out included in other long-term liabilities The fair value is based on a pre-determined percentage of net equity value of Paola Confectii SRL, determined as a multiple of EBITDA and EBITDA margin for the fiscal year ending March 30, 2025, subject to a floor, less net debt adjustments. Subsequent changes in the fair value are recognized in the statements of income. |
Business combinations (Tables)
Business combinations (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure of detailed information about business combination [abstract] | |
Schedule of Assets and Liabilities Assumed in Business Combination | The aggregate purchase consideration for the business combination is as follows: $ Cash 16.4 Working capital adjustments (0.5) Total purchase consideration 15.9 Assets acquired and liabilities assumed have been recorded at the date of acquisition as follows: $ Assets acquired Trade receivables 7.2 Inventories 1.6 Prepaid expenses 0.1 Property, plant and equipment 2.6 Intangible assets Customer list 3.5 Brand 1.0 Right-of-use assets 1.2 Goodwill 8.3 Accounts payable and accrued liabilities (8.4) Lease liability (1.2) Total assets acquired, net of liabilities assumed 15.9 Assets acquired and liabilities assumed have been recorded based on the final valuation of their fair values at the date of acquisition as follows: $ Assets acquired Cash 5.4 Inventories 27.3 Property, plant and equipment 1.2 Intangible assets 14.9 Right-of-use assets 3.3 Goodwill 10.8 Other assets 2.4 65.3 Liabilities assumed Bank loan 19.4 Lease liabilities 3.2 Warranty provision 0.3 22.9 Total identifiable net assets acquired 42.4 Less: Deferred tax liability (8.1) Less: Non-controlling interests (11.7) Net assets acquired 22.6 Consideration Cash paid 2.6 Contingent consideration 20.0 Total purchase consideration 22.6 Cash consideration paid (2.6) Plus: Cash balance acquired 5.4 Net cash inflow on business combination 2.8 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure of operating segments [abstract] | |
Schedule of Operating Segments | The following table presents key performance information of the Company’s reportable operating segments: Year ended March 31, April 2, April 3, $ $ $ Revenue DTC 950.7 807.3 740.4 Wholesale 312.3 373.8 348.5 Other 70.8 35.9 9.5 Total segment revenue 1,333.8 1,217.0 1,098.4 Operating income (loss) Reclassified Reclassified DTC 387.1 347.4 322.9 Wholesale 114.0 131.2 121.5 Other 14.0 10.5 4.1 Total segment operating income 515.1 489.1 448.5 The following table reconciles the Company’s reportable total segment operating income to income before income taxes: Year ended March 31, April 2, April 3, $ $ $ Total segment operating income 515.1 489.1 448.5 Corporate expenses (390.6) (341.5) (289.0) Total operating income 124.5 147.6 159.5 Net interest, finance and other costs 48.8 54.1 41.8 Income before incomes taxes 75.7 93.5 117.7 The following table summarizes depreciation and amortization in SG&A expenses of each reportable operating segment and depreciation and amortization included in corporate expenses: Year ended March 31, April 2, April 3, $ $ $ Depreciation and amortization expense DTC 96.5 81.6 78.1 Wholesale 3.9 3.9 2.3 Other — — — Total segment depreciation and amortization expense 100.4 85.5 80.4 Corporate expenses 15.8 14.9 8.3 Total depreciation and amortization expense 116.2 100.4 88.7 |
Schedule of Geographical Areas | The Company determines the geographic location of revenue based on the location of its customers. Year ended March 31, April 2, April 3, $ $ $ Canada 246.3 241.0 213.1 United States 324.6 340.2 305.9 North America 570.9 581.2 519.0 Greater China 1 422.2 287.3 288.8 Asia Pacific (excluding Greater China 1 ) 84.7 66.9 38.3 Asia Pacific 506.9 354.2 327.1 EMEA 2 256.0 281.6 252.3 Total revenue 1,333.8 1,217.0 1,098.4 1. Greater China comprises Mainland China, Hong Kong, Macau, and Taiwan. 2. EMEA comprises Europe, the Middle East, Africa, and Latin America. The Company’s non-current, non-financial assets (comprising of property, plant and equipment, intangible assets and right-of-use assets) are geographically located as follows: Year ended March 31, April 2, $ $ Canada 222.1 232.9 United States 140.7 111.7 North America 362.8 344.6 Greater China 1 63.6 73.6 Asia Pacific (excluding Greater China 1 ) 34.1 33.1 Asia Pacific 97.7 106.7 EMEA 2 126.2 131.6 Non-current, non-financial assets 586.7 582.9 1. Greater China comprises Mainland China, Hong Kong, Macau, and Taiwan. 2. EMEA comprises Europe, the Middle East, Africa, and Latin America. |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Income taxes paid (refund) [abstract] | |
Schedule of Major Components of Tax Expense (Income) | The components of the provision for income tax are as follows: Year ended March 31, April 2, April 3, Current income tax expense $ $ $ Current period 15.4 44.0 35.6 Adjustment in respect of prior periods 9.5 (1.9) (0.4) 24.9 42.1 35.2 Deferred income tax recovery Origination and reversal of temporary differences (0.8) (18.5) (11.9) Effect of change in income tax rates (0.2) (0.6) — Adjustment in respect of prior periods (6.3) 1.6 (0.2) (7.3) (17.5) (12.1) Income tax expense 17.6 24.6 23.1 |
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 31, April 2, April 3, $ $ $ Income before income taxes 75.7 93.5 117.7 Expected Statutory Rate 25.5 % 25.3 % 25.4 % Income tax at expected statutory rate 19.3 23.7 29.8 Non-deductible (taxable) items (0.1) 0.8 (0.8) Non-deductible stock option expense 1.7 3.0 2.9 Effect of foreign tax rates (10.3) (10.0) (14.6) Non-deductible (taxable) remeasurement of contingent consideration and put option 1.4 2.4 — Non-deductible (taxable) foreign exchange loss (gain) 0.9 1.4 0.2 Change in tax rates (0.2) (0.4) 0.1 Change in deferred tax asset not recognized 1.7 4.1 6.1 Adjustments in respect of prior years 3.2 (0.4) (0.6) Income tax expense 17.6 24.6 23.1 |
Schedule of Components and Changes in 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 April 2, Net income Foreign exchange translation Other comprehensive income (loss) March 31, $ $ $ $ $ Losses carried forward 11.5 15.5 — — 27.0 Employee future benefits 0.1 — — 0.1 0.2 Other liabilities 1.9 5.0 0.8 — 7.7 Inventory capitalization 6.8 (4.2) — — 2.6 Capital lease 9.3 3.0 — — 12.3 Tax relief from Swiss tax reform 7.6 (5.9) — — 1.7 Unrealized profit in inventory 36.9 (1.6) 0.1 — 35.4 Provisions and other temporary differences 7.6 0.4 — — 8.0 Total deferred tax asset 81.7 12.2 0.9 0.1 94.9 Unrealized foreign exchange (3.1) 0.7 — (0.3) (2.7) Intangible assets (18.8) (0.8) — — (19.6) Property, plant and equipment (8.7) (4.8) — — (13.5) Total deferred tax liabilities (30.6) (4.9) — (0.3) (35.8) Net deferred tax assets (liabilities) 51.1 7.3 0.9 (0.2) 59.1 The change in deferred tax assets and liabilities as presented in the statement of financial position are as follows: Changes in the year affecting April 2, Net income Foreign exchange translation Other comprehensive loss March 31, $ $ $ $ $ Deferred tax assets 67.5 8.8 0.2 (0.2) 76.3 Deferred tax liabilities (16.4) (1.5) 0.7 — (17.2) 51.1 7.3 0.9 (0.2) 59.1 |
Schedule of Tax Loss Carryforwards | The corporate entities within the Company have the following tax-loss carry-forwards that are expected to expire in the following years, if not utilized. $ 2040 and prior 13.1 2041 8.8 2042 8.5 2043 7.5 2044 8.1 46.0 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
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 31, April 2, April 3, $ $ $ Net income attributable to shareholders of the Company 58.4 72.7 94.6 Weighted average number of multiple and subordinate voting shares outstanding 100,816,758 105,058,643 108,296,802 Weighted average number of shares on exercise of stock options, RSUs and PSUs 1 1,006,315 563,669 857,919 Diluted weighted average number of multiple and subordinate voting shares outstanding 101,823,073 105,622,312 109,154,721 Earnings per share attributable to shareholders of the Company Basic $ 0.58 $ 0.69 $ 0.87 Diluted $ 0.57 $ 0.69 $ 0.87 1 Subordinate voting shares issuable on exercise of stock options are not treated as dilutive if including them would decrease the loss per share, or if the weighted average daily closing share price for the period was greater than the exercise price. As at March 31, 2024, there were 3,904,366 shares (April 2, 2023 - 2,231,231 shares, April 3, 2022 - 1,475,545 shares) that were not taken into account in the calculation of diluted earnings per share because their effect was anti-dilutive. |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Net Trade Receivables | March 31, April 2, $ $ Trade accounts receivable 57.1 30.4 Credit card receivables 3.7 2.5 Other receivables 12.3 19.5 73.1 52.4 Less: expected credit loss and sales allowances (2.7) (1.5) Trade receivables 70.4 50.9 |
Schedule of Allowance for Expected Credit Losses and Sales Allowances | The following are the continuities of the Company’s expected credit loss and sales allowances deducted from trade receivables: March 31, April 2, Expected credit loss Sales allowances Total Expected credit loss Sales allowances Total $ $ $ $ $ $ Balance at the beginning of the year (0.4) (1.1) (1.5) (0.3) (0.8) (1.1) Losses recognized (1.8) — (1.8) (0.1) (0.3) (0.4) Amounts settled or written off during the year 0.1 0.5 0.6 — — — Balance at the end of the year (2.1) (0.6) (2.7) (0.4) (1.1) (1.5) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Inventories [Abstract] | |
Schedule of Inventories | March 31, April 2, $ $ Raw materials 48.4 60.3 Work in progress 25.8 17.5 Finished goods 371.0 394.8 Total inventories at the lower of cost and net realizable value 445.2 472.6 |
Schedule of Breakdown of Provision for Obsolescence | The breakdown of the provision for obsolescence is presented as follows: March 31, April 2, $ $ Raw material shrink reserves 0.1 0.2 Finished goods shrink reserves 0.9 0.4 Raw material obsolete inventory reserves 22.1 20.5 Finished goods obsolete inventory reserves 37.7 22.1 Provision for obsolescence 60.8 43.2 |
Schedule of Cost of Sales | Amounts charged to cost of sales comprise the following: Year ended March 31, April 2, April 3, $ $ $ Cost of goods manufactured 405.5 392.1 350.1 Depreciation and amortization included in costs of sales 10.9 9.7 14.7 Cost of sales 416.4 401.8 364.8 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Property, plant and equipment [abstract] | |
Schedule of Property, Plant and Equipment | Estimated useful lives are as follows: Asset Category Estimated Useful Life Plant equipment (except moulds) 10 years Footwear moulds 5 years Computer equipment 3 years Leasehold improvements Lesser of the lease term or useful life of the asset Show displays 5 years Furniture and fixtures 5 to 10 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 $ $ $ $ $ $ $ April 3, 2022 30.9 12.8 125.1 9.4 34.8 4.1 217.1 Additions — 0.9 8.8 — 2.2 63.3 75.2 Additions from business combinations (note 5) — — 0.9 — 0.3 — 1.2 Disposals — (0.1) (1.0) — (0.1) — (1.2) Transfers 1.1 1.5 15.5 1.6 1.6 (21.3) — Impact of foreign currency translation — 0.2 2.1 0.4 1.0 0.4 4.1 April 2, 2023 32.0 15.3 151.4 11.4 39.8 46.5 296.4 Additions 0.2 1.9 11.5 0.2 3.7 42.9 60.4 Additions from business combinations (note 5) 2.4 0.1 0.1 — — — 2.6 Disposals (0.1) (0.3) (6.4) (1.0) (1.1) (0.1) (9.0) Transfers 2.9 4.4 70.4 (0.4) 7.7 (85.0) — Impact of foreign currency translation (0.1) (0.1) (1.8) 0.1 (0.4) (0.2) (2.5) March 31, 2024 37.3 21.3 225.2 10.3 49.7 4.1 347.9 Plant equipment Computer equipment Leasehold improvements Show displays Furniture and fixtures In progress Total Accumulated depreciation $ $ $ $ $ $ $ April 3, 2022 12.1 9.3 53.9 7.3 20.3 — 102.9 Depreciation 3.2 2.7 23.1 1.1 7.3 — 37.4 Disposals — (0.1) (1.0) — (0.1) — (1.2) Impairment losses — — 0.2 — — — 0.2 Impact of foreign currency translation — 0.2 (0.1) 0.3 0.7 — 1.1 April 2, 2023 15.3 12.1 76.1 8.7 28.2 — 140.4 Depreciation 3.7 3.4 30.2 1.2 6.9 — 45.4 Disposals (0.1) (0.2) (6.4) (1.0) (1.0) — (8.7) Impairment losses — — 0.2 — — — 0.2 Impact of foreign currency translation — — (1.0) — (0.2) — (1.2) March 31, 2024 18.9 15.3 99.1 8.9 33.9 — 176.1 Net book value April 2, 2023 16.7 3.2 75.3 2.7 11.6 46.5 156.0 March 31, 2024 18.4 6.0 126.1 1.4 15.8 4.1 171.8 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Intangible assets other than goodwill [abstract] | |
Schedule of Intangible Assets and Changes of Intangible Assets with Finite Lives | The useful lives of intangible assets are assessed as either finite or indefinite. Asset Category Estimated Useful Life Brand name Indefinite Domain name Indefinite Software 5 to 7 years Intellectual property 1 to 8 years Customer lists (Canada Goose) 10 years Customer lists (Paola Confectii SRL) 4 years Distribution rights 10 years Intangible assets comprise the following: March 31, April 2, $ $ Intangible assets with finite lives 18.3 19.3 Intangible assets with indefinite lives: Brand name 116.5 115.5 Domain name 0.3 0.3 135.1 135.1 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 Software Intellectual property Customer lists Distribution rights Total Cost $ $ $ $ $ April 3, 2022 8.5 18.2 — — 26.7 Additions 1.8 0.1 — — 1.9 Additions from business combinations (note 5) — — 7.7 7.2 14.9 April 2, 2023 10.3 18.3 7.7 7.2 43.5 Additions 0.8 0.1 — — 0.9 Additions from business combinations (note 5) — — 3.5 — 3.5 Disposals (0.1) — — — (0.1) Impact of foreign currency translation (0.1) 0.1 (0.7) (0.9) (1.6) March 31, 2024 10.9 18.5 10.5 6.3 46.2 Software Intellectual property Customer lists Distribution rights Total Accumulated amortization $ $ $ $ $ April 3, 2022 3.6 16.7 — — 20.3 Amortization 1.8 0.7 0.7 0.7 3.9 April 2, 2023 5.4 17.4 0.7 0.7 24.2 Amortization 1.8 0.5 0.8 0.7 3.8 Disposals (0.1) — — — (0.1) Impact of foreign currency translation — — 0.1 (0.1) — March 31, 2024 7.1 17.9 1.6 1.3 27.9 Net book value April 2, 2023 4.9 0.9 7.0 6.5 19.3 March 31, 2024 3.8 0.6 8.9 5.0 18.3 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Leases, Assets And Liabilities [Abstract] | |
Schedule of Changes in 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 $ $ $ $ April 3, 2022 296.3 36.7 17.4 350.4 Additions 82.8 8.2 39.6 130.6 Additions from business combinations (note 5) 1.5 — 1.8 3.3 Lease modifications 2.4 — — 2.4 Derecognition on termination (1.8) — (1.0) (2.8) Impact of foreign currency translation 15.5 — 0.6 16.1 April 2, 2023 396.7 44.9 58.4 500.0 Additions 29.8 0.2 2.7 32.7 Additions from business combinations (note 5) — 1.2 — 1.2 Lease modifications 31.9 — 1.8 33.7 Derecognition on termination (5.1) (2.1) (1.8) (9.0) Impact of foreign currency translation (3.0) — (0.2) (3.2) March 31, 2024 450.3 44.2 60.9 555.4 Retail stores Manufacturing facilities Other Total Accumulated depreciation $ $ $ $ April 3, 2022 110.1 15.2 9.9 135.2 Depreciation 55.5 5.4 7.2 68.1 Derecognition on termination (1.2) — (1.0) (2.2) Impairment losses 0.8 — — 0.8 Impact of foreign currency translation 5.9 — 0.4 6.3 April 2, 2023 171.1 20.6 16.5 208.2 Depreciation 63.8 5.5 7.3 76.6 Derecognition on termination (5.1) (2.1) (1.8) (9.0) Impairment losses 1.0 — — 1.0 Impact of foreign currency translation (1.1) — (0.1) (1.2) March 31, 2024 229.7 24.0 21.9 275.6 Net book value April 2, 2023 225.6 24.3 41.9 291.8 March 31, 2024 220.6 20.2 39.0 279.8 |
Schedule of Changes in and Classification of Lease Liabilities | The following table presents the changes in the Company's lease liabilities: Retail stores Manufacturing facilities Other Total $ $ $ $ April 3, 2022 217.2 24.8 8.7 250.7 Additions 82.1 8.2 39.6 129.9 Additions from business combinations (note 5) 1.5 — 1.7 3.2 Lease modifications 2.4 — — 2.4 Derecognition on termination (0.7) — — (0.7) Principal payments (54.5) (5.3) (2.4) (62.2) Impact of foreign currency translation 11.2 — 0.3 11.5 April 2, 2023 259.2 27.7 47.9 334.8 Additions 29.7 0.2 2.3 32.2 Additions from business combinations (note 5) — 1.2 — 1.2 Lease modifications 31.9 — 1.8 33.7 Principal payments (63.0) (5.3) (0.9) (69.2) Impact of foreign currency translation (2.1) — (0.1) (2.2) March 31, 2024 255.7 23.8 51.0 330.5 Lease liabilities are classified as current and non-current liabilities as follows: Retail stores Manufacturing facilities Other Total $ $ $ $ Current lease liabilities 64.7 6.1 5.3 76.1 Non-current lease liabilities 194.5 21.6 42.6 258.7 April 2, 2023 259.2 27.7 47.9 334.8 Current lease liabilities 65.8 6.3 7.8 79.9 Non-current lease liabilities 189.9 17.5 43.2 250.6 March 31, 2024 255.7 23.8 51.0 330.5 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Intangible assets and goodwill [abstract] | |
Schedule of Changes in Goodwill | Goodwill arising from business combinations is as follows: March 31, April 2, $ $ Opening balance 63.9 53.1 Business combination (note 5) 8.3 10.8 Impact of foreign currency translation (1.4) — Goodwill 70.8 63.9 |
Disclosure of Goodwill Allocation by Cash-Generating Units | The following table outlines the goodwill allocation for the applicable CGUs for the current year: March 31, April 2, $ $ North America DTC - Retail 11.7 11.7 North America DTC - e-Commerce 6.6 6.6 North America Wholesale 5.7 5.7 Asia Pacific DTC - Retail 9.8 9.8 Asia Pacific DTC - e-Commerce 2.6 2.6 Asia Pacific Wholesale 3.6 3.6 EMEA 1 DTC - Retail 4.3 4.3 EMEA 1 DTC - e-Commerce 2.8 2.8 EMEA 1 Wholesale 6.0 6.0 Japan Joint Venture 2 9.4 10.8 Paola Confectii 8.3 — Goodwill 70.8 63.9 1 EMEA comprises Europe, the Middle East, Africa, and Latin America. 2 Goodwill for the Japan Joint Venture is JPY1,059.3m; year-over-year movement in the balance in Canadian Dollars is due to the impact of foreign exchange translation from JPY to CAD of $1.4m. |
Accounts payables and accrued_2
Accounts payables and accrued liabilities (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consist of the following: March 31, April 2, $ $ Trade payables 57.6 60.1 Accrued liabilities 73.5 82.4 Employee benefits 38.6 21.9 Derivative financial instruments 1.9 3.3 ASPP liability (note 18) — 20.0 Other payables 6.1 7.9 Accounts payable and accrued liabilities 177.7 195.6 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Provisions [abstract] | |
Schedule of Reconciliation of Provisions | Warranty Sales returns Asset retirement obligations Total $ $ $ $ April 3, 2022 29.2 12.9 7.7 49.8 Additional provisions recognized 7.6 10.8 4.1 22.5 Reductions resulting from settlement (6.4) (7.5) — (13.9) Release of provisions — (1.3) — (1.3) Other — 0.7 0.3 1.0 April 2, 2023 30.4 15.6 12.1 58.1 Additional provisions recognized 6.6 20.8 2.6 30.0 Reductions resulting from settlement (6.8) (16.9) — (23.7) Release of provisions — (0.7) (0.1) (0.8) Other 0.1 — (0.3) (0.2) March 31, 2024 30.3 18.8 14.3 63.4 |
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 31, April 2, $ $ Current provisions 26.1 21.6 Non-current provisions 37.3 36.5 Provisions 63.4 58.1 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Borrowings [abstract] | |
Schedule of Term Loan | The amount outstanding with respect to the Term Loan is as follows: March 31, April 2, $ $ Term Loan 393.1 396.3 Unamortized portion of deferred transaction costs (0.6) (0.6) Term Loan, net of unamortized deferred transaction costs 392.5 395.7 |
Schedule of Net Interest and Other Finance Costs | Net interest, finance and other costs consist of the following: Year ended March 31, April 2, April 3, $ $ $ Reclassified Reclassified Interest expense Mainland China Facilities 0.9 0.5 0.4 Japan Facility 0.1 0.1 — Revolving Facility 2.8 1.1 1.8 Term Loan 19.9 18.8 17.4 Lease liabilities 17.7 11.6 9.1 Standby fees 1.2 1.8 0.9 Acceleration of unamortized costs on debt extinguishment — — 9.5 Foreign exchange losses on Term Loan net of hedges 2.1 12.1 2.8 Fair value remeasurement on the put option liability (note 21) 1.6 10.9 — Fair value remeasurement on the contingent consideration (note 21) 2.8 (2.9) — Interest income (1.3) (0.9) (0.4) Other costs 1.0 1.0 0.3 Net interest, finance and other costs 48.8 54.1 41.8 |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
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 $ April 2, 2023 51,004,076 1.4 53,184,912 117.3 104,188,988 118.7 Purchase of subordinate voting shares — — (7,855,007) (17.8) (7,855,007) (17.8) Total share purchases — — (7,855,007) (17.8) (7,855,007) (17.8) Exercise of stock options — — 64,058 0.2 64,058 0.2 Settlement of RSUs — — 134,475 3.8 134,475 3.8 Total share issuances — — 198,533 4.0 198,533 4.0 March 31, 2024 51,004,076 1.4 45,528,438 103.5 96,532,514 104.9 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 $ April 3, 2022 51,004,076 1.4 54,190,432 117.1 105,194,508 118.5 Purchase of subordinate voting shares — — (1,103,102) (2.4) (1,103,102) (2.4) Purchase of subordinate voting shares held for cancellation — — (49,700) (0.1) (49,700) (0.1) Total share purchases — — (1,152,802) (2.5) (1,152,802) (2.5) Exercise of stock options — — 60,248 — 60,248 — Settlement of RSUs — — 87,034 2.7 87,034 2.7 Total share issuances — — 147,282 2.7 147,282 2.7 April 2, 2023 51,004,076 1.4 53,184,912 117.3 104,188,988 118.7 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 28, 2021 51,004,076 1.4 59,435,079 119.1 110,439,155 120.5 Purchase of subordinate voting shares — — (5,636,763) (11.9) (5,636,763) (11.9) Total share purchases — — (5,636,763) (11.9) (5,636,763) (11.9) Exercise of stock options — — 342,148 8.5 342,148 8.5 Settlement of RSUs — — 49,968 1.4 49,968 1.4 Total share issuances — — 392,116 9.9 392,116 9.9 April 3, 2022 51,004,076 1.4 54,190,432 117.1 105,194,508 118.5 |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangements [Abstract] | |
Schedule of Stock Option, RSU and PSU Transactions | Stock option transactions are as follows: Year ended March 31, April 2, Weighted average exercise price Number of shares Weighted average exercise price Number of shares Options outstanding, beginning of period $ 36.58 4,055,199 $ 42.99 2,722,690 Granted to purchase shares $ 19.77 1,278,211 $ 24.63 1,580,506 Exercised $ 1.61 (64,058) $ 0.23 (60,248) Cancelled $ 28.83 (660,575) $ 40.66 (187,749) Options outstanding, end of period $ 33.51 4,608,777 $ 36.58 4,055,199 RSUs transactions are as follows: Year ended March 31, April 2, Number of shares Number of shares RSUs outstanding, beginning of period 318,082 215,590 Granted 438,814 209,187 Settled (134,475) (87,034) Cancelled (141,903) (19,661) RSUs outstanding, end of period 480,518 318,082 PSUs transactions are as follows: Year ended March 31, April 2, Number of shares Number of shares PSUs outstanding, beginning of period — — Granted 399,349 — Cancelled (56,424) — PSUs outstanding, end of period 342,925 — |
Schedule of Stock Options Outstanding and Exercisable | The following table summarizes information about stock options outstanding and exercisable at March 31, 2024: Options Outstanding Options Exercisable Exercise price Number Weighted average remaining life in years Number Weighted average remaining life in years $0.02 15,434 0.0 15,434 0.0 $1.79 44,307 0.8 44,307 0.8 $8.94 122,221 2.8 122,221 2.8 $14.29 2,565 9.6 — 0.0 $16.21 519,884 9.9 — 0.0 $22.24 611,798 9.1 — 0.0 $23.64 42,576 3.4 42,576 3.4 $23.77 12,285 8.2 3,072 8.2 $24.64 1,169,619 7.9 322,809 7.2 $30.73 48,730 3.0 48,730 3.0 $31.79 35,622 3.6 35,622 3.6 $33.97 635,096 5.8 462,427 5.6 $45.34 33,708 4.0 33,708 4.0 $48.93 541,197 6.9 284,064 6.6 $50.00 250,000 6.2 187,500 6.2 $63.03 359,157 4.8 359,157 4.8 $83.53 164,578 3.8 164,578 3.8 4,608,777 7.0 2,126,205 5.3 |
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: Year ended March 31, April 2, Weighted average stock price valuation $ 19.77 $ 24.63 Weighted average exercise price $ 19.77 $ 24.63 Risk-free interest rate 4.09 % 2.52 % Expected life in years 5.4 5.0 Expected dividend yield — % — % Volatility 40 % 40 % Weighted average fair value of options issued $ 6.82 $ 7.86 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Related party transactions [abstract] | |
Schedule of Transactions between Related Parties | Key management consists of the Board of Directors, the Chairman and Chief Executive Officer and the executives who report directly to the Chairman and Chief Executive Officer. Year ended March 31, April 2, April 3, $ $ $ Short term employee benefits 10.8 10.1 12.5 Long term employee benefits 0.2 0.1 0.1 Termination benefits 1.0 — — Share-based compensation 7.3 11.2 11.5 Compensation expense 19.3 21.4 24.1 |
Financial instruments and fai_2
Financial instruments and fair values (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
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) 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. Foreign currency and interest rate swap contracts Level 2 Future cash flows are estimated based on forward exchange rates (from observable forward exchange and interest swap rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties. Revolving Facility, Term Loan and Japan Facility Level 2 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. Mainland China Facilities Level 3 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. Put option liability Level 3 The fair value is based on the present value of the amount expected to be paid to the non-controlling shareholder if the put option is exercised. Contingent consideration Level 3 The fair value of the applicable contingent consideration is determined based on the estimated financial outcome and the resulting expected contingent consideration to be paid, discounted using an appropriate rate. Earn-Out (note 5) Level 3 The fair value is based on a pre-determined percentage of net equity value of Paola Confectii SRL, determined as a multiple of EBITDA and EBITDA margin for the fiscal year ending March 30, 2025, subject to a floor, less net debt adjustments. |
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, where fair value approximates carrying values: March 31, April 2, Level 1 Level 2 Level 3 Carrying value Fair value Level 1 Level 2 Level 3 Carrying value Fair value $ $ $ $ $ $ $ $ $ $ Financial assets Derivatives included in other current assets — 15.1 — 15.1 15.1 — 12.4 — 12.4 12.4 Derivatives included in other long-term assets — 6.9 — 6.9 6.9 — 12.4 — 12.4 12.4 Financial liabilities Derivatives included in accounts payable and accrued liabilities — 1.9 — 1.9 1.9 — 3.3 — 3.3 3.3 Mainland China Facilities — — — — — — — 9.8 9.8 9.8 Japan Facility — 5.4 — 5.4 5.4 — 13.7 — 13.7 13.7 Term Loan — 392.5 — 392.5 389.2 — 395.7 — 395.7 433.1 Derivatives included in other long-term liabilities — 5.3 — 5.3 5.3 — 6.0 — 6.0 6.0 Put option liability included in other long-term liabilities — — 29.4 29.4 29.4 — — 32.1 32.1 32.1 Contingent consideration included in other long-term liabilities — — 17.7 17.7 17.7 — — 16.8 16.8 16.8 Earn-Out included in other long-term liabilities (note 5) — — 1.5 1.5 1.5 — — — — — |
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, where fair value approximates carrying values: March 31, April 2, Level 1 Level 2 Level 3 Carrying value Fair value Level 1 Level 2 Level 3 Carrying value Fair value $ $ $ $ $ $ $ $ $ $ Financial assets Derivatives included in other current assets — 15.1 — 15.1 15.1 — 12.4 — 12.4 12.4 Derivatives included in other long-term assets — 6.9 — 6.9 6.9 — 12.4 — 12.4 12.4 Financial liabilities Derivatives included in accounts payable and accrued liabilities — 1.9 — 1.9 1.9 — 3.3 — 3.3 3.3 Mainland China Facilities — — — — — — — 9.8 9.8 9.8 Japan Facility — 5.4 — 5.4 5.4 — 13.7 — 13.7 13.7 Term Loan — 392.5 — 392.5 389.2 — 395.7 — 395.7 433.1 Derivatives included in other long-term liabilities — 5.3 — 5.3 5.3 — 6.0 — 6.0 6.0 Put option liability included in other long-term liabilities — — 29.4 29.4 29.4 — — 32.1 32.1 32.1 Contingent consideration included in other long-term liabilities — — 17.7 17.7 17.7 — — 16.8 16.8 16.8 Earn-Out included in other long-term liabilities (note 5) — — 1.5 1.5 1.5 — — — — — |
Financial risk management obj_2
Financial risk management objectives and policies (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Financial Risk Management [Abstract] | |
Schedule of Contractual Undiscounted Future Cash Flow Requirements | The following table summarizes the amount of contractual undiscounted future cash flow requirements as at March 31, 2024: 2025 2026 2027 2028 2029 Thereafter Total $ $ $ $ $ $ $ Accounts payable and accrued liabilities 177.7 — — — — — 177.7 Japan Facility 5.4 — — — — — 5.4 Term Loan 4.0 4.1 4.1 380.9 — — 393.1 Interest commitments relating to borrowings 1 35.2 35.2 35.2 17.5 — — 123.1 Lease obligations 92.0 75.8 66.3 42.1 32.5 81.6 390.3 Pension obligation — — — — — 1.8 1.8 Total contractual obligations 314.3 115.1 105.6 440.5 32.5 83.4 1,091.4 1 |
Schedule of Aging of Trade Receivables | The aging of trade receivables was as follows: Past due Total Current < 30 days 31-60 days > 61 days $ $ $ $ $ Trade accounts receivable 57.1 33.5 10.0 5.1 8.5 Credit card receivables 3.7 3.7 — — — Other receivables 12.3 11.8 0.3 — 0.2 March 31, 2024 73.1 49.0 10.3 5.1 8.7 Trade accounts receivable 30.4 22.2 4.4 1.1 2.7 Credit card receivables 2.5 2.5 — — — Other receivables 19.5 18.9 0.5 — 0.1 April 2, 2023 52.4 43.6 4.9 1.1 2.8 |
Schedule of Unrealized Gains (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 designated as cash flow hedges in other comprehensive income: Year ended March 31, April 2, April 3, Net gain Tax recovery Net loss Tax recovery Net loss Tax expense $ $ $ $ $ $ Forward foreign exchange contracts designated as cash flow hedges 1.3 0.1 (3.7) 0.9 (4.5) (0.1) The Company recognized the following unrealized losses and gains in the fair value of derivatives designed as hedging instruments in other comprehensive income: Year ended March 31, April 2, April 3, Net loss Tax recovery Net gain Tax expense Net gain Tax expense $ $ $ $ $ $ Swaps designated as cash flow hedges (1.8) 0.3 4.1 (0.8) 13.2 (4.5) |
Schedule of Losses (Gains) Reclassified from Other Comprehensive Income on Derivatives to the Consolidated Financial Statements | The Company reclassified the following losses and gains from other comprehensive income on derivatives designated as cash flow hedges to locations in the consolidated financial statements described below: Year ended March 31, April 2, April 3, Loss (gain) from other comprehensive income $ $ $ Forward foreign exchange contracts designated as cash flow hedges Revenue 1.8 5.5 3.9 SG&A expenses (0.4) 0.1 (0.4) Inventory 0.5 0.8 (0.9) The Company reclassified the following gains and losses from other comprehensive income on derivatives designated as hedging instruments to net interest, finance and other costs: Year ended March 31, April 2, April 3, (Gain) loss from other comprehensive income $ $ $ Swaps designated as cash flow hedges (2.0) 0.5 0.9 |
Schedule of Foreign Currency Forward Exchange Contracts | Foreign currency forward exchange contracts outstanding as at March 31, 2024 related to operating cash flows were: (in millions) Aggregate Amounts Currency Forward contract to purchase Canadian dollars USD 62.1 U.S. dollars € 89.3 euros ¥ 2,085.8 Japanese yen Forward contract to sell Canadian dollars USD 22.4 U.S. dollars € 40.1 euros Forward contract to purchase euros CNY 525.4 Chinese yuan £ 25.5 British pounds sterling HKD 32.9 Hong Kong dollars CHF 0.1 Swiss francs Forward contract to sell euros CHF 3.3 Swiss francs £ 1.5 British pounds sterling CNY 9.2 Chinese yuan HKD 7.0 Hong Kong dollars |
Selected cash flow information
Selected cash flow information (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Cash Flow Information [Abstract] | |
Schedule of Changes in Non-Cash Operating Items | Changes in non-cash operating items Year ended March 31, April 2, April 3, $ $ $ Trade receivables (12.4) (4.6) (8.7) Inventories 27.2 (49.9) (60.7) Other current assets 2.8 (9.4) (3.4) Accounts payable and accrued liabilities (9.5) (16.8) (8.5) Provisions 5.2 9.0 3.7 Other (2.8) (3.7) (5.2) Change in non-cash operating items 10.5 (75.4) (82.8) |
Schedule of Changes in Liabilities and Equity Arising from Financing Activities | Changes in liabilities and equity arising from financing activities Mainland China Facilities Japan Facility Revolving Facility Term Loan Lease liabilities Share capital $ $ $ $ $ $ April 2, 2023 9.8 13.7 (0.5) 395.7 334.8 118.7 Cash flows: Mainland China Facilities borrowings (9.8) — — — — — Japan Facility borrowings — (8.3) — — — — Term Loan repayments — — — (4.0) — — Transactions costs on financing activities — — (0.1) (0.1) — — Normal course issuer bid purchase of subordinate voting shares — — — — — (140.2) Principal payments on lease liabilities — — — — (69.2) — Issuance of shares — — — — — 0.1 Additions from business combination — — — — 1.2 — Non-cash items: Accrued transaction costs — — (0.7) — — — Amortization of deferred transaction costs — — 0.3 0.2 — — Unrealized foreign exchange loss (gain) — — — 0.7 (2.2) — Additions and amendments to lease liabilities (note 13) — — — — 65.9 — Share purchase charge to retained earnings (note 18) — — — — — 122.4 Contributed surplus on share issuances (note 18) — — — — — 3.9 March 31, 2024 — 5.4 (1.0) 392.5 330.5 104.9 Mainland China Facilities Japan Facility Revolving Facility Term Loan Lease liabilities Net derivative asset on terminated contracts Share capital $ $ $ $ $ $ $ April 3, 2022 — — (0.9) 370.0 250.7 (7.3) 118.5 Cash flows: Cash inflow from business combination — 19.4 — — 3.2 — — Mainland China Facilities borrowings 9.8 — — — — — — Japan Facility repayments — (5.7) — — — — — Term Loan repayments — — — (4.0) — — — Normal course issuer bid purchase of subordinate voting shares — — — — — — (26.7) Principal payments on lease liabilities — — — — (62.2) — — Settlement of term loan derivative contracts — — — — — 8.6 — Non-cash items: Amortization of deferred transaction costs — — 0.4 0.2 — — — Fair market valuation — — — — — (0.6) — Unrealized foreign exchange loss (gain) — — — 29.5 11.5 (0.7) — Additions and amendments to lease liabilities (note 13) — — — — 132.3 — — Derecognition on termination of lease liabilities (note 13) — — — — (0.7) — — Share purchase charge to retained earnings (note 18) — — — — — — 24.3 Normal course issuer bid purchase of subordinate voting shares held for cancellation (note 18) — — — — — — (0.1) Contributed surplus on share issuances (note 18) — — — — — — 2.7 April 2, 2023 9.8 13.7 (0.5) 395.7 334.8 — 118.7 |
The Company (Details)
The Company (Details) | 12 Months Ended |
Mar. 31, 2024 segment | |
Corporate information and statement of IFRS compliance [abstract] | |
Proportion of total outstanding shares owned by principal shareholder | 52.80% |
Proportion of voting shares owned by principal shareholder | 91.80% |
Proportion of total outstanding shares owned by public markets | 47.20% |
Proportion of voting shares owned by public markets | 8.20% |
Number of operating segments | 3 |
Number of reportable segments | 3 |
Material accounting policy in_4
Material accounting policy information - Basis of Presentation (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract] | ||
Foreign exchange loss | $ 12.1 | $ 2.8 |
Material accounting policy in_5
Material accounting policy information - Revenue Recognition (Details) | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Revenue recognition, return period | 30 days |
DTC | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Revenue recognition, return period | 30 days |
Material accounting policy in_6
Material accounting policy information - Schedule of Useful Lives of Property, Plant and Equipment (Details) | 12 Months Ended |
Mar. 31, 2024 | |
Plant equipment (except moulds) | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life | 10 years |
Footwear moulds | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life | 5 years |
Computer equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life | 3 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 | 10 years |
Material accounting policy in_7
Material accounting policy information - Schedule of Useful Lives of Intangible Assets (Details) | 12 Months Ended |
Mar. 31, 2024 | |
Software | Minimum | |
Disclosure of intangible assets with indefinite useful life [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 5 years |
Software | Maximum | |
Disclosure of intangible assets with indefinite useful life [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 7 years |
Intellectual property | Minimum | |
Disclosure of intangible assets with indefinite useful life [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 1 year |
Intellectual property | Maximum | |
Disclosure of intangible assets with indefinite useful life [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 8 years |
Customer Lists | |
Disclosure of intangible assets with indefinite useful life [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 10 years |
Customer Lists | Paola Confectii | |
Disclosure of intangible assets with indefinite useful life [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 4 years |
Distribution rights | |
Disclosure of intangible assets with indefinite useful life [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 10 years |
Material accounting policy in_8
Material accounting policy information - Goodwill (Details) - cashGeneratingUnit | Mar. 31, 2024 | Apr. 02, 2023 |
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract] | ||
Number of cash generating units | 12 | 11 |
Number of cash generating units that contribute to cash flows | 11 | 10 |
Material accounting policy in_9
Material accounting policy information - Share-Based Payments (Details) | 12 Months Ended |
Mar. 31, 2024 | |
Performance-based options | |
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 (Details) - cashGeneratingUnit | Mar. 31, 2024 | Apr. 02, 2023 |
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract] | ||
Number of cash generating units that contribute to cash flows | 11 | 10 |
Business combinations - Narrati
Business combinations - Narrative (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||||
Nov. 01, 2023 CAD ($) | Apr. 04, 2022 CAD ($) | Mar. 31, 2024 CAD ($) | Apr. 02, 2023 CAD ($) | Apr. 03, 2022 CAD ($) | Apr. 04, 2022 JPY (¥) | |
Disclosure of detailed information about business combination [line items] | ||||||
Goodwill | $ 70.8 | $ 63.9 | $ 53.1 | |||
Net cash inflow on business combination | (15.9) | 2.8 | 0 | |||
Paola Confectii | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Total purchase consideration | $ 16.4 | |||||
Acquisition-related costs | 0.8 | |||||
Goodwill | 8.3 | |||||
Total purchase consideration | $ 15.9 | |||||
Contingent liabilities recognised in business combination | $ 7.4 | |||||
Contingent liabilities recognised in business combination, period | 2 years | |||||
Paola Confectii | Customer-related intangible assets | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Useful life measured as period of time, intangible assets other than goodwill | 4 years | |||||
Intangible assets | $ 3.5 | |||||
Paola Confectii | Brand name | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Intangible assets | $ 1 | |||||
Canada Goose Japan, K.K. | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Percentage of voting equity interests acquired | 50% | 50% | ||||
Cash transferred | $ (2.6) | ¥ (250) | ||||
Contingent consideration recognised as of acquisition date | 20 | 1,958.9 | ||||
Total purchase consideration | 22.6 | 2,208.9 | ||||
Acquisition-related costs | 1.3 | $ 0.7 | ||||
Goodwill | 10.8 | $ 10.8 | ||||
Useful life measured as period of time, intangible assets other than goodwill | 10 years | |||||
Revenue of acquiree since acquisition date | $ 54 | |||||
Profit (loss) of acquiree since acquisition date | $ 1 | |||||
Proportion of ownership interests held by non-controlling interests | 50% | |||||
Put option, period | 6 months | |||||
Put option for non-controlling interest | 21.2 | ¥ 2,076.4 | ||||
Net cash inflow on business combination | 2.8 | |||||
Intangible assets | $ 14.9 | $ 14.9 |
Business combinations - Schedul
Business combinations - Schedule of Assets and Liabilities Acquired Paola Confectii (Details) - CAD ($) $ in Millions | Nov. 01, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 |
Disclosure of detailed information about business combination [line items] | ||||
Goodwill | $ 70.8 | $ 63.9 | $ 53.1 | |
Paola Confectii | ||||
Disclosure of detailed information about business combination [line items] | ||||
Total purchase consideration | $ 16.4 | |||
Working capital adjustments | (0.5) | |||
Total purchase consideration | 15.9 | |||
Trade receivables | 7.2 | |||
Inventories | 1.6 | |||
Prepaid expenses | 0.1 | |||
Property, plant and equipment | 2.6 | |||
Contingent liabilities recognised in business combination, period | 2 years | |||
Right-of-use assets | 1.2 | |||
Goodwill | 8.3 | |||
Accounts payable and accrued liabilities | (8.4) | |||
Lease liabilities | (1.2) | |||
Total identifiable net assets acquired | 15.9 | |||
Paola Confectii | Customer-related intangible assets | ||||
Disclosure of detailed information about business combination [line items] | ||||
Intangible assets | 3.5 | |||
Paola Confectii | Brand | ||||
Disclosure of detailed information about business combination [line items] | ||||
Intangible assets | $ 1 |
Business combinations - Sched_2
Business combinations - Schedule of Assets and Liabilities Assumed in Sazaby League Business Combination (Details) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Apr. 04, 2022 CAD ($) | Mar. 31, 2024 CAD ($) | Apr. 02, 2023 CAD ($) | Apr. 03, 2022 CAD ($) | Apr. 04, 2022 JPY (¥) | |
Assets acquired | |||||
Goodwill | $ 70.8 | $ 63.9 | $ 53.1 | ||
Consideration | |||||
Net cash (outflow) inflow from business combination | $ (15.9) | 2.8 | $ 0 | ||
Canada Goose Japan, K.K. | |||||
Assets acquired | |||||
Cash | $ 5.4 | ||||
Inventories | 27.3 | ||||
Property, plant and equipment | 1.2 | ||||
Intangible assets | 14.9 | 14.9 | |||
Right-of-use assets | 3.3 | ||||
Goodwill | 10.8 | $ 10.8 | |||
Other assets | 2.4 | ||||
Assets acquired | 65.3 | ||||
Liabilities assumed | |||||
Bank loan | 19.4 | ||||
Lease liabilities | 3.2 | ||||
Warranty provision | 0.3 | ||||
Liabilities assumed | 22.9 | ||||
Total identifiable net assets acquired | 42.4 | ||||
Less: Deferred tax liability | (8.1) | ||||
Less: Non-controlling interests | (11.7) | ||||
Net assets acquired | 22.6 | ||||
Consideration | |||||
Cash transferred | 2.6 | ¥ 250 | |||
Contingent consideration recognised as of acquisition date | 20 | 1,958.9 | |||
Total purchase consideration | 22.6 | ¥ 2,208.9 | |||
Net cash (outflow) inflow from business combination | $ 2.8 |
Segment information - Narrative
Segment information - Narrative (Details) | 12 Months Ended |
Mar. 31, 2024 segment | |
Disclosure of operating segments [abstract] | |
Number of reportable segments | 3 |
Segment information - Schedule
Segment information - Schedule of Operating Segments (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | |
Disclosure of operating segments [line items] | |||
Revenue | $ 1,333.8 | $ 1,217 | $ 1,098.4 |
Operating income | 124.5 | 147.6 | 159.5 |
Net interest, finance and other costs | 48.8 | 54.1 | 41.8 |
Income before income taxes | 75.7 | 93.5 | 117.7 |
Depreciation and amortisation expense | 116.2 | 100.4 | 88.7 |
Operating segments | |||
Disclosure of operating segments [line items] | |||
Operating income | 515.1 | 489.1 | 448.5 |
Depreciation and amortisation expense | 100.4 | 85.5 | 80.4 |
Corporate expenses | |||
Disclosure of operating segments [line items] | |||
Operating income | (390.6) | (341.5) | (289) |
Depreciation and amortisation expense | 15.8 | 14.9 | 8.3 |
DTC | |||
Disclosure of operating segments [line items] | |||
Revenue | 950.7 | 807.3 | 740.4 |
DTC | Operating segments | |||
Disclosure of operating segments [line items] | |||
Operating income | 387.1 | 347.4 | 322.9 |
Depreciation and amortisation expense | 96.5 | 81.6 | 78.1 |
Wholesale | |||
Disclosure of operating segments [line items] | |||
Revenue | 312.3 | 373.8 | 348.5 |
Wholesale | Operating segments | |||
Disclosure of operating segments [line items] | |||
Operating income | 114 | 131.2 | 121.5 |
Depreciation and amortisation expense | 3.9 | 3.9 | 2.3 |
Other | |||
Disclosure of operating segments [line items] | |||
Revenue | 70.8 | 35.9 | 9.5 |
Other | Operating segments | |||
Disclosure of operating segments [line items] | |||
Operating income | 14 | 10.5 | 4.1 |
Depreciation and amortisation expense | $ 0 | $ 0 | $ 0 |
Segment information - Schedul_2
Segment information - Schedule of Geographical Areas (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | |
Disclosure of geographical areas [line items] | |||
Revenue | $ 1,333.8 | $ 1,217 | $ 1,098.4 |
Other non-current non-financial assets | 586.7 | 582.9 | |
North America | |||
Disclosure of geographical areas [line items] | |||
Revenue | 570.9 | 581.2 | 519 |
Other non-current non-financial assets | 362.8 | 344.6 | |
Canada | |||
Disclosure of geographical areas [line items] | |||
Revenue | 246.3 | 241 | 213.1 |
Other non-current non-financial assets | 222.1 | 232.9 | |
United States | |||
Disclosure of geographical areas [line items] | |||
Revenue | 324.6 | 340.2 | 305.9 |
Other non-current non-financial assets | 140.7 | 111.7 | |
Asia Pacific | |||
Disclosure of geographical areas [line items] | |||
Revenue | 506.9 | 354.2 | 327.1 |
Other non-current non-financial assets | 97.7 | 106.7 | |
Greater China | |||
Disclosure of geographical areas [line items] | |||
Revenue | 422.2 | 287.3 | 288.8 |
Other non-current non-financial assets | 63.6 | 73.6 | |
Asia Pacific (excluding Greater China) | |||
Disclosure of geographical areas [line items] | |||
Revenue | 84.7 | 66.9 | 38.3 |
Other non-current non-financial assets | 34.1 | 33.1 | |
EMEA | |||
Disclosure of geographical areas [line items] | |||
Revenue | 256 | 281.6 | $ 252.3 |
Other non-current non-financial assets | $ 126.2 | $ 131.6 |
Income taxes - Schedule of Majo
Income taxes - Schedule of Major Components of Tax Expense (Income) (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | |
Current income tax expense | |||
Current period | $ 15.4 | $ 44 | $ 35.6 |
Adjustment in respect of prior periods | 9.5 | (1.9) | (0.4) |
Current income tax expense | 24.9 | 42.1 | 35.2 |
Deferred income tax recovery | |||
Origination and reversal of temporary differences | (0.8) | (18.5) | (11.9) |
Effect of change in income tax rates | (0.2) | (0.6) | 0 |
Adjustment in respect of prior periods | (6.3) | 1.6 | (0.2) |
Deferred income tax recovery | (7.3) | (17.5) | (12.1) |
Income tax expense | $ 17.6 | $ 24.6 | $ 23.1 |
Income taxes - Schedule of Effe
Income taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | |
Income taxes paid (refund) [abstract] | |||
Income before income taxes | $ 75.7 | $ 93.5 | $ 117.7 |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | |||
Expected Statutory Rate | 25.50% | 25.30% | 25.40% |
Income tax at expected statutory rate | $ 19.3 | $ 23.7 | $ 29.8 |
Non-deductible (taxable) items | (0.1) | 0.8 | (0.8) |
Non-deductible stock option expense | 1.7 | 3 | 2.9 |
Effect of foreign tax rates | (10.3) | (10) | (14.6) |
Non-deductible (taxable) remeasurement of contingent consideration and put option | 1.4 | 2.4 | 0 |
Non-deductible (taxable) foreign exchange loss (gain) | 0.9 | 1.4 | 0.2 |
Change in tax rates | (0.2) | (0.4) | 0.1 |
Change in deferred tax asset not recognized | 1.7 | 4.1 | 6.1 |
Adjustment in respect of prior periods | 3.2 | (0.4) | (0.6) |
Income tax expense | $ 17.6 | $ 24.6 | $ 23.1 |
Effective tax rate that most jurisdictions are above | 15% |
Income taxes - Schedule of Comp
Income taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) $ in Millions | 12 Months Ended |
Mar. 31, 2024 CAD ($) | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax assets, beginning balance | $ 67.5 |
Deferred tax liabilities, beginning balance | (16.4) |
Net deferred tax assets, beginning balance | 51.1 |
Change in the year affecting net income | 7.3 |
Change in the year affecting foreign exchange translation | 0.9 |
Change in the year affecting other comprehensive (loss) income | (0.2) |
Deferred tax assets, ending balance | 76.3 |
Deferred tax liabilities, ending balance | (17.2) |
Net deferred tax assets, ending balance | 59.1 |
Total deferred tax asset | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax assets, beginning balance | 81.7 |
Change in the year affecting net income | 12.2 |
Change in the year affecting foreign exchange translation | 0.9 |
Change in the year affecting other comprehensive (loss) income | 0.1 |
Deferred tax assets, ending balance | 94.9 |
Losses carried forward | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax assets, beginning balance | 11.5 |
Change in the year affecting net income | 15.5 |
Change in the year affecting foreign exchange translation | 0 |
Change in the year affecting other comprehensive (loss) income | 0 |
Deferred tax assets, ending balance | 27 |
Employee future benefits | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax assets, beginning balance | 0.1 |
Change in the year affecting net income | 0 |
Change in the year affecting foreign exchange translation | 0 |
Change in the year affecting other comprehensive (loss) income | 0.1 |
Deferred tax assets, ending balance | 0.2 |
Other liabilities | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax assets, beginning balance | 1.9 |
Change in the year affecting net income | 5 |
Change in the year affecting foreign exchange translation | 0.8 |
Change in the year affecting other comprehensive (loss) income | 0 |
Deferred tax assets, ending balance | 7.7 |
Inventory capitalization | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax assets, beginning balance | 6.8 |
Change in the year affecting net income | (4.2) |
Change in the year affecting foreign exchange translation | 0 |
Change in the year affecting other comprehensive (loss) income | 0 |
Deferred tax assets, ending balance | 2.6 |
Capital lease | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax assets, beginning balance | 9.3 |
Change in the year affecting net income | 3 |
Change in the year affecting foreign exchange translation | 0 |
Change in the year affecting other comprehensive (loss) income | 0 |
Deferred tax assets, ending balance | 12.3 |
Tax relief from Swiss tax reform | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax assets, beginning balance | 7.6 |
Change in the year affecting net income | (5.9) |
Change in the year affecting foreign exchange translation | 0 |
Change in the year affecting other comprehensive (loss) income | 0 |
Deferred tax assets, ending balance | 1.7 |
Unrealized profit in inventory | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax assets, beginning balance | 36.9 |
Change in the year affecting net income | (1.6) |
Change in the year affecting foreign exchange translation | 0.1 |
Change in the year affecting other comprehensive (loss) income | 0 |
Deferred tax assets, ending balance | 35.4 |
Provisions and other temporary differences | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax assets, beginning balance | 7.6 |
Change in the year affecting net income | 0.4 |
Change in the year affecting foreign exchange translation | 0 |
Change in the year affecting other comprehensive (loss) income | 0 |
Deferred tax assets, ending balance | 8 |
Total deferred tax liabilities | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax liabilities, beginning balance | (30.6) |
Change in the year affecting net income | (4.9) |
Change in the year affecting foreign exchange translation | 0 |
Change in the year affecting other comprehensive (loss) income | (0.3) |
Deferred tax liabilities, ending balance | (35.8) |
Unrealized foreign exchange | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax liabilities, beginning balance | (3.1) |
Change in the year affecting net income | 0.7 |
Change in the year affecting foreign exchange translation | 0 |
Change in the year affecting other comprehensive (loss) income | (0.3) |
Deferred tax liabilities, ending balance | (2.7) |
Intangible assets | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax liabilities, beginning balance | (18.8) |
Change in the year affecting net income | (0.8) |
Change in the year affecting foreign exchange translation | 0 |
Change in the year affecting other comprehensive (loss) income | 0 |
Deferred tax liabilities, ending balance | (19.6) |
Property, plant and equipment | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred tax liabilities, beginning balance | (8.7) |
Change in the year affecting net income | (4.8) |
Change in the year affecting foreign exchange translation | 0 |
Change in the year affecting other comprehensive (loss) income | 0 |
Deferred tax liabilities, ending balance | $ (13.5) |
Income taxes - Schedule of Chan
Income taxes - Schedule of Changes in Deferred Tax Assets and Liabilities (Details) $ in Millions | 12 Months Ended |
Mar. 31, 2024 CAD ($) | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deferred tax assets, beginning balance | $ 67.5 |
Deferred tax liabilities, beginning balance | (16.4) |
Net deferred tax assets, beginning balance | 51.1 |
Change in the year affecting net income | 7.3 |
Change in the year affecting foreign exchange translation | 0.9 |
Change in the year affecting other comprehensive income | (0.2) |
Deferred tax assets, ending balance | 76.3 |
Deferred tax liabilities, ending balance | (17.2) |
Net deferred tax assets, ending balance | 59.1 |
Deferred tax assets | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Change in the year affecting net income | 8.8 |
Change in the year affecting foreign exchange translation | 0.2 |
Change in the year affecting other comprehensive income | (0.2) |
Deferred tax liabilities | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Change in the year affecting net income | (1.5) |
Change in the year affecting foreign exchange translation | 0.7 |
Change in the year affecting other comprehensive income | $ 0 |
Income taxes - Narrative (Detai
Income taxes - Narrative (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unremitted earnings from foreign subsidiaries | $ 419.8 | $ 417.7 | $ 356.4 |
Deferred tax on share-based payment | 0.2 | ||
Stock options | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax on share-based payment | 0 | 0 | 0 |
RSU | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax on share-based payment | 0 | 0 | 0.2 |
PSU | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax on share-based payment | 0 | $ 0 | $ 0 |
Capital losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Decrease in deferred tax asset | 0.5 | ||
Tax relief from Swiss tax reform | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Decrease in deferred tax asset | $ 31.8 |
Income taxes - Schedule of Tax
Income taxes - Schedule of Tax Loss Carryforwards (Details) $ in Millions | Mar. 31, 2024 CAD ($) |
Tax Loss Carry Forwards [Line Items] | |
Unused tax losses for which no deferred tax asset recognised | $ 46 |
2040 and prior | |
Tax Loss Carry Forwards [Line Items] | |
Unused tax losses for which no deferred tax asset recognised | 13.1 |
2041 | |
Tax Loss Carry Forwards [Line Items] | |
Unused tax losses for which no deferred tax asset recognised | 8.8 |
2042 | |
Tax Loss Carry Forwards [Line Items] | |
Unused tax losses for which no deferred tax asset recognised | 8.5 |
2043 | |
Tax Loss Carry Forwards [Line Items] | |
Unused tax losses for which no deferred tax asset recognised | 7.5 |
2044 | |
Tax Loss Carry Forwards [Line Items] | |
Unused tax losses for which no deferred tax asset recognised | 8.1 |
Carry forward indefinitely | |
Tax Loss Carry Forwards [Line Items] | |
Unused tax losses for which no deferred tax asset recognised | $ 52.2 |
Earnings per share (Details)
Earnings per share (Details) - CAD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | |
Earnings per share [abstract] | |||
Net income attributable to shareholders of the Company | $ 58.4 | $ 72.7 | $ 94.6 |
Weighted average number of multiple and subordinate voting shares outstanding (in shares) | 100,816,758 | 105,058,643 | 108,296,802 |
Weighted average number of shares on exercise of stock options and RSUs (in shares) | 1,006,315 | 563,669 | 857,919 |
Diluted weighted average number of multiple and subordinate voting shares outstanding (in shares) | 101,823,073 | 105,622,312 | 109,154,721 |
Basic (in CAD per share) | $ 0.58 | $ 0.69 | $ 0.87 |
Diluted (in CAD per share) | $ 0.57 | $ 0.69 | $ 0.87 |
Share options | |||
Earnings per share [line items] | |||
Number of instruments that are antidilutive in period presented (in shares) | 3,904,366 | 2,231,231 | 1,475,545 |
Trade receivables - Schedule of
Trade receivables - Schedule of Net Trade Receivables (Details) - CAD ($) $ in Millions | Mar. 31, 2024 | Apr. 02, 2023 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade accounts receivable | $ 57.1 | $ 30.4 |
Credit card receivables | 3.7 | 2.5 |
Other receivables | 12.3 | 19.5 |
Current receivables | 73.1 | 52.4 |
Less: expected credit loss and sales allowances | (2.7) | (1.5) |
Trade receivables | $ 70.4 | $ 50.9 |
Trade receivables - Schedule _2
Trade receivables - Schedule of Allowance for Expected Credit Losses and Sales Allowances (Details) - Accumulated impairment - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Trade And Other Current Receivables [Line Items] | ||
Financial assets at beginning of period | $ (1.5) | $ (1.1) |
Losses recognized | (1.8) | (0.4) |
Amounts settled or written off during the year | 0.6 | 0 |
Financial assets at end of period | (2.7) | (1.5) |
Expected credit loss | ||
Trade And Other Current Receivables [Line Items] | ||
Financial assets at beginning of period | (0.4) | (0.3) |
Losses recognized | (1.8) | (0.1) |
Amounts settled or written off during the year | 0.1 | 0 |
Financial assets at end of period | (2.1) | (0.4) |
Sales allowances | ||
Trade And Other Current Receivables [Line Items] | ||
Financial assets at beginning of period | (1.1) | (0.8) |
Losses recognized | 0 | (0.3) |
Amounts settled or written off during the year | 0.5 | 0 |
Financial assets at end of period | $ (0.6) | $ (1.1) |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - CAD ($) $ in Millions | Mar. 31, 2024 | Apr. 02, 2023 |
Inventories [Abstract] | ||
Raw materials | $ 48.4 | $ 60.3 |
Work in progress | 25.8 | 17.5 |
Finished goods | 371 | 394.8 |
Total inventories at the lower of cost and net realizable value | $ 445.2 | $ 472.6 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - CAD ($) $ in Millions | Mar. 31, 2024 | Apr. 02, 2023 |
Inventories [Abstract] | ||
Provisions for obsolescence and inventory shrinkage | $ 60.8 | $ 43.2 |
Inventories - Schedule of Break
Inventories - Schedule of Breakdown of Provision for Obsolescence (Details) - CAD ($) $ in Millions | Mar. 31, 2024 | Apr. 02, 2023 |
Inventories [Abstract] | ||
Raw material shrink reserves | $ 0.1 | $ 0.2 |
Finished goods shrink reserves | 0.9 | 0.4 |
Raw material obsolete inventory reserves | 22.1 | 20.5 |
Finished goods obsolete inventory reserves | 37.7 | 22.1 |
Provision for obsolescence | $ 60.8 | $ 43.2 |
Inventories - Schedule of Cost
Inventories - Schedule of Cost of Sales (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | |
Inventories [Abstract] | |||
Cost of goods manufactured | $ 405.5 | $ 392.1 | $ 350.1 |
Depreciation and amortization included in costs of sales | 10.9 | 9.7 | 14.7 |
Total cost of sales | $ 416.4 | $ 401.8 | $ 364.8 |
Property, plant and equipment_2
Property, plant and equipment (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | $ 156 | |
Property, plant and equipment, ending balance | 171.8 | $ 156 |
Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 296.4 | 217.1 |
Additions | 60.4 | 75.2 |
Additions from business combinations (note 5) | 2.6 | 1.2 |
Disposals | 9 | 1.2 |
Transfers | 0 | 0 |
Impact of foreign currency translation | (2.5) | 4.1 |
Property, plant and equipment, ending balance | 347.9 | 296.4 |
Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | (140.4) | (102.9) |
Depreciation | 45.4 | 37.4 |
Disposals | (8.7) | (1.2) |
Impairment losses | 0.2 | 0.2 |
Impact of foreign currency translation | (1.2) | 1.1 |
Property, plant and equipment, ending balance | (176.1) | (140.4) |
Plant equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 16.7 | |
Property, plant and equipment, ending balance | 18.4 | 16.7 |
Plant equipment | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 32 | 30.9 |
Additions | 0.2 | 0 |
Additions from business combinations (note 5) | 2.4 | 0 |
Disposals | 0.1 | 0 |
Transfers | 2.9 | 1.1 |
Impact of foreign currency translation | (0.1) | 0 |
Property, plant and equipment, ending balance | 37.3 | 32 |
Plant equipment | Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | (15.3) | (12.1) |
Depreciation | 3.7 | 3.2 |
Disposals | (0.1) | 0 |
Impairment losses | 0 | 0 |
Impact of foreign currency translation | 0 | 0 |
Property, plant and equipment, ending balance | (18.9) | (15.3) |
Computer equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 3.2 | |
Property, plant and equipment, ending balance | 6 | 3.2 |
Computer equipment | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 15.3 | 12.8 |
Additions | 1.9 | 0.9 |
Additions from business combinations (note 5) | 0.1 | 0 |
Disposals | 0.3 | 0.1 |
Transfers | 4.4 | 1.5 |
Impact of foreign currency translation | (0.1) | 0.2 |
Property, plant and equipment, ending balance | 21.3 | 15.3 |
Computer equipment | Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | (12.1) | (9.3) |
Depreciation | 3.4 | 2.7 |
Disposals | (0.2) | (0.1) |
Impairment losses | 0 | 0 |
Impact of foreign currency translation | 0 | 0.2 |
Property, plant and equipment, ending balance | (15.3) | (12.1) |
Leasehold improvements | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 75.3 | |
Property, plant and equipment, ending balance | 126.1 | 75.3 |
Leasehold improvements | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 151.4 | 125.1 |
Additions | 11.5 | 8.8 |
Additions from business combinations (note 5) | 0.1 | 0.9 |
Disposals | 6.4 | 1 |
Transfers | 70.4 | 15.5 |
Impact of foreign currency translation | (1.8) | 2.1 |
Property, plant and equipment, ending balance | 225.2 | 151.4 |
Leasehold improvements | Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | (76.1) | (53.9) |
Depreciation | 30.2 | 23.1 |
Disposals | (6.4) | (1) |
Impairment losses | 0.2 | 0.2 |
Impact of foreign currency translation | (1) | (0.1) |
Property, plant and equipment, ending balance | (99.1) | (76.1) |
Show displays | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 2.7 | |
Property, plant and equipment, ending balance | 1.4 | 2.7 |
Show displays | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 11.4 | 9.4 |
Additions | 0.2 | 0 |
Additions from business combinations (note 5) | 0 | 0 |
Disposals | 1 | 0 |
Transfers | (0.4) | 1.6 |
Impact of foreign currency translation | 0.1 | 0.4 |
Property, plant and equipment, ending balance | 10.3 | 11.4 |
Show displays | Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | (8.7) | (7.3) |
Depreciation | 1.2 | 1.1 |
Disposals | (1) | 0 |
Impairment losses | 0 | 0 |
Impact of foreign currency translation | 0 | 0.3 |
Property, plant and equipment, ending balance | (8.9) | (8.7) |
Furniture and fixtures | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 11.6 | |
Property, plant and equipment, ending balance | 15.8 | 11.6 |
Furniture and fixtures | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 39.8 | 34.8 |
Additions | 3.7 | 2.2 |
Additions from business combinations (note 5) | 0 | 0.3 |
Disposals | 1.1 | 0.1 |
Transfers | 7.7 | 1.6 |
Impact of foreign currency translation | (0.4) | 1 |
Property, plant and equipment, ending balance | 49.7 | 39.8 |
Furniture and fixtures | Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | (28.2) | (20.3) |
Depreciation | 6.9 | 7.3 |
Disposals | (1) | (0.1) |
Impairment losses | 0 | 0 |
Impact of foreign currency translation | (0.2) | 0.7 |
Property, plant and equipment, ending balance | (33.9) | (28.2) |
In progress | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 46.5 | |
Property, plant and equipment, ending balance | 4.1 | 46.5 |
In progress | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 46.5 | 4.1 |
Additions | 42.9 | 63.3 |
Additions from business combinations (note 5) | 0 | 0 |
Disposals | 0.1 | 0 |
Transfers | (85) | (21.3) |
Impact of foreign currency translation | (0.2) | 0.4 |
Property, plant and equipment, ending balance | 4.1 | 46.5 |
In progress | Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 0 | 0 |
Depreciation | 0 | 0 |
Disposals | 0 | 0 |
Impairment losses | 0 | 0 |
Impact of foreign currency translation | 0 | 0 |
Property, plant and equipment, ending balance | $ 0 | $ 0 |
Intangible assets - Schedule of
Intangible assets - Schedule of Intangible Assets (Details) - CAD ($) $ in Millions | Mar. 31, 2024 | Apr. 02, 2023 |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | $ 135.1 | $ 135.1 |
Intangible assets with finite lives | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 18.3 | 19.3 |
Intangible assets with indefinite lives: | Brand name | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 116.5 | 115.5 |
Intangible assets with indefinite lives: | Domain name | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | $ 0.3 | $ 0.3 |
Intangible assets - Schedule _2
Intangible assets - Schedule of Changes in Intangible Assets with Finite Lives (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | $ 135.1 | |
Intangible assets, ending balance | 135.1 | $ 135.1 |
Intangible assets with finite lives | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 19.3 | |
Intangible assets, ending balance | 18.3 | 19.3 |
Intangible assets with finite lives | Cost | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 43.5 | 26.7 |
Additions | 0.9 | 1.9 |
Additions from business combinations (note 5) | 3.5 | 14.9 |
Disposals | 0.1 | |
Impact of foreign currency translation | (1.6) | |
Intangible assets, ending balance | 46.2 | 43.5 |
Intangible assets with finite lives | Accumulated amortization | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | (24.2) | (20.3) |
Amortization | 3.8 | 3.9 |
Disposals | (0.1) | |
Impact of foreign currency translation | 0 | |
Intangible assets, ending balance | (27.9) | (24.2) |
Intangible assets with finite lives | Software | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 4.9 | |
Intangible assets, ending balance | 3.8 | 4.9 |
Intangible assets with finite lives | Software | Cost | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 10.3 | 8.5 |
Additions | 0.8 | 1.8 |
Additions from business combinations (note 5) | 0 | 0 |
Disposals | 0.1 | |
Impact of foreign currency translation | (0.1) | |
Intangible assets, ending balance | 10.9 | 10.3 |
Intangible assets with finite lives | Software | Accumulated amortization | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | (5.4) | (3.6) |
Amortization | 1.8 | 1.8 |
Disposals | (0.1) | |
Impact of foreign currency translation | 0 | |
Intangible assets, ending balance | (7.1) | (5.4) |
Intangible assets with finite lives | Intellectual property | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 0.9 | |
Intangible assets, ending balance | 0.6 | 0.9 |
Intangible assets with finite lives | Intellectual property | Cost | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 18.3 | 18.2 |
Additions | 0.1 | 0.1 |
Additions from business combinations (note 5) | 0 | 0 |
Disposals | 0 | |
Impact of foreign currency translation | 0.1 | |
Intangible assets, ending balance | 18.5 | 18.3 |
Intangible assets with finite lives | Intellectual property | Accumulated amortization | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | (17.4) | (16.7) |
Amortization | 0.5 | 0.7 |
Disposals | 0 | |
Impact of foreign currency translation | 0 | |
Intangible assets, ending balance | (17.9) | (17.4) |
Intangible assets with finite lives | Customer-related intangible assets | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 7 | |
Intangible assets, ending balance | 8.9 | 7 |
Intangible assets with finite lives | Customer-related intangible assets | Cost | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 7.7 | 0 |
Additions | 0 | 0 |
Additions from business combinations (note 5) | 3.5 | 7.7 |
Disposals | 0 | |
Impact of foreign currency translation | (0.7) | |
Intangible assets, ending balance | 10.5 | 7.7 |
Intangible assets with finite lives | Customer-related intangible assets | Accumulated amortization | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | (0.7) | 0 |
Amortization | 0.8 | 0.7 |
Disposals | 0 | |
Impact of foreign currency translation | 0.1 | |
Intangible assets, ending balance | (1.6) | (0.7) |
Intangible assets with finite lives | Distribution rights | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 6.5 | |
Intangible assets, ending balance | 5 | 6.5 |
Intangible assets with finite lives | Distribution rights | Cost | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | 7.2 | 0 |
Additions | 0 | 0 |
Additions from business combinations (note 5) | 0 | 7.2 |
Disposals | 0 | |
Impact of foreign currency translation | (0.9) | |
Intangible assets, ending balance | 6.3 | 7.2 |
Intangible assets with finite lives | Distribution rights | Accumulated amortization | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, beginning balance | (0.7) | 0 |
Amortization | 0.7 | 0.7 |
Disposals | 0 | |
Impact of foreign currency translation | (0.1) | |
Intangible assets, ending balance | $ (1.3) | $ (0.7) |
Intangible assets - Narrative (
Intangible assets - Narrative (Details) - CAD ($) | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Intangible assets other than goodwill [abstract] | ||
Impairment loss on intangible assets | $ 0 | $ 0 |
Leases - Schedule of Changes in
Leases - Schedule of Changes in Right-of-Use Assets (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Right-of-use assets | ||
Right-of-use assets, beginning balance | $ 291.8 | |
Right-of-use assets, ending balance | 279.8 | $ 291.8 |
Retail stores | ||
Right-of-use assets | ||
Right-of-use assets, beginning balance | 225.6 | |
Right-of-use assets, ending balance | 220.6 | 225.6 |
Manufacturing facilities | ||
Right-of-use assets | ||
Right-of-use assets, beginning balance | 24.3 | |
Right-of-use assets, ending balance | 20.2 | 24.3 |
Other | ||
Right-of-use assets | ||
Right-of-use assets, beginning balance | 41.9 | |
Right-of-use assets, ending balance | 39 | 41.9 |
Cost | ||
Right-of-use assets | ||
Right-of-use assets, beginning balance | 500 | 350.4 |
Additions | 32.7 | 130.6 |
Additions from business combinations (note 5) | 1.2 | 3.3 |
Lease modifications | 33.7 | 2.4 |
Derecognition on termination | (9) | (2.8) |
Impact of foreign currency translation | (3.2) | 16.1 |
Right-of-use assets, ending balance | 555.4 | 500 |
Cost | Retail stores | ||
Right-of-use assets | ||
Right-of-use assets, beginning balance | 396.7 | 296.3 |
Additions | 29.8 | 82.8 |
Additions from business combinations (note 5) | 0 | 1.5 |
Lease modifications | 31.9 | 2.4 |
Derecognition on termination | (5.1) | (1.8) |
Impact of foreign currency translation | (3) | 15.5 |
Right-of-use assets, ending balance | 450.3 | 396.7 |
Cost | Manufacturing facilities | ||
Right-of-use assets | ||
Right-of-use assets, beginning balance | 44.9 | 36.7 |
Additions | 0.2 | 8.2 |
Additions from business combinations (note 5) | 1.2 | 0 |
Lease modifications | 0 | 0 |
Derecognition on termination | (2.1) | 0 |
Impact of foreign currency translation | 0 | 0 |
Right-of-use assets, ending balance | 44.2 | 44.9 |
Cost | Other | ||
Right-of-use assets | ||
Right-of-use assets, beginning balance | 58.4 | 17.4 |
Additions | 2.7 | 39.6 |
Additions from business combinations (note 5) | 0 | 1.8 |
Lease modifications | 1.8 | 0 |
Derecognition on termination | (1.8) | (1) |
Impact of foreign currency translation | (0.2) | 0.6 |
Right-of-use assets, ending balance | 60.9 | 58.4 |
Accumulated depreciation | ||
Right-of-use assets | ||
Right-of-use assets, beginning balance | (208.2) | (135.2) |
Depreciation | 76.6 | 68.1 |
Derecognition on termination | (9) | (2.2) |
Impairment losses | 1 | 0.8 |
Impact of foreign currency translation | (1.2) | 6.3 |
Right-of-use assets, ending balance | (275.6) | (208.2) |
Accumulated depreciation | Retail stores | ||
Right-of-use assets | ||
Right-of-use assets, beginning balance | (171.1) | (110.1) |
Depreciation | 63.8 | 55.5 |
Derecognition on termination | (5.1) | (1.2) |
Impairment losses | 1 | 0.8 |
Impact of foreign currency translation | (1.1) | 5.9 |
Right-of-use assets, ending balance | (229.7) | (171.1) |
Accumulated depreciation | Manufacturing facilities | ||
Right-of-use assets | ||
Right-of-use assets, beginning balance | (20.6) | (15.2) |
Depreciation | 5.5 | 5.4 |
Derecognition on termination | (2.1) | 0 |
Impairment losses | 0 | 0 |
Impact of foreign currency translation | 0 | 0 |
Right-of-use assets, ending balance | (24) | (20.6) |
Accumulated depreciation | Other | ||
Right-of-use assets | ||
Right-of-use assets, beginning balance | (16.5) | (9.9) |
Depreciation | 7.3 | 7.2 |
Derecognition on termination | (1.8) | (1) |
Impairment losses | 0 | 0 |
Impact of foreign currency translation | (0.1) | 0.4 |
Right-of-use assets, ending balance | $ (21.9) | $ (16.5) |
Leases - Schedule of Changes _2
Leases - Schedule of Changes in Lease Liabilities (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Lease liabilities | ||
Lease liabilities, beginning balance | $ 334.8 | $ 250.7 |
Additions | 32.2 | 129.9 |
Additions from business combinations (note 5) | 1.2 | 3.2 |
Lease modifications | 33.7 | 2.4 |
Derecognition on termination | (0.7) | |
Principal payments | (69.2) | (62.2) |
Impact of foreign currency translation | (2.2) | 11.5 |
Lease liabilities, ending balance | 330.5 | 334.8 |
Retail stores | ||
Lease liabilities | ||
Lease liabilities, beginning balance | 259.2 | 217.2 |
Additions | 29.7 | 82.1 |
Additions from business combinations (note 5) | 0 | 1.5 |
Lease modifications | 31.9 | 2.4 |
Derecognition on termination | (0.7) | |
Principal payments | (63) | (54.5) |
Impact of foreign currency translation | (2.1) | 11.2 |
Lease liabilities, ending balance | 255.7 | 259.2 |
Manufacturing facilities | ||
Lease liabilities | ||
Lease liabilities, beginning balance | 27.7 | 24.8 |
Additions | 0.2 | 8.2 |
Additions from business combinations (note 5) | 1.2 | 0 |
Lease modifications | 0 | 0 |
Derecognition on termination | 0 | |
Principal payments | (5.3) | (5.3) |
Impact of foreign currency translation | 0 | 0 |
Lease liabilities, ending balance | 23.8 | 27.7 |
Other | ||
Lease liabilities | ||
Lease liabilities, beginning balance | 47.9 | 8.7 |
Additions | 2.3 | 39.6 |
Additions from business combinations (note 5) | 0 | 1.7 |
Lease modifications | 1.8 | 0 |
Derecognition on termination | 0 | |
Principal payments | (0.9) | (2.4) |
Impact of foreign currency translation | (0.1) | 0.3 |
Lease liabilities, ending balance | $ 51 | $ 47.9 |
Leases - Schedule of Classifica
Leases - Schedule of Classification of Lease Liabilities (Details) - CAD ($) $ in Millions | Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 |
Schedule of Detailed Information About Lease Liabilities [Line Items] | |||
Current lease liabilities | $ 79.9 | $ 76.1 | |
Non-current lease liabilities | 250.6 | 258.7 | |
Lease liabilities | 330.5 | 334.8 | $ 250.7 |
Retail stores | |||
Schedule of Detailed Information About Lease Liabilities [Line Items] | |||
Current lease liabilities | 65.8 | 64.7 | |
Non-current lease liabilities | 189.9 | 194.5 | |
Lease liabilities | 255.7 | 259.2 | 217.2 |
Manufacturing facilities | |||
Schedule of Detailed Information About Lease Liabilities [Line Items] | |||
Current lease liabilities | 6.3 | 6.1 | |
Non-current lease liabilities | 17.5 | 21.6 | |
Lease liabilities | 23.8 | 27.7 | 24.8 |
Other | |||
Schedule of Detailed Information About Lease Liabilities [Line Items] | |||
Current lease liabilities | 7.8 | 5.3 | |
Non-current lease liabilities | 43.2 | 42.6 | |
Lease liabilities | $ 51 | $ 47.9 | $ 8.7 |
Leases - Narrative (Details)
Leases - Narrative (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | |
Leases, Assets And Liabilities [Abstract] | |||
Lease payments not included in the measurement of lease liabilities | $ 39.6 | $ 23.5 | $ 21.5 |
Goodwill - Schedule of Changes
Goodwill - Schedule of Changes in Goodwill (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Reconciliation of changes in goodwill [abstract] | ||
Goodwill at beginning of period | $ 63.9 | $ 53.1 |
Business combination (note 5) | 8.3 | 10.8 |
Increase (decrease) through net exchange differences, goodwill | (1.4) | 0 |
Goodwill at end of period | $ 70.8 | $ 63.9 |
Goodwill - Narrative (Details)
Goodwill - Narrative (Details) $ in Millions | 12 Months Ended | |
Mar. 31, 2024 CAD ($) cashGeneratingUnit | Apr. 02, 2023 CAD ($) cashGeneratingUnit | |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Number of cash generating units that contribute to cash flows | cashGeneratingUnit | 11 | 10 |
Impairment loss recognised in profit or loss, goodwill | $ | $ 0 | $ 0 |
Excess of recoverable value over carrying value per CGU | 23.50% | |
Discount rate applied to cash flow projections | 12.80% | 12.67% |
Cash flow projections, period | 5 years | |
Growth rate used to extrapolate cash flow projections | 2% |
Goodwill - Disclosure of Goodwi
Goodwill - Disclosure of Goodwill Allocation by Cash-Generating Units (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2024 CAD ($) | Apr. 02, 2023 CAD ($) | Mar. 31, 2024 JPY (¥) | Apr. 03, 2022 CAD ($) | |
Disclosure of information for cash-generating units [line items] | ||||
Goodwill | $ 70.8 | $ 63.9 | $ 53.1 | |
Increase (decrease) through net exchange differences, goodwill | (1.4) | 0 | ||
North America DTC - Retail | ||||
Disclosure of information for cash-generating units [line items] | ||||
Goodwill | 11.7 | 11.7 | ||
North America DTC - e-Commerce | ||||
Disclosure of information for cash-generating units [line items] | ||||
Goodwill | 6.6 | 6.6 | ||
North America Wholesale | ||||
Disclosure of information for cash-generating units [line items] | ||||
Goodwill | 5.7 | 5.7 | ||
Asia Pacific DTC - Retail | ||||
Disclosure of information for cash-generating units [line items] | ||||
Goodwill | 9.8 | 9.8 | ||
Asia Pacific DTC - e-Commerce | ||||
Disclosure of information for cash-generating units [line items] | ||||
Goodwill | 2.6 | 2.6 | ||
Asia Pacific Wholesale | ||||
Disclosure of information for cash-generating units [line items] | ||||
Goodwill | 3.6 | 3.6 | ||
EMEA DTC - Retail | ||||
Disclosure of information for cash-generating units [line items] | ||||
Goodwill | 4.3 | 4.3 | ||
EMEA DTC - e-Commerce | ||||
Disclosure of information for cash-generating units [line items] | ||||
Goodwill | 2.8 | 2.8 | ||
EMEA Wholesale | ||||
Disclosure of information for cash-generating units [line items] | ||||
Goodwill | 6 | 6 | ||
Japan Joint Venture | ||||
Disclosure of information for cash-generating units [line items] | ||||
Goodwill | 9.4 | 10.8 | ¥ 1,059.3 | |
Increase (decrease) through net exchange differences, goodwill | 1.4 | |||
Paola Confectii | ||||
Disclosure of information for cash-generating units [line items] | ||||
Goodwill | $ 8.3 | $ 0 |
Accounts payables and accrued_3
Accounts payables and accrued liabilities (Details) - CAD ($) $ in Millions | Mar. 31, 2024 | Apr. 02, 2023 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade payables | $ 57.6 | $ 60.1 |
Accrued liabilities | 73.5 | 82.4 |
Employee benefits | 38.6 | 21.9 |
Derivative financial instruments | 1.9 | 3.3 |
ASPP liability (note 18) | 0 | 20 |
Other payables | 6.1 | 7.9 |
Accounts payable and accrued liabilities | $ 177.7 | $ 195.6 |
Provisions - Narrative (Details
Provisions - Narrative (Details) | 12 Months Ended |
Mar. 31, 2024 | |
Provisions [abstract] | |
Revenue recognition, return period | 30 days |
Provisions - Schedule of Reconc
Provisions - Schedule of Reconciliation of Provisions (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Reconciliation of changes in other provisions [abstract] | ||
Provisions, beginning balance | $ 58.1 | $ 49.8 |
Additional provisions recognized | 30 | 22.5 |
Reductions resulting from settlement | (23.7) | (13.9) |
Release of provisions | (0.8) | (1.3) |
Other | (0.2) | 1 |
Provisions, ending balance | 63.4 | 58.1 |
Warranty | ||
Reconciliation of changes in other provisions [abstract] | ||
Provisions, beginning balance | 30.4 | 29.2 |
Additional provisions recognized | 6.6 | 7.6 |
Reductions resulting from settlement | (6.8) | (6.4) |
Release of provisions | 0 | 0 |
Other | 0.1 | 0 |
Provisions, ending balance | 30.3 | 30.4 |
Sales returns | ||
Reconciliation of changes in other provisions [abstract] | ||
Provisions, beginning balance | 15.6 | 12.9 |
Additional provisions recognized | 20.8 | 10.8 |
Reductions resulting from settlement | (16.9) | (7.5) |
Release of provisions | (0.7) | (1.3) |
Other | 0 | 0.7 |
Provisions, ending balance | 18.8 | 15.6 |
Asset retirement obligations | ||
Reconciliation of changes in other provisions [abstract] | ||
Provisions, beginning balance | 12.1 | 7.7 |
Additional provisions recognized | 2.6 | 4.1 |
Reductions resulting from settlement | 0 | 0 |
Release of provisions | (0.1) | 0 |
Other | (0.3) | 0.3 |
Provisions, ending balance | $ 14.3 | $ 12.1 |
Provisions - Schedule of Curren
Provisions - Schedule of Current and Non-Current Provisions (Details) - CAD ($) $ in Millions | Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 |
Provisions [abstract] | |||
Current provisions | $ 26.1 | $ 21.6 | |
Non-current provisions | 37.3 | 36.5 | |
Provisions | $ 63.4 | $ 58.1 | $ 49.8 |
Borrowings - Amendments to borr
Borrowings - Amendments to borrowings (Details) $ in Millions | Jul. 02, 2023 CAD ($) |
Deferred financing costs netting | The Revolving Facility | |
Disclosure of detailed information about borrowings [line items] | |
Borrowings | $ (0.7) |
Borrowings - Revolving Facility
Borrowings - Revolving Facility (Details) - The Revolving Facility - CAD ($) | Mar. 31, 2024 | Apr. 02, 2023 | Feb. 24, 2020 |
Disclosure of detailed information about borrowings [line items] | |||
Line of credit facility, maximum borrowing capacity | $ 467,500,000 | ||
Line of credit facility, increase in credit facility commitments | $ 517,500,000 | ||
Line of credit facility, repayment | $ 0 | ||
Line of credit facility, interest and administrative fees, outstanding | $ 0 | 0 | |
Line of credit facility, unused borrowing capacity | 203,700,000 | 238,400,000 | |
Line of credit facility, credit commitment | 25,000,000 | ||
Line of credit facility, credit sub-commitment | 5,000,000 | ||
Line of credit facility, swingline commitment | 25,000,000 | ||
Deferred financing charges | Other noncurrent liabilities | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 1,000,000 | 500,000 | |
Letters of credit outstanding | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 1,500,000 | $ 1,800,000 |
Borrowings - Term Loan (Details
Borrowings - Term Loan (Details) - Term Loan $ in Thousands, $ in Millions | Mar. 31, 2024 CAD ($) | Mar. 31, 2024 USD ($) | Apr. 02, 2023 CAD ($) | Apr. 02, 2023 USD ($) | Oct. 07, 2020 USD ($) |
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings | $ 392.5 | $ 395.7 | $ 300,000 | ||
Borrowings, quarterly repayment | $ 750 | ||||
Borrowings, interest rate | 8.94% | 8.94% | |||
Borrowings, outstanding amount | $ 393.1 | $ 290,300 | $ 396.3 | $ 293,300 | |
Secured Overnight Financing Rate | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, interest rate | 3.50% | ||||
Borrowings interest rate, additional rate (%) | 0.11448% | ||||
Minimum | Secured Overnight Financing Rate | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, interest rate | 0.75% |
Borrowings - Schedule of Term L
Borrowings - Schedule of Term Loan (Details) - Term Loan $ in Millions, $ in Millions | Mar. 31, 2024 CAD ($) | Mar. 31, 2024 USD ($) | Apr. 02, 2023 CAD ($) | Apr. 02, 2023 USD ($) | Oct. 07, 2020 USD ($) |
Disclosure of detailed information about borrowings [line items] | |||||
Term Loan | $ 393.1 | $ 290.3 | $ 396.3 | $ 293.3 | |
Unamortized portion of deferred transaction costs | (0.6) | (0.6) | |||
Total borrowings | $ 392.5 | $ 395.7 | $ 300 |
Borrowings - Mainland China Fac
Borrowings - Mainland China Facilities (Details) ¥ in Millions, ¥ in Millions | 12 Months Ended | |||||
Mar. 31, 2024 CAD ($) segment | Mar. 31, 2024 JPY (¥) segment | Mar. 31, 2024 CNY (¥) segment | Apr. 02, 2023 CAD ($) | Apr. 02, 2023 JPY (¥) | Apr. 02, 2023 CNY (¥) | |
Disclosure of detailed information about borrowings [line items] | ||||||
Short-term borrowings | $ | $ 9,400,000 | $ 27,600,000 | ||||
Mainland China Facilities | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings, number of loan facilities | segment | 2 | 2 | 2 | |||
Borrowings | $ 50,000,000 | ¥ 266.4 | ||||
Borrowings, interest rate in terms of loan rate | 1 year | |||||
Short-term borrowings | $ 0 | 9,800,000 | ¥ 50 | |||
Mainland China Facilities | Minimum | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings, adjustment to interest rate basis | 0.35% | 0.35% | 0.35% | |||
Mainland China Facilities | Maximum | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings, term | 12 months | |||||
Borrowings, adjustment to interest rate basis | 0.45% | 0.45% | 0.45% | |||
Mainland China Facilities | Term one | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings, term | 1 month | |||||
Borrowings, interest rate payable, period | 1 month | |||||
Mainland China Facilities | Term two | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings, term | 3 months | |||||
Borrowings, interest rate payable, period | 3 months | |||||
Mainland China Facilities | Term three | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings, term | 6 months | |||||
Borrowings, interest rate payable, period | 6 months | |||||
Japan Facility | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings, term | 12 months | |||||
Short-term borrowings | $ 5,400,000 | ¥ 600 | $ 13,700,000 | ¥ 1,350 | ||
Borrowings, interest rate | 0.45% | 0.45% | 0.45% |
Borrowings - Japan Facility (De
Borrowings - Japan Facility (Details) ¥ in Millions, ¥ in Millions | 12 Months Ended | ||||
Mar. 31, 2024 JPY (¥) | Mar. 31, 2024 CAD ($) | Apr. 02, 2023 JPY (¥) | Apr. 02, 2023 CAD ($) | Apr. 02, 2023 CNY (¥) | |
Disclosure of detailed information about borrowings [line items] | |||||
Short-term borrowings | $ 9,400,000 | $ 27,600,000 | |||
Japan Facility | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Line of credit facility, maximum borrowing capacity | ¥ 4,000 | $ 35,800,000 | |||
Borrowings, interest rate | 0.45% | 0.45% | |||
Borrowings, term | 12 months | ||||
Short-term borrowings | ¥ 600 | $ 5,400,000 | ¥ 1,350 | 13,700,000 | |
Japan Facility | TIBOR | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, adjustment to interest rate basis | 0.30% | 0.30% | |||
Mainland China Facilities | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Short-term borrowings | $ 0 | $ 9,800,000 | ¥ 50 |
Borrowings - Short-term Borrowi
Borrowings - Short-term Borrowings (Details) ¥ in Millions, ¥ in Millions | Mar. 31, 2024 CAD ($) | Mar. 31, 2024 JPY (¥) | Apr. 02, 2023 CAD ($) | Apr. 02, 2023 JPY (¥) | Apr. 02, 2023 CNY (¥) |
Disclosure of detailed information about borrowings [line items] | |||||
Short-term borrowings | $ 9,400,000 | $ 27,600,000 | |||
Mainland China Facilities | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Short-term borrowings | 0 | 9,800,000 | ¥ 50 | ||
Japan Facility | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Short-term borrowings | 5,400,000 | ¥ 600 | 13,700,000 | ¥ 1,350 | |
Term Loan | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Short-term borrowings | $ 4,000,000 | $ 4,100,000 |
Borrowings - Schedule of Net In
Borrowings - Schedule of Net Interest and Other Finance Costs (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | |
Disclosure of detailed information about borrowings [line items] | |||
Standby fees | $ 1.2 | $ 1.8 | $ 0.9 |
Acceleration of unamortized costs on debt extinguishment | 0 | 0 | 9.5 |
Foreign exchange losses on Term Loan net of hedges | 2.1 | 12.1 | 2.8 |
Fair value remeasurement on the put option liability (note 21) | 1.6 | 10.9 | 0 |
Fair value remeasurement on the contingent consideration (note 21) | 2.8 | (2.9) | 0 |
Interest income | (1.3) | (0.9) | (0.4) |
Other costs | 1 | 1 | 0.3 |
Net interest, finance and other costs | 48.8 | 54.1 | 41.8 |
Mainland China Facilities | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 0.9 | 0.5 | 0.4 |
Japan Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 0.1 | 0.1 | 0 |
Revolving Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 2.8 | 1.1 | 1.8 |
Term Loan | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | 19.9 | 18.8 | 17.4 |
Lease liabilities | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | $ 17.7 | $ 11.6 | $ 9.1 |
Shareholders' equity - Issued S
Shareholders' equity - Issued Share Capital (Details) | 12 Months Ended |
Mar. 31, 2024 vote | |
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) | 0.15 |
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 (Details) - CAD ($) $ in Millions | 9 Months Ended | 12 Months Ended | 16 Months Ended | |||||
Aug. 06, 2021 | Dec. 31, 2023 | Nov. 21, 2024 | Mar. 31, 2024 | Nov. 21, 2023 | Apr. 02, 2023 | Apr. 03, 2022 | Mar. 31, 2024 | |
Disclosure of classes of share capital [line items] | ||||||||
Number of shares repurchased (in shares) | 7,855,007 | 1,152,802 | 5,636,763 | |||||
Normal course issuer bid purchase of subordinate voting shares | $ 140.2 | $ 26.7 | $ 253.2 | |||||
Share repurchase program, liability to broker | $ 0 | $ 20 | $ 0 | |||||
Share repurchase program, percentage of issued and outstanding shares | 10% | |||||||
Subordinate voting shares | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Share repurchase program, period | 12 months | 12 months | ||||||
Number of shares repurchased (in shares) | 4,268,883 | 7,855,007 | 1,152,802 | 5,636,763 | 5,421,685 | |||
Normal course issuer bid purchase of subordinate voting shares | $ 83.3 | $ 26.7 | $ 253.2 | $ 111.2 | ||||
Subordinate voting shares | Maximum | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares authorized for repurchase (in shares) | 4,980,505 | 5,421,685 | 5,943,239 | |||||
Subordinate voting shares | Automatic Share Purchase Plan (“ASPP”) | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares repurchased (in shares) | 1,184,152 | 3,088,648 | 821,622 | |||||
Normal course issuer bid purchase of subordinate voting shares | $ 25.3 | $ 49.6 | $ 20 | |||||
Subordinate voting shares | Fiscal 2024 NCIB | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares repurchased (in shares) | 3,586,124 | |||||||
Normal course issuer bid purchase of subordinate voting shares | $ 56.9 | |||||||
Retained earnings | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Normal course issuer bid purchase of subordinate voting shares | 122.4 | 24.3 | $ 241.3 | |||||
Retained earnings | Subordinate voting shares | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Normal course issuer bid purchase of subordinate voting shares | $ 73.6 | $ 25.4 | $ 241.3 | |||||
Retained earnings | Subordinate voting shares | Fiscal 2024 NCIB | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Normal course issuer bid purchase of subordinate voting shares | $ 48.8 |
Shareholders' equity - Schedule
Shareholders' equity - Schedule of Transactions Affecting Issued and Outstanding Share Capital (Details) - CAD ($) $ in Millions | 9 Months Ended | 12 Months Ended | 16 Months Ended | ||
Dec. 31, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | Mar. 31, 2024 | |
Number | |||||
Number of shares outstanding, beginning balance (in shares) | 104,188,988 | 104,188,988 | 105,194,508 | 110,439,155 | |
Purchase of subordinate voting shares (in shares) | (7,855,007) | (1,103,102) | (5,636,763) | ||
Purchase of subordinate voting shares held for cancellation (in shares) | (49,700) | ||||
Purchase of subordinate voting shares (in shares) | (7,855,007) | (1,152,802) | (5,636,763) | ||
Exercise of stock options (in shares) | 64,058 | 60,248 | 342,148 | ||
Settlement of RSUs (in shares) | 134,475 | 87,034 | 49,968 | ||
Total share issuances (in shares) | 198,533 | 147,282 | 392,116 | ||
Number of shares outstanding, ending balance (in shares) | 96,532,514 | 104,188,988 | 105,194,508 | 96,532,514 | |
$ | |||||
Shareholders’ equity, beginning balance | $ 477.5 | $ 477.5 | $ 427.9 | $ 577.6 | |
Total share issuances | 0.1 | 0 | 7.1 | ||
Shareholders’ equity, ending balance | $ 423.5 | $ 477.5 | $ 427.9 | $ 423.5 | |
Multiple voting shares | |||||
Number | |||||
Number of shares outstanding, beginning balance (in shares) | 51,004,076 | 51,004,076 | 51,004,076 | 51,004,076 | |
Purchase of subordinate voting shares (in shares) | 0 | 0 | 0 | ||
Purchase of subordinate voting shares held for cancellation (in shares) | 0 | ||||
Purchase of subordinate voting shares (in shares) | 0 | 0 | 0 | ||
Exercise of stock options (in shares) | 0 | 0 | 0 | ||
Settlement of RSUs (in shares) | 0 | 0 | 0 | ||
Total share issuances (in shares) | 0 | 0 | 0 | ||
Number of shares outstanding, ending balance (in shares) | 51,004,076 | 51,004,076 | 51,004,076 | 51,004,076 | |
Subordinate voting shares | |||||
Number | |||||
Number of shares outstanding, beginning balance (in shares) | 53,184,912 | 53,184,912 | 54,190,432 | 59,435,079 | |
Purchase of subordinate voting shares (in shares) | (7,855,007) | (1,103,102) | (5,636,763) | ||
Purchase of subordinate voting shares held for cancellation (in shares) | (49,700) | ||||
Purchase of subordinate voting shares (in shares) | (4,268,883) | (7,855,007) | (1,152,802) | (5,636,763) | (5,421,685) |
Exercise of stock options (in shares) | 64,058 | 60,248 | 342,148 | ||
Settlement of RSUs (in shares) | 134,475 | 87,034 | 49,968 | ||
Total share issuances (in shares) | 198,533 | 147,282 | 392,116 | ||
Number of shares outstanding, ending balance (in shares) | 45,528,438 | 53,184,912 | 54,190,432 | 45,528,438 | |
Share capital | |||||
$ | |||||
Shareholders’ equity, beginning balance | $ 118.7 | $ 118.7 | $ 118.5 | $ 120.5 | |
Purchase of subordinate voting shares (in $ per share) | (17.8) | (2.4) | (11.9) | ||
Purchase of subordinate voting shares held for cancellation | (0.1) | ||||
Total share purchases | (17.8) | (2.5) | (11.9) | ||
Exercise of stock options (in $ per share) | 0.2 | 0 | 8.5 | ||
Settlement of RSUs | 3.8 | 2.7 | 1.4 | ||
Total share issuances | 4 | 2.7 | 9.9 | ||
Shareholders’ equity, ending balance | 104.9 | 118.7 | 118.5 | $ 104.9 | |
Share capital | Multiple voting shares | |||||
$ | |||||
Shareholders’ equity, beginning balance | 1.4 | 1.4 | 1.4 | 1.4 | |
Purchase of subordinate voting shares (in $ per share) | 0 | 0 | 0 | ||
Purchase of subordinate voting shares held for cancellation | 0 | ||||
Total share purchases | 0 | 0 | 0 | ||
Exercise of stock options (in $ per share) | 0 | 0 | 0 | ||
Settlement of RSUs | 0 | 0 | 0 | ||
Total share issuances | 0 | 0 | 0 | ||
Shareholders’ equity, ending balance | 1.4 | 1.4 | 1.4 | 1.4 | |
Share capital | Subordinate voting shares | |||||
$ | |||||
Shareholders’ equity, beginning balance | $ 117.3 | 117.3 | 117.1 | 119.1 | |
Purchase of subordinate voting shares (in $ per share) | (17.8) | (2.4) | (11.9) | ||
Purchase of subordinate voting shares held for cancellation | (0.1) | ||||
Total share purchases | (17.8) | (2.5) | (11.9) | ||
Exercise of stock options (in $ per share) | 0.2 | 0 | 8.5 | ||
Settlement of RSUs | 3.8 | 2.7 | 1.4 | ||
Total share issuances | 4 | 2.7 | 9.9 | ||
Shareholders’ equity, ending balance | $ 103.5 | $ 117.3 | $ 117.1 | $ 103.5 |
Share-based payments - Narrativ
Share-based payments - Narrative (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | |
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 | $ 10.4 | $ 15 | $ 14 |
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 (in shares) | 0 | ||
Omnibus Plan | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period of stock options | 4 years | ||
Vesting rate | 25% | ||
Vesting period of RSUs | 3 years | ||
Subordinate voting shares | Omnibus Plan | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Stock issued per RSU upon settlement (in shares) | 1 | ||
Maximum number of shares reserved for issuance under equity incentive plans (in shares) | 5,310,387 |
Share-based payments - Schedule
Share-based payments - Schedule of Stock Option Transactions (Details) | 12 Months Ended | ||
Mar. 31, 2024 shares $ / shares | Apr. 02, 2023 shares $ / shares | Apr. 03, 2022 shares $ / shares | |
Weighted average exercise price | |||
Options outstanding, beginning balance (in CAD per share) | $ / shares | $ 36.58 | $ 42.99 | |
Granted to purchase shares (in CAD per share) | $ / shares | 19.77 | 24.63 | |
Exercised (in CAD per share) | $ / shares | 1.61 | 0.23 | |
Cancelled (in CAD per share) | $ / shares | 28.83 | 40.66 | |
Options outstanding, ending balance (in CAD per share) | $ / shares | $ 33.51 | $ 36.58 | $ 42.99 |
Number of shares | |||
Options/RSUs/PSUs outstanding, beginning balance (in shares) | shares | 4,055,199 | 2,722,690 | |
Granted to purchase shares (in shares) | shares | 1,278,211 | 1,580,506 | |
Exercised (in shares) | shares | (64,058) | (60,248) | (342,148) |
Cancelled (in shares) | shares | (660,575) | (187,749) | |
Options/RSUs/PSUs outstanding, ending balance (in shares) | shares | 4,608,777 | 4,055,199 | 2,722,690 |
Share-based payments - Schedu_2
Share-based payments - Schedule of Stock Options Outstanding and Exercisable (Details) | 12 Months Ended | ||
Mar. 31, 2024 shares $ / shares | Apr. 02, 2023 shares | Apr. 03, 2022 shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of options outstanding (in shares) | 4,608,777 | 4,055,199 | 2,722,690 |
Weighted average remaining life in years, options outstanding | 7 years | ||
Number of options exercisable (in shares) | 2,126,205 | ||
Weighted average remaining life in years, options exercisable | 5 years 3 months 18 days | ||
$0.02 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (in CAD per share) | $ / shares | $ 0.02 | ||
Number of options outstanding (in shares) | 15,434 | ||
Weighted average remaining life in years, options outstanding | 0 years | ||
Number of options exercisable (in shares) | 15,434 | ||
Weighted average remaining life in years, options exercisable | 0 years | ||
$1.79 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (in CAD per share) | $ / shares | $ 1.79 | ||
Number of options outstanding (in shares) | 44,307 | ||
Weighted average remaining life in years, options outstanding | 9 months 18 days | ||
Number of options exercisable (in shares) | 44,307 | ||
Weighted average remaining life in years, options exercisable | 9 months 18 days | ||
$8.94 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (in CAD per share) | $ / shares | $ 8.94 | ||
Number of options outstanding (in shares) | 122,221 | ||
Weighted average remaining life in years, options outstanding | 2 years 9 months 18 days | ||
Number of options exercisable (in shares) | 122,221 | ||
Weighted average remaining life in years, options exercisable | 2 years 9 months 18 days | ||
$14.29 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (in CAD per share) | $ / shares | $ 14.29 | ||
Number of options outstanding (in shares) | 2,565 | ||
Weighted average remaining life in years, options outstanding | 9 years 7 months 6 days | ||
Number of options exercisable (in shares) | 0 | ||
Weighted average remaining life in years, options exercisable | 0 years | ||
$16.21 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (in CAD per share) | $ / shares | $ 16.21 | ||
Number of options outstanding (in shares) | 519,884 | ||
Weighted average remaining life in years, options outstanding | 9 years 10 months 24 days | ||
Number of options exercisable (in shares) | 0 | ||
Weighted average remaining life in years, options exercisable | 0 years | ||
$22.24 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (in CAD per share) | $ / shares | $ 22.24 | ||
Number of options outstanding (in shares) | 611,798 | ||
Weighted average remaining life in years, options outstanding | 9 years 1 month 6 days | ||
Number of options exercisable (in shares) | 0 | ||
Weighted average remaining life in years, options exercisable | 0 years | ||
$23.64 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (in CAD per share) | $ / shares | $ 23.64 | ||
Number of options outstanding (in shares) | 42,576 | ||
Weighted average remaining life in years, options outstanding | 3 years 4 months 24 days | ||
Number of options exercisable (in shares) | 42,576 | ||
Weighted average remaining life in years, options exercisable | 3 years 4 months 24 days | ||
$23.77 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (in CAD per share) | $ / shares | $ 23.77 | ||
Number of options outstanding (in shares) | 12,285 | ||
Weighted average remaining life in years, options outstanding | 8 years 2 months 12 days | ||
Number of options exercisable (in shares) | 3,072 | ||
Weighted average remaining life in years, options exercisable | 8 years 2 months 12 days | ||
$24.64 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (in CAD per share) | $ / shares | $ 24.64 | ||
Number of options outstanding (in shares) | 1,169,619 | ||
Weighted average remaining life in years, options outstanding | 7 years 10 months 24 days | ||
Number of options exercisable (in shares) | 322,809 | ||
Weighted average remaining life in years, options exercisable | 7 years 2 months 12 days | ||
$30.73 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (in CAD per share) | $ / shares | $ 30.73 | ||
Number of options outstanding (in shares) | 48,730 | ||
Weighted average remaining life in years, options outstanding | 3 years | ||
Number of options exercisable (in shares) | 48,730 | ||
Weighted average remaining life in years, options exercisable | 3 years | ||
$31.79 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (in CAD per share) | $ / shares | $ 31.79 | ||
Number of options outstanding (in shares) | 35,622 | ||
Weighted average remaining life in years, options outstanding | 3 years 7 months 6 days | ||
Number of options exercisable (in shares) | 35,622 | ||
Weighted average remaining life in years, options exercisable | 3 years 7 months 6 days | ||
$33.97 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (in CAD per share) | $ / shares | $ 33.97 | ||
Number of options outstanding (in shares) | 635,096 | ||
Weighted average remaining life in years, options outstanding | 5 years 9 months 18 days | ||
Number of options exercisable (in shares) | 462,427 | ||
Weighted average remaining life in years, options exercisable | 5 years 7 months 6 days | ||
$45.34 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (in CAD per share) | $ / shares | $ 45.34 | ||
Number of options outstanding (in shares) | 33,708 | ||
Weighted average remaining life in years, options outstanding | 4 years | ||
Number of options exercisable (in shares) | 33,708 | ||
Weighted average remaining life in years, options exercisable | 4 years | ||
$48.93 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (in CAD per share) | $ / shares | $ 48.93 | ||
Number of options outstanding (in shares) | 541,197 | ||
Weighted average remaining life in years, options outstanding | 6 years 10 months 24 days | ||
Number of options exercisable (in shares) | 284,064 | ||
Weighted average remaining life in years, options exercisable | 6 years 7 months 6 days | ||
$50.00 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (in CAD per share) | $ / shares | $ 50 | ||
Number of options outstanding (in shares) | 250,000 | ||
Weighted average remaining life in years, options outstanding | 6 years 2 months 12 days | ||
Number of options exercisable (in shares) | 187,500 | ||
Weighted average remaining life in years, options exercisable | 6 years 2 months 12 days | ||
$63.03 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (in CAD per share) | $ / shares | $ 63.03 | ||
Number of options outstanding (in shares) | 359,157 | ||
Weighted average remaining life in years, options outstanding | 4 years 9 months 18 days | ||
Number of options exercisable (in shares) | 359,157 | ||
Weighted average remaining life in years, options exercisable | 4 years 9 months 18 days | ||
$83.53 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price (in CAD per share) | $ / shares | $ 83.53 | ||
Number of options outstanding (in shares) | 164,578 | ||
Weighted average remaining life in years, options outstanding | 3 years 9 months 18 days | ||
Number of options exercisable (in shares) | 164,578 | ||
Weighted average remaining life in years, options exercisable | 3 years 9 months 18 days |
Share-based payments - Schedu_3
Share-based payments - Schedule of RSU and PSU Transactions (Details) | 12 Months Ended | |
Mar. 31, 2024 shares share | Apr. 02, 2023 shares share | |
Number of shares | ||
Options/RSUs/PSUs outstanding, beginning balance (in shares) | 4,055,199 | 2,722,690 |
Granted (in shares) | 1,278,211 | 1,580,506 |
Cancelled (in shares) | (660,575) | (187,749) |
Options/RSUs/PSUs outstanding, ending balance (in shares) | 4,608,777 | 4,055,199 |
RSU | ||
Number of shares | ||
Options/RSUs/PSUs outstanding, beginning balance (in shares) | 318,082 | 215,590 |
Granted (in shares) | 438,814 | 209,187 |
Settled (in shares) | (134,475) | (87,034) |
Cancelled (in shares) | (141,903) | (19,661) |
Options/RSUs/PSUs outstanding, ending balance (in shares) | 480,518 | 318,082 |
PSU | ||
Number of shares | ||
Options/RSUs/PSUs outstanding, beginning balance (in shares) | share | 0 | 0 |
Granted (in shares) | share | 399,349 | 0 |
Cancelled (in shares) | share | (56,424) | 0 |
Options/RSUs/PSUs outstanding, ending balance (in shares) | share | 342,925 | 0 |
PSU | Minimum | ||
Number of shares | ||
Percentage of the vesting conditions | 0% | |
PSU | Maximum | ||
Number of shares | ||
Percentage of the vesting conditions | 200% |
Share-based payments - Schedu_4
Share-based payments - Schedule of Assumptions Used to Measure Fair Value of Options Granted (Details) | 12 Months Ended | |
Mar. 31, 2024 Year $ / shares | Apr. 02, 2023 Year $ / shares | |
Share-Based Payment Arrangements [Abstract] | ||
Weighted average stock price valuation (in CAD per share) | $ 19.77 | $ 24.63 |
Weighted average exercise price (in CAD per share) | $ 19.77 | $ 24.63 |
Risk-free interest rate | 4.09% | 2.52% |
Expected life in years | Year | 5.4 | 5 |
Expected dividend yield | 0% | 0% |
Volatility | 40% | 40% |
Weighted average fair value of options issued (in CAD per share) | $ 6.82 | $ 7.86 |
Share-based payment arrangement
Share-based payment arrangements - Schedule of Assumptions Used to Measure Fair Value of Options Granted - Narrative (Details) - $ / shares | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
PSU | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average fair value of restricted share units (in CAD per share) | $ 22.21 | |
RSU | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average fair value of restricted share units (in CAD per share) | $ 21.37 | $ 24.63 |
Related party transactions - Na
Related party transactions - Narrative (Details) - CAD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | |
Disclosure of transactions between related parties [line items] | |||
Expenses incurred with related parties | $ 1,100,000 | $ 1,300,000 | $ 1,700,000 |
Amounts payable, related party transactions | 200,000 | 400,000 | |
Lease liabilities | 330,500,000 | 334,800,000 | 250,700,000 |
Baffin Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Amounts payable, related party transactions | 0 | 0 | |
Lease liabilities | 2,500,000 | 3,100,000 | |
Leases as lessee, related party transactions | 1,600,000 | 1,400,000 | 1,400,000 |
Sazaby League Ltd | |||
Disclosure of transactions between related parties [line items] | |||
Amounts payable, related party transactions | 300,000 | 200,000 | |
Lease liabilities | 1,900,000 | 2,700,000 | |
Leases as lessee, related party transactions | 5,200,000 | 5,900,000 | 0 |
Sales of inventory, related party transactions | 11,900,000 | ||
Sazaby League Ltd | Japan Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Purchases of inventory, related party transactions | 11,900,000 | ||
Sazaby League Group | Japan Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Sales of inventory, related party transactions | 1,500,000 | 1,700,000 | $ 0 |
Amounts receivable, related party transactions | 100,000 | $ 100,000 | |
PCML Vendor | |||
Disclosure of transactions between related parties [line items] | |||
Lease liabilities | 1,200,000 | ||
Operating expense excluding cost of sales | 1,500,000 | ||
Cash outflow for leases | $ 100,000 |
Related party transactions - Sc
Related party transactions - Schedule of Transactions between Related Parties (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | |
Related party transactions [abstract] | |||
Short term employee benefits | $ 10.8 | $ 10.1 | $ 12.5 |
Long term employee benefits | 0.2 | 0.1 | 0.1 |
Termination benefits | 1 | 0 | 0 |
Share-based compensation | 7.3 | 11.2 | 11.5 |
Compensation expense | $ 19.3 | $ 21.4 | $ 24.1 |
Financial instruments and fai_3
Financial instruments and fair values (Details) - CAD ($) $ in Millions | Mar. 31, 2024 | Apr. 02, 2023 |
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | $ 1,481.6 | $ 1,590 |
Financial liabilities | 1,058.1 | 1,112.5 |
Carrying value | Derivatives included in accounts payable and accrued liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 1.9 | 3.3 |
Carrying value | Mainland China Facilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 9.8 |
Carrying value | Japan Facility | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 5.4 | 13.7 |
Carrying value | Term Loan | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 392.5 | 395.7 |
Carrying value | Derivatives included in other long-term liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 5.3 | 6 |
Carrying value | Put option liability included in other long-term liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 29.4 | 32.1 |
Carrying value | Contingent consideration included in other long-term liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 17.7 | 16.8 |
Carrying value | Earn-Out included in other long-term liabilities (note 5) | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 1.5 | 0 |
Carrying value | Derivatives included in accounts payable and accrued liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 15.1 | 12.4 |
Carrying value | Derivatives included in other long-term liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 6.9 | 12.4 |
Fair value | Derivatives included in accounts payable and accrued liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 1.9 | 3.3 |
Fair value | Mainland China Facilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 9.8 |
Fair value | Japan Facility | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 5.4 | 13.7 |
Fair value | Term Loan | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 389.2 | 433.1 |
Fair value | Derivatives included in other long-term liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 5.3 | 6 |
Fair value | Put option liability included in other long-term liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 29.4 | 32.1 |
Fair value | Contingent consideration included in other long-term liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 17.7 | 16.8 |
Fair value | Earn-Out included in other long-term liabilities (note 5) | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 1.5 | 0 |
Fair value | Derivatives included in accounts payable and accrued liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 15.1 | 12.4 |
Fair value | Derivatives included in other long-term liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 6.9 | 12.4 |
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 | Mainland China Facilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 1 | Japan 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 | Derivatives included in other long-term liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 1 | Put option liability included in other long-term liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 1 | Contingent consideration included in other long-term liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 1 | Earn-Out included in other long-term liabilities (note 5) | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 1 | Derivatives included in accounts payable and accrued liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 0 | 0 |
Level 1 | Derivatives included in other long-term liabilities | ||
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 | 1.9 | 3.3 |
Level 2 | Mainland China Facilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 2 | Japan Facility | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 5.4 | 13.7 |
Level 2 | Term Loan | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 392.5 | 395.7 |
Level 2 | Derivatives included in other long-term liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 5.3 | 6 |
Level 2 | Put option liability included in other long-term liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 2 | Contingent consideration included in other long-term liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 2 | Earn-Out included in other long-term liabilities (note 5) | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 2 | Derivatives included in accounts payable and accrued liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 15.1 | 12.4 |
Level 2 | Derivatives included in other long-term liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 6.9 | 12.4 |
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 | Mainland China Facilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 9.8 |
Level 3 | Japan 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 | 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 | Put option liability included in other long-term liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 29.4 | 32.1 |
Level 3 | Contingent consideration included in other long-term liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 17.7 | 16.8 |
Level 3 | Earn-Out included in other long-term liabilities (note 5) | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 1.5 | 0 |
Level 3 | Derivatives included in accounts payable and accrued liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 0 | 0 |
Level 3 | Derivatives included in other long-term liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | $ 0 | $ 0 |
Financial instruments and fai_4
Financial instruments and fair values - Narrative (Details) ¥ in Millions | 12 Months Ended | |||
Mar. 31, 2024 JPY (¥) | Mar. 31, 2024 CAD ($) | Apr. 02, 2023 JPY (¥) | Apr. 02, 2023 CAD ($) | |
Contingent consideration included in other long-term liabilities | ||||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||||
Gains (losses) recognised in profit or loss excluding exchange differences, fair value measurement, liabilities | ¥ (327) | $ (900,000) | ¥ 301.2 | $ 3,200,000 |
Gains (losses) recognised in profit or loss on exchange differences, fair value measurement, liabilities | (1,900,000) | $ (300,000) | ||
Cash flow forecasts, term (in years) | 4 years | 4 years | ||
Put option liability included in other long-term liabilities | ||||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||||
Gains (losses) recognised in profit or loss excluding exchange differences, fair value measurement, liabilities | ¥ (129.3) | 2,700,000 | ¥ (1,079.9) | $ (10,900,000) |
Gains (losses) recognised in profit or loss on exchange differences, fair value measurement, liabilities | $ (4,300,000) | $ (100,000) | ||
Cash flow forecasts, term (in years) | 10 years | 10 years |
Financial risk management obj_3
Financial risk management objectives and policies - Schedule of Contractual Undiscounted Future Cash Flow Requirements (Details) $ in Millions | Mar. 31, 2024 CAD ($) |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Accounts payable and accrued liabilities | $ 177.7 |
Lease obligations | 390.3 |
Pension obligation | 1.8 |
Total contractual obligations | 1,091.4 |
Japan Facility | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | $ 5.4 |
Borrowings, interest rate | 0.45% |
Term Loan | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | $ 393.1 |
Borrowings, interest rate | 8.94% |
Interest commitments relating to borrowings | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Interest commitments relating to borrowings | $ 123.1 |
2025 | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Accounts payable and accrued liabilities | 177.7 |
Lease obligations | 92 |
Pension obligation | 0 |
Total contractual obligations | 314.3 |
2025 | Japan Facility | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | 5.4 |
2025 | Term Loan | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | 4 |
2025 | Interest commitments relating to borrowings | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Interest commitments relating to borrowings | 35.2 |
2026 | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Accounts payable and accrued liabilities | 0 |
Lease obligations | 75.8 |
Pension obligation | 0 |
Total contractual obligations | 115.1 |
2026 | Japan Facility | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | 0 |
2026 | Term Loan | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | 4.1 |
2026 | Interest commitments relating to borrowings | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Interest commitments relating to borrowings | 35.2 |
2027 | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Accounts payable and accrued liabilities | 0 |
Lease obligations | 66.3 |
Pension obligation | 0 |
Total contractual obligations | 105.6 |
2027 | Japan Facility | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | 0 |
2027 | Term Loan | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | 4.1 |
2027 | Interest commitments relating to borrowings | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Interest commitments relating to borrowings | 35.2 |
2028 | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Accounts payable and accrued liabilities | 0 |
Lease obligations | 42.1 |
Pension obligation | 0 |
Total contractual obligations | 440.5 |
2028 | Japan Facility | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | 0 |
2028 | Term Loan | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | 380.9 |
2028 | Interest commitments relating to borrowings | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Interest commitments relating to borrowings | 17.5 |
2029 | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Accounts payable and accrued liabilities | 0 |
Lease obligations | 32.5 |
Pension obligation | 0 |
Total contractual obligations | 32.5 |
2029 | Japan Facility | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | 0 |
2029 | Term Loan | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | 0 |
2029 | Interest commitments relating to borrowings | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Interest commitments relating to borrowings | 0 |
Thereafter | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Accounts payable and accrued liabilities | 0 |
Lease obligations | 81.6 |
Pension obligation | 1.8 |
Total contractual obligations | 83.4 |
Thereafter | Japan Facility | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | 0 |
Thereafter | Term Loan | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual obligations with banks | 0 |
Thereafter | Interest commitments relating to borrowings | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Interest commitments relating to borrowings | $ 0 |
Financial risk management obj_4
Financial risk management objectives and policies - Narrative (Details) ¥ in Thousands, ¥ in Millions, $ in Millions | 12 Months Ended | |||||||||||||
Apr. 14, 2020 CAD ($) | Dec. 23, 2019 EUR (€) | Mar. 31, 2024 CAD ($) | Apr. 02, 2023 CAD ($) | Apr. 03, 2022 CAD ($) | Mar. 31, 2024 JPY (¥) | Mar. 31, 2024 CAD ($) | Mar. 31, 2024 CNY (¥) | Jun. 30, 2023 USD ($) | Apr. 02, 2023 JPY (¥) | Apr. 02, 2023 CAD ($) | Oct. 30, 2020 CAD ($) | Oct. 30, 2020 USD ($) | Oct. 07, 2020 USD ($) | |
Disclosure of credit risk exposure [line items] | ||||||||||||||
Current deposits from customers | $ 22,900,000 | $ 200,000 | ||||||||||||
Trade accounts receivable factored limit | € | € 20,000,000 | |||||||||||||
Exchange rate of cash received for trade accounts receivable | 100% | |||||||||||||
Trade accounts receivable factor fee rate | 1.15% | |||||||||||||
Proceeds from sale of trade accounts receivable | $ 46,300,000 | $ 45,700,000 | ||||||||||||
Trade accounts receivable factor fee expense (less than) | 400,000 | 300,000 | ||||||||||||
Trade accounts receivable derecognized but serviced | 600,000 | 1,100,000 | ||||||||||||
Settlement of term loan derivative contracts | 0 | 8,600,000 | $ 0 | |||||||||||
Foreign exchange risk | ||||||||||||||
Disclosure of credit risk exposure [line items] | ||||||||||||||
Unrealized gains (losses) on foreign exchange contracts not treated as hedges | 1,700,000 | 4,500,000 | 4,700,000 | |||||||||||
Fair value hedges | Foreign currency risk | Forward contract | ||||||||||||||
Disclosure of credit risk exposure [line items] | ||||||||||||||
Borrowings | $ 270 | |||||||||||||
Hedging instrument, term | 5 years | 5 years | ||||||||||||
Notional amount of derivative | $ 368,500,000 | |||||||||||||
Cash flow hedges | Foreign exchange risk | Long-dated forward exchange contract | ||||||||||||||
Disclosure of credit risk exposure [line items] | ||||||||||||||
Unrealized gains (losses) on foreign exchange contracts not treated as hedges | $ (1,300,000) | $ 17,500,000 | $ (4,600,000) | |||||||||||
Third party | Credit risk | ||||||||||||||
Disclosure of credit risk exposure [line items] | ||||||||||||||
Accounts receivable, insurance lossess, deductible amount | 100,000 | |||||||||||||
Accounts receivable, insurance losses, maximum annual amount insured | 30,000,000 | |||||||||||||
Accounts receivable insured under the agreement | 14,800,000 | 10,300,000 | ||||||||||||
Third party | Credit risk | Canada Goose Japan, K.K. | ||||||||||||||
Disclosure of credit risk exposure [line items] | ||||||||||||||
Accounts receivable, insurance losses, maximum annual amount insured | ¥ | ¥ 540,000 | |||||||||||||
Accounts receivable insured under the agreement | ¥ 32,500 | $ 300,000 | ¥ 72,800 | 700,000 | ||||||||||
Accounts receivable, insurance losses, percentage deductible | 10% | 10% | 10% | |||||||||||
Accounts receivable, insurance losses, minimum account receivables | ¥ | ¥ 100 | |||||||||||||
Third party | Maximum | Credit risk | ||||||||||||||
Disclosure of credit risk exposure [line items] | ||||||||||||||
Accounts receivable, insurance losses, coverage percentage | 90% | 90% | 90% | |||||||||||
Short-term borrowings | ||||||||||||||
Disclosure of credit risk exposure [line items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 10,000,000 | |||||||||||||
Line of credit facility, maximum term | 12 months | |||||||||||||
Line of credit, annual percentage | 1% | |||||||||||||
Line of credit, outstanding amount | $ 7,400,000 | |||||||||||||
Short-term borrowings | Mainland China Facilities | ||||||||||||||
Disclosure of credit risk exposure [line items] | ||||||||||||||
Line of credit, outstanding amount | 9,100,000 | |||||||||||||
Mainland China Facilities | ||||||||||||||
Disclosure of credit risk exposure [line items] | ||||||||||||||
Borrowings | 50,000,000 | ¥ 266.4 | ||||||||||||
Japan Facility | ||||||||||||||
Disclosure of credit risk exposure [line items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | ¥ 4,000,000 | $ 35,800,000 | ||||||||||||
Borrowings, interest rate | 0.45% | 0.45% | 0.45% | |||||||||||
Japan Facility | Interest rate risk | ||||||||||||||
Disclosure of credit risk exposure [line items] | ||||||||||||||
Borrowings, interest rate | 0.45% | 0.45% | 0.45% | |||||||||||
Term Loan | ||||||||||||||
Disclosure of credit risk exposure [line items] | ||||||||||||||
Borrowings | $ 392,500,000 | $ 395,700,000 | $ 300 | |||||||||||
Borrowings, interest rate | 8.94% | 8.94% | 8.94% | |||||||||||
Term Loan | Interest rate risk | ||||||||||||||
Disclosure of credit risk exposure [line items] | ||||||||||||||
Borrowings, interest rate | 8.94% | 8.94% | 8.94% | |||||||||||
Term Loan | Interest rate risk | Interest rate swap contract | ||||||||||||||
Disclosure of credit risk exposure [line items] | ||||||||||||||
Hedging instrument, term | 5 years | 5 years | ||||||||||||
Notional amount of derivative | $ 300 | $ 270 |
Financial risk management obj_5
Financial risk management objectives and policies - Schedule of Aging of Trade Receivables (Details) - CAD ($) $ in Millions | Mar. 31, 2024 | Apr. 02, 2023 |
Trade And Other Current Receivables [Line Items] | ||
Trade accounts receivable | $ 57.1 | $ 30.4 |
Credit card receivables | 3.7 | 2.5 |
Other receivables | 12.3 | 19.5 |
Current receivables | 73.1 | 52.4 |
Credit risk | Carrying value | ||
Trade And Other Current Receivables [Line Items] | ||
Trade accounts receivable | 57.1 | 30.4 |
Credit card receivables | 3.7 | 2.5 |
Other receivables | 12.3 | 19.5 |
Current receivables | 73.1 | 52.4 |
Credit risk | Current | Carrying value | ||
Trade And Other Current Receivables [Line Items] | ||
Trade accounts receivable | 33.5 | 22.2 |
Credit card receivables | 3.7 | 2.5 |
Other receivables | 11.8 | 18.9 |
Current receivables | 49 | 43.6 |
Credit risk | Less than 30 days | Carrying value | ||
Trade And Other Current Receivables [Line Items] | ||
Trade accounts receivable | 10 | 4.4 |
Credit card receivables | 0 | 0 |
Other receivables | 0.3 | 0.5 |
Current receivables | 10.3 | 4.9 |
Credit risk | 31-60 days | Carrying value | ||
Trade And Other Current Receivables [Line Items] | ||
Trade accounts receivable | 5.1 | 1.1 |
Credit card receivables | 0 | 0 |
Other receivables | 0 | 0 |
Current receivables | 5.1 | 1.1 |
Credit risk | > 61 days | Carrying value | ||
Trade And Other Current Receivables [Line Items] | ||
Trade accounts receivable | 8.5 | 2.7 |
Credit card receivables | 0 | 0 |
Other receivables | 0.2 | 0.1 |
Current receivables | $ 8.7 | $ 2.8 |
Financial risk management obj_6
Financial risk management objectives and policies - Schedule of Unrealized Losses in Fair Value of Cash Flow Hedges in Other Comprehensive Income (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | |
Disclosure of detailed information about hedges [line items] | |||
Gains (losses) on cash flow hedges, net of tax | $ (0.5) | $ 0.4 | $ 8.7 |
Foreign exchange risk | Operating hedge program | Cash flow hedges | |||
Disclosure of detailed information about hedges [line items] | |||
Gains (losses) on cash flow hedges, net of tax | 1.3 | (3.7) | (4.5) |
Tax expense (recovery) | $ 0.1 | $ 0.9 | $ (0.1) |
Financial risk management obj_7
Financial risk management objectives and policies - Schedule of Losses (Gains) Reclassified from Other Comprehensive Income on Cash Flow Hedges to the Consolidated Financial Statements (Details) - Foreign exchange risk - Operating hedge program - Cash flow hedges - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | |
Disclosure of detailed information about hedges [line items] | |||
Revenue | $ 1.8 | $ 5.5 | $ 3.9 |
SG&A expenses | (0.4) | 0.1 | (0.4) |
Inventory | $ 0.5 | $ 0.8 | $ (0.9) |
Financial risk management obj_8
Financial risk management objectives and policies - Schedule of Foreign Currency Forward Exchange Contracts (Details) - Mar. 31, 2024 € in Millions, ¥ in Millions, ¥ in Millions, £ in Millions, SFr in Millions, $ in Millions, $ in Millions | USD ($) | EUR (€) | JPY (¥) | CNY (¥) | GBP (£) | HKD ($) | CHF (SFr) |
Forward contract to purchase Canadian dollars | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Aggregate Amounts | $ 62.1 | € 89.3 | ¥ 2,085.8 | ||||
Forward contract to sell Canadian dollars | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Aggregate Amounts | $ 22.4 | € 40.1 | |||||
Forward contract to purchase euros | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Aggregate Amounts | ¥ 525.4 | £ 25.5 | $ 32.9 | SFr 0.1 | |||
Forward contract to sell euros | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Aggregate Amounts | ¥ 9.2 | £ 1.5 | $ 7 | SFr 3.3 |
Financial risk management obj_9
Financial risk management objectives and policies - Schedule of Unrealized Gains (Losses) in Fair Value of Hedging Instruments in Other Comprehensive Income (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | |
Disclosure of detailed information about hedges [line items] | |||
Net loss | $ (0.5) | $ 0.4 | $ 8.7 |
Foreign exchange risk | Cross currency swap | Cash flow hedges | |||
Disclosure of detailed information about hedges [line items] | |||
Net loss | (1.8) | 4.1 | 13.2 |
Tax recovery | $ 0.3 | $ (0.8) | $ (4.5) |
Financial risk management ob_10
Financial risk management objectives and policies - Schedule of Losses (Gains) Reclassified from Other Comprehensive Income on Hedging Instruments to the Consolidated Financial Statements (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | |
Disclosure of detailed information about hedges [line items] | |||
Swaps designated as cash flow hedges | $ 1.1 | $ (6) | $ (4.7) |
Foreign exchange risk | Cross currency swap | Cash flow hedges | |||
Disclosure of detailed information about hedges [line items] | |||
Swaps designated as cash flow hedges | $ (2) | $ 0.5 | $ 0.9 |
Financial risk management ob_11
Financial risk management objectives and policies - Schedule of Sensitivity Analysis for Interest Rate Risk (Details) $ in Millions, $ in Millions | 12 Months Ended | ||||
Mar. 31, 2024 CAD ($) | Apr. 02, 2023 CAD ($) | Jun. 30, 2023 USD ($) | Jun. 29, 2023 | Oct. 30, 2020 USD ($) | |
Interest rate risk | |||||
Disclosure of credit risk exposure [line items] | |||||
Reasonably possible increase in average interest rate | 1% | ||||
Floating interest rate [member] | Interest rate swap contract | |||||
Disclosure of credit risk exposure [line items] | |||||
Average rate of hedging instrument | 1.76% | 1.97% | |||
Japan Facility | |||||
Disclosure of credit risk exposure [line items] | |||||
Borrowings, interest rate | 0.45% | ||||
Japan Facility | Interest rate risk | |||||
Disclosure of credit risk exposure [line items] | |||||
Borrowings, interest rate | 0.45% | ||||
Increase in interest expense from change in average interest rate | $ 0.1 | $ 0.3 | |||
Term Loan | |||||
Disclosure of credit risk exposure [line items] | |||||
Borrowings, interest rate | 8.94% | ||||
Term Loan | Interest rate risk | |||||
Disclosure of credit risk exposure [line items] | |||||
Borrowings, interest rate | 8.94% | ||||
Increase in interest expense from change in average interest rate | $ 3.9 | $ 3.9 | |||
Term Loan | Interest rate risk | Interest rate swap contract | |||||
Disclosure of credit risk exposure [line items] | |||||
Hedging instrument, term | 5 years | ||||
Notional amount of derivative | $ 300 | $ 270 |
Selected cash flow informatio_2
Selected cash flow information - Schedule of Changes in Non-Cash Operating Items (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | |
Cash Flow Information [Abstract] | |||
Trade receivables | $ (12.4) | $ (4.6) | $ (8.7) |
Inventories | 27.2 | (49.9) | (60.7) |
Other current assets | 2.8 | (9.4) | (3.4) |
Amounts settled or written off during the year | (9.5) | (16.8) | (8.5) |
Provisions | 5.2 | 9 | 3.7 |
Other | (2.8) | (3.7) | (5.2) |
Change in non-cash operating items | $ 10.5 | $ (75.4) | $ (82.8) |
Selected cash flow informatio_3
Selected cash flow information - Schedule of Changes in Liabilities and Equity Arising from Financing Activities (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Share capital | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities at beginning of period | $ 118.7 | $ 118.5 |
Cash flows: | ||
Normal course issuer bid purchase of subordinate voting shares | (140.2) | (26.7) |
Issuance of shares | 0.1 | |
Non-cash items: | ||
Share purchase charge to retained earnings (note 18) | 122.4 | 24.3 |
Normal course issuer bid purchase of subordinate voting shares held for cancellation (note 18) | (0.1) | |
Contributed surplus on share issuances (note 18) | 3.9 | 2.7 |
Liabilities arising from financing activities at end of period | 104.9 | 118.7 |
Mainland China Facilities | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities at beginning of period | 9.8 | 0 |
Cash flows: | ||
Repayments and principal payments | (9.8) | |
Mainland China Facilities borrowings | 9.8 | |
Non-cash items: | ||
Liabilities arising from financing activities at end of period | 0 | 9.8 |
Japan Facility | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities at beginning of period | 13.7 | 0 |
Cash flows: | ||
Repayments and principal payments | (8.3) | (5.7) |
Cash inflow from business combination | 19.4 | |
Non-cash items: | ||
Liabilities arising from financing activities at end of period | 5.4 | 13.7 |
Revolving Facility | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities at beginning of period | (0.5) | (0.9) |
Cash flows: | ||
Transactions costs on financing activities | (0.1) | |
Non-cash items: | ||
Accrued transaction costs | (0.7) | |
Amortization of deferred transaction costs | 0.3 | 0.4 |
Liabilities arising from financing activities at end of period | (1) | (0.5) |
Term Loan | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities at beginning of period | 395.7 | 370 |
Cash flows: | ||
Repayments and principal payments | (4) | (4) |
Transactions costs on financing activities | (0.1) | |
Non-cash items: | ||
Amortization of deferred transaction costs | 0.2 | 0.2 |
Unrealized foreign exchange loss (gain) | 0.7 | 29.5 |
Liabilities arising from financing activities at end of period | 392.5 | 395.7 |
Lease liabilities | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities at beginning of period | 334.8 | 250.7 |
Cash flows: | ||
Repayments and principal payments | (69.2) | (62.2) |
Cash inflow from business combination | 1.2 | 3.2 |
Non-cash items: | ||
Unrealized foreign exchange loss (gain) | (2.2) | 11.5 |
Additions and amendments to lease liabilities (note 13) | 65.9 | 132.3 |
Derecognition on termination of lease liabilities (note 13) | (0.7) | |
Liabilities arising from financing activities at end of period | 330.5 | 334.8 |
Net derivative asset on terminated contracts | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities at beginning of period | $ 0 | (7.3) |
Cash flows: | ||
Settlement of term loan derivative contracts | 8.6 | |
Non-cash items: | ||
Fair market valuation | (0.6) | |
Unrealized foreign exchange loss (gain) | (0.7) | |
Liabilities arising from financing activities at end of period | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) | Mar. 31, 2024 |
Term Loan | |
Disclosure of non-adjusting events after reporting period [line items] | |
Borrowings, interest rate | 8.94% |
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. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | |
Disclosure of transactions between related parties [line items] | |||
Gross profit | $ 917.4 | $ 815.2 | $ 733.6 |
Selling, general & administrative expenses | 792.9 | 667.6 | 574.1 |
Net interest, finance and other costs | 48.8 | 54.1 | 41.8 |
Income before income taxes | 75.7 | 93.5 | 117.7 |
Income tax recovery | 17.6 | 24.6 | 23.1 |
Net income | 58.1 | 68.9 | 94.6 |
Attributable to: | |||
Shareholders of the Company | 58.4 | 72.7 | 94.6 |
Non-controlling interest | (0.3) | (3.8) | 0 |
Net income | 58.1 | 68.9 | 94.6 |
Parent company | |||
Disclosure of transactions between related parties [line items] | |||
Equity in comprehensive income of subsidiary | 63.6 | 97.5 | 88.6 |
Fee income from subsidiary | 6.9 | 10.2 | 10.8 |
Gross profit | 70.5 | 107.7 | 99.4 |
Selling, general & administrative expenses | 16.7 | 16.8 | 16.9 |
Net interest, finance and other costs | 0 | 0.5 | 1.9 |
Income before income taxes | 53.8 | 90.4 | 80.6 |
Income tax recovery | (2.5) | (1.6) | (2) |
Net income | 56.3 | 92 | 82.6 |
Attributable to: | |||
Shareholders of the Company | 57.8 | 95.7 | 82.6 |
Non-controlling interest | (1.5) | (3.7) | 0 |
Net income | $ 56.3 | $ 92 | $ 82.6 |
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. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | Mar. 28, 2021 |
Current assets | ||||
Cash | $ 144.9 | $ 286.5 | $ 287.7 | $ 477.9 |
Total current assets | 740.8 | 863.2 | ||
Deferred income taxes | 76.3 | 67.5 | ||
Total assets | 1,481.6 | 1,590 | ||
Current liabilities | ||||
Accounts payable and accrued liabilities | 177.7 | 195.6 | ||
Total current liabilities | 309.9 | 352.4 | ||
Total liabilities | 1,058.1 | 1,112.5 | ||
Equity | ||||
Equity attributable to shareholders of the Company | 417 | 469.5 | ||
Non-controlling interests | 6.5 | 8 | ||
Total equity | 423.5 | 477.5 | 427.9 | 577.6 |
Total liabilities and equity | 1,481.6 | 1,590 | ||
Parent company | ||||
Current assets | ||||
Cash | 0 | 6.9 | 0.3 | 4.3 |
Total current assets | 0 | 6.9 | ||
Note receivable from subsidiary | 92.6 | 76.4 | ||
Investment in subsidiary | 408.9 | 479.8 | ||
Deferred income taxes | 13.4 | 10.9 | ||
Total assets | 514.9 | 574 | ||
Current liabilities | ||||
Accounts payable and accrued liabilities | 1.6 | 20.1 | ||
Due to subsidiary | 60.4 | 44.3 | ||
Total current liabilities | 62 | 64.4 | ||
Other non-current liabilities | 29.4 | 32.1 | ||
Total liabilities | 91.4 | 96.5 | ||
Equity | ||||
Equity attributable to shareholders of the Company | 417 | 469.5 | ||
Non-controlling interests | 6.5 | 8 | ||
Total equity | 423.5 | 477.5 | $ 427.9 | $ 577.6 |
Total liabilities and equity | $ 514.9 | $ 574 |
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. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | |
Disclosure of transactions between related parties [line items] | |||
Shareholders’ equity, beginning balance | $ 477.5 | $ 427.9 | $ 577.6 |
Non-controlling interest on business combination | 11.7 | ||
Put option for non-controlling interest | (21.2) | ||
Normal course issuer bid purchase of subordinate voting shares | (140.2) | (26.7) | (253.2) |
Normal course issuer bid purchase of subordinate voting shares held for cancellation | (1.2) | ||
Liability to broker under automatic share purchase plan | 20 | (20) | |
Issuance of shares | 0.1 | 0 | 7.1 |
Net income | 58.1 | 68.9 | 94.6 |
Share-based payment | 9.8 | 15 | 14 |
Deferred tax on share-based payment | (0.2) | ||
Shareholders’ equity, ending balance | 423.5 | 477.5 | 427.9 |
Total attributable to shareholders | |||
Disclosure of transactions between related parties [line items] | |||
Shareholders’ equity, beginning balance | 469.5 | 427.9 | 577.6 |
Put option for non-controlling interest | (21.2) | ||
Normal course issuer bid purchase of subordinate voting shares | (140.2) | (26.7) | (253.2) |
Normal course issuer bid purchase of subordinate voting shares held for cancellation | (1.2) | ||
Liability to broker under automatic share purchase plan | 20 | (20) | |
Issuance of shares | 0.1 | 0 | 7.1 |
Net income | 58.4 | 72.7 | 94.6 |
Share-based payment | 9.8 | 15 | 14 |
Deferred tax on share-based payment | (0.2) | ||
Shareholders’ equity, ending balance | 417 | 469.5 | 427.9 |
Share capital | |||
Disclosure of transactions between related parties [line items] | |||
Shareholders’ equity, beginning balance | 118.7 | 118.5 | 120.5 |
Normal course issuer bid purchase of subordinate voting shares | (17.8) | (2.4) | (11.9) |
Normal course issuer bid purchase of subordinate voting shares held for cancellation | (0.1) | ||
Issuance of shares | 4 | 2.7 | 9.9 |
Shareholders’ equity, ending balance | 104.9 | 118.7 | 118.5 |
Contributed surplus | |||
Disclosure of transactions between related parties [line items] | |||
Shareholders’ equity, beginning balance | 28.5 | 36.2 | 25.2 |
Liability to broker under automatic share purchase plan | 20 | (20) | |
Issuance of shares | (3.9) | (2.7) | (2.8) |
Share-based payment | 9.8 | 15 | 14 |
Deferred tax on share-based payment | (0.2) | ||
Shareholders’ equity, ending balance | 54.4 | 28.5 | 36.2 |
Retained earnings | |||
Disclosure of transactions between related parties [line items] | |||
Shareholders’ equity, beginning balance | 316.5 | 290.4 | 437.1 |
Put option for non-controlling interest | (21.2) | ||
Normal course issuer bid purchase of subordinate voting shares | (122.4) | (24.3) | (241.3) |
Normal course issuer bid purchase of subordinate voting shares held for cancellation | (1.1) | ||
Net income | 58.4 | 72.7 | 94.6 |
Shareholders’ equity, ending balance | 252.5 | 316.5 | 290.4 |
Non-controlling interest | |||
Disclosure of transactions between related parties [line items] | |||
Shareholders’ equity, beginning balance | 8 | 0 | 0 |
Non-controlling interest on business combination | 11.7 | ||
Net income | (0.3) | (3.8) | |
Shareholders’ equity, ending balance | 6.5 | 8 | 0 |
Parent company | |||
Disclosure of transactions between related parties [line items] | |||
Shareholders’ equity, beginning balance | 477.5 | 427.9 | 577.6 |
Non-controlling interest on business combination | 11.7 | ||
Put option for non-controlling interest | (21.2) | ||
Normal course issuer bid purchase of subordinate voting shares | (140.2) | (26.7) | (253.2) |
Normal course issuer bid purchase of subordinate voting shares held for cancellation | (1.2) | ||
Liability to broker under automatic share purchase plan | 20 | (20) | |
Issuance of shares | 0.1 | 0 | 7.1 |
Net income | 56.3 | 92 | 82.6 |
Share-based payment | 9.8 | 15 | 14 |
Deferred tax on share-based payment | (0.2) | ||
Shareholders’ equity, ending balance | 423.5 | 477.5 | 427.9 |
Parent company | Total attributable to shareholders | |||
Disclosure of transactions between related parties [line items] | |||
Shareholders’ equity, beginning balance | 469.5 | 427.9 | 577.6 |
Put option for non-controlling interest | (21.2) | ||
Normal course issuer bid purchase of subordinate voting shares | (140.2) | (26.7) | (253.2) |
Normal course issuer bid purchase of subordinate voting shares held for cancellation | (1.2) | ||
Liability to broker under automatic share purchase plan | 20 | (20) | |
Issuance of shares | 0.1 | 0 | 7.1 |
Net income | 57.8 | 95.7 | 82.6 |
Share-based payment | 9.8 | 15 | 14 |
Deferred tax on share-based payment | (0.2) | ||
Shareholders’ equity, ending balance | 417 | 469.5 | 427.9 |
Parent company | Share capital | |||
Disclosure of transactions between related parties [line items] | |||
Shareholders’ equity, beginning balance | 118.7 | 118.5 | 120.5 |
Normal course issuer bid purchase of subordinate voting shares | (17.8) | (2.4) | (11.9) |
Normal course issuer bid purchase of subordinate voting shares held for cancellation | (0.1) | ||
Issuance of shares | 4 | 2.7 | 9.9 |
Shareholders’ equity, ending balance | 104.9 | 118.7 | 118.5 |
Parent company | Contributed surplus | |||
Disclosure of transactions between related parties [line items] | |||
Shareholders’ equity, beginning balance | 28.5 | 36.2 | 25.2 |
Liability to broker under automatic share purchase plan | 20 | (20) | |
Issuance of shares | (3.9) | (2.7) | (2.8) |
Share-based payment | 9.8 | 15 | 14 |
Deferred tax on share-based payment | (0.2) | ||
Shareholders’ equity, ending balance | 54.4 | 28.5 | 36.2 |
Parent company | Retained earnings | |||
Disclosure of transactions between related parties [line items] | |||
Shareholders’ equity, beginning balance | 322.3 | 273.2 | 431.9 |
Put option for non-controlling interest | (21.2) | ||
Normal course issuer bid purchase of subordinate voting shares | (122.4) | (24.3) | (241.3) |
Normal course issuer bid purchase of subordinate voting shares held for cancellation | (1.1) | ||
Net income | 57.8 | 95.7 | 82.6 |
Shareholders’ equity, ending balance | 257.7 | 322.3 | 273.2 |
Parent company | Non-controlling interest | |||
Disclosure of transactions between related parties [line items] | |||
Shareholders’ equity, beginning balance | 8 | 0 | 0 |
Non-controlling interest on business combination | 11.7 | ||
Net income | (1.5) | (3.7) | |
Shareholders’ equity, ending balance | $ 6.5 | $ 8 | $ 0 |
Schedule I - Condensed Financ_5
Schedule I - Condensed Financial Information of Canada Goose Holdings Inc. - Condensed Statements of Cash Flows (Details) - CAD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | |
Operating activities | |||
Net income (loss) | $ 58,100,000 | $ 68,900,000 | $ 94,600,000 |
Items not affecting cash: | |||
Income tax recovery | 17,600,000 | 24,600,000 | 23,100,000 |
Share-based compensation | 10,200,000 | 15,000,000 | 14,000,000 |
Total items not affecting cash | 262,800,000 | 260,800,000 | 291,900,000 |
Changes in non-cash operating items | 10,500,000 | (75,400,000) | (82,800,000) |
Net cash from operating activities | 164,600,000 | 116,300,000 | 151,600,000 |
Investing activities | |||
Net cash used in investing activities | (72,400,000) | (45,300,000) | (37,200,000) |
Financing activities | |||
Normal course issuer bid purchase of subordinate voting shares | (141,400,000) | (26,700,000) | (253,200,000) |
Exercise of stock options | 100,000 | 0 | 7,100,000 |
Net cash used in financing activities | (232,800,000) | (80,700,000) | (298,200,000) |
Decrease in cash | (141,600,000) | (1,200,000) | (190,200,000) |
Cash, beginning of period | 286,500,000 | 287,700,000 | 477,900,000 |
Cash, end of period | 144,900,000 | 286,500,000 | 287,700,000 |
Parent company | |||
Operating activities | |||
Net income (loss) | 56,300,000 | 92,000,000 | 82,600,000 |
Items not affecting cash: | |||
Equity in undistributed earnings of subsidiary | (63,600,000) | (97,500,000) | (88,600,000) |
Net interest expense | 0 | 500,000 | 1,900,000 |
Income tax recovery | (2,500,000) | (1,600,000) | (2,000,000) |
Share-based compensation | 9,800,000 | 15,000,000 | 14,000,000 |
Total items not affecting cash | 0 | 8,400,000 | 7,900,000 |
Changes in non-cash operating items | 1,700,000 | (493,500,000) | (20,200,000) |
Intercompany accounts payable | 0 | 240,000,000 | 242,500,000 |
Net cash from operating activities | 1,700,000 | (245,100,000) | 230,200,000 |
Investing activities | |||
Dividend received | 131,500,000 | 198,400,000 | 0 |
Investment in shares of subsidiary | 0 | 80,000,000 | 0 |
Net cash used in investing activities | 131,500,000 | 278,400,000 | 0 |
Financing activities | |||
Normal course issuer bid purchase of subordinate voting shares | (140,200,000) | (26,700,000) | (241,300,000) |
Exercise of stock options | 100,000 | 0 | 7,100,000 |
Net cash used in financing activities | (140,100,000) | (26,700,000) | (234,200,000) |
Decrease in cash | (6,900,000) | 6,600,000 | (4,000,000) |
Cash, beginning of period | 6,900,000 | 300,000 | 4,300,000 |
Cash, end of period | $ 0 | $ 6,900,000 | $ 300,000 |
Schedule I - Condensed Financ_6
Schedule I - Condensed Financial Information of Canada Goose Holdings Inc. - Narrative (Details) - CAD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Apr. 03, 2022 | |
Parent company | |||
Disclosure of transactions between related parties [line items] | |||
Dividend received | $ 131,500,000 | $ 198,400,000 | $ 0 |