Fiscal 2019 Highlights (in millions of Canadian dollars):

• Total revenue increased by 40.5% to $830.5m
• Net income was $143.6m, or $1.28 per diluted share
• Adjusted EBITDA margin expanded by 240 basis points to 27.6%
• Adjusted net income per diluted share increased by 61.9% to $1.36

Adjusted EBITDA margin and adjusted net income per diluted share are
non-IFRS financial measures. See “Note Regarding Non-IFRS Financial
Measures”.

TORONTO–(BUSINESS WIRE)–Canada Goose Holdings Inc. (“Canada Goose” or the “Company”) (NYSE:GOOS,
TSX:GOOS) today announced financial results for the fourth quarter and
fiscal year ended March 31, 2019. The Annual Report, including
Management’s Discussion and Analysis and Audited Consolidated Financial
Statements, will be filed on SEDAR at www.sedar.com,
the EDGAR section of the U.S. Securities and Exchange Commission website
at www.sec.gov.
and posted on the Company’s web site at investor.canadagoose.com.

“I am extremely proud of Canada Goose’s many strategic accomplishments
in fiscal 2019. We entered the year with a very ambitious agenda of
global growth, and we have surpassed it with flying colours,” said Dani
Reiss, President & CEO. “We have come a long way in a short time and we
have done it the right way – by preserving the purity of our brand and
building for the future. Our business and our people have never been
stronger. I believe that we are still just scratching the surface of our
long-term potential as we continue to define performance luxury
globally.”

Fiscal 2019 Business Highlights

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• Growth in every geographic region, with annual revenue increasing by
  28.2% in Canada, 36.3% in the United States and 60.5% in Rest of World.
• Successfully launched DTC operations in Greater China, the world’s
  largest luxury market.
• Proportion of total revenue generated in Rest of World (34.5%) was
  in-line with Canada (35.3%) for the first time.
• Global footprint of 11 directly-operated retail stores and 12 national
  e-commerce markets increased DTC sales to over half of total revenue
  at 51.9%.
• Established new generations of hero products in nascent rainwear and
  knitwear categories, alongside continued innovation in parkas and
  lightweight down collections.
• Acquired Baffin, which will provide valuable expertise and
  infrastructure to develop a stand-alone Canada Goose footwear offering
  in the years to come.
• Eight in-house manufacturing facilities, including two opened during
  the year, produced 47% of total down-filled jacket volume.

Fiscal 2019 Results (in Canadian dollars, compared to Fiscal 2018):

• Total revenue increased by 40.5% to $830.5m from $591.2m, or 39.0% on
  a constant currency basis⁽¹⁾.
• Wholesale revenue increased to $399.2m from $336.2m. This was driven
  by higher order values from existing partners. Incremental revenue
  from Baffin, which was acquired in November 2018, and favourable
  foreign exchange fluctuations also contributed positively.
• DTC revenue increased to $431.3m from $255.0m, representing 51.9% of
  total revenue compared to 43.1%. The increase was primarily
  attributable to incremental revenue from five new retail stores and
  one new e-commerce market. This was complemented by strong
  performances from established e-commerce markets and retail stores.
• Gross profit increased to $516.8m, a gross margin of 62.2%, compared
  to $347.6m, a gross margin of 58.8%. The increase in gross margin was
  driven by a greater proportion of DTC revenue, and to a lesser degree,
  incremental gross margin expansion at the respective channel levels.
• DTC gross profit was $324.6m, a gross margin of 75.3%, compared to
  $189.8m, a gross margin of 74.4%. The increase in gross margin was
  primarily driven by pricing, partially offset by manufacturing labour
  cost increases.
• Wholesale gross profit was $192.2m, a gross margin of 48.1%, compared
  to $157.8m, a gross margin of 46.9%. The increase in gross margin was
  primarily attributable to pricing, partially offset by manufacturing
  labour cost increases. To a lesser degree, wholesale gross margin also
  benefitted from production efficiencies in manufacturing overhead,
  partially offset by changes in product mix.
• Operating income was $196.7m, compared to $138.1m. The increase in
  operating income was driven by revenue growth and gross margin
  expansion, partially offset by SG&A growth investments.
• Unallocated corporate expenses were $169.1m, compared to $107.8m. The
  increase was primarily due to investments to support growth in
  marketing, corporate headcount and IT, including Greater China
  operations. Professional fees and other costs relating to public
  company compliance also increased.
• Unallocated depreciation and amortization was $18.0m, compared to
  $9.4m, driven by the retail store opening program.
• DTC operating income was $234.6m, an operating margin of 54.4%,
  compared to $134.7m, an operating margin of 52.8%. This was driven by
  gross margin expansion, strong sales productivity across the channel
  and lower pre-opening costs, partially offset by incremental SG&A fees
  to operating partners in Greater China.
• Wholesale operating income was $149.2m, an operating margin of 37.3%,
  compared to $120.6m, an operating margin of 35.9%. The increase in
  operating margin was largely driven by gross margin expansion.
• Net income was $143.6m, or $1.28 per diluted share, compared to
  $96.1m, or $0.86 per diluted share. The increase in net income was due
  to higher operating income and a lower effective tax rate.
• Adjusted EBITDA⁽¹⁾ was $229.6m, a margin of 27.6%, compared
  to $149.2m, a margin of 25.2%.
• Adjusted EBIT⁽¹⁾ was $206.9m, a margin of 24.9%, compared
  to $136.4m, a margin of 23.1%.
• Adjusted net income⁽¹⁾ was $151.6m, or $1.36 per diluted
  share, compared to adjusted net income⁽¹⁾ of $94.1m, or
  $0.84 per diluted share.

⁽¹⁾ See “Note Regarding Non-IFRS Financial Measures”.

Launch of Normal Course Issuer Bid

The board of directors of the Company has authorized a normal course
issuer bid (the “NCIB”) to purchase for cancellation up to 1,600,000
subordinate voting shares of Canada Goose over the twelve-month period
commencing on May 31, 2019 and ending no later than May 30, 2020,
representing approximately 2.70% of the 59,151,443 subordinate voting
shares issued and outstanding as at May 17, 2019. The NCIB will be
conducted through the facilities of the Toronto Stock Exchange (the
“TSX”) and the New York Stock Exchange (the “NYSE”) or alternative
trading systems, if eligible, and will conform to their
regulations. Subordinate voting shares will be acquired under the NCIB
at the market price plus brokerage fees. Purchases under the NCIB will
be made by means of open market transactions or such other means as a
securities regulatory authority may permit. In the event that the
Company acquires subordinate voting shares by other means as a
securities regulatory authority may permit, the purchase price of the
subordinate voting shares may be different than the market price of the
subordinate voting shares at the time of the acquisition. Purchases made
under an issuer bid exemption order will be at a discount to the
prevailing market price as per the terms of the order. Furthermore,
under the NCIB, Canada Goose may make, once per week, a block purchase
(as such term is defined in the TSX Company Manual) at market price, in
accordance with TSX rules. Under TSX rules, block purchases may not be
made, directly or indirectly, from any insider of the Company, including
any funds managed by Bain Capital. Canada Goose will otherwise be
allowed to purchase daily, through the facilities of the TSX, a maximum
of 131,422 subordinate voting shares representing 25% of the average
daily trading volume, as calculated per the TSX rules for the six-month
period starting on November 1, 2018 and ending on April 30, 2019.

Canada Goose currently believes that the purchase of the Company’s
subordinate voting shares under the NCIB is an appropriate and desirable
use of available excess cash.

Canada Goose has not repurchased any of its outstanding subordinate
voting shares under a normal course issuer bid in the past 12 months.

IFRS 16

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The Company will adopt IFRS 16, a new standard for lease accounting
which replaces IAS 17, on April 1, 2019. The standard requires
substantially all assets obtained through operating leases to be
capitalized and a related liability to be recorded. The nature and
timing of expenses will also change as IFRS 16 replaces straight-line
operating lease expense with a depreciation charge for right-of-use
assets and interest expense on lease liabilities.

As a result, the Company will replace Adjusted EBITDA and Adjusted
EBITDA margin with Adjusted EBIT and Adjusted EBIT margin in its
supplementary non-IFRS measures and financial outlook. With the
capitalization of operating leases and the movement of lease expenses to
depreciation and interest, management believes that Adjusted EBITDA will
no longer be a meaningful supplemental measure to assess operating
profit and operating profitability. Further details regarding IFRS 16
are provided in Management’s Discussion and Analysis in the Annual
Report.

Fiscal Year 2020 and Long-Term Outlook

For fiscal 2020, the Company currently expects the following:

• Annual revenue growth of at least 20%
• Adjusted EBIT margin expansion of at least 40 basis points
• Annual growth in adjusted net income per diluted share of at least 25%

Key assumptions underlying the fiscal 2020 outlook above are as follows:

• Wholesale revenue growth in the high-single-digits on a percentage
  basis
• Eight new retail stores in operation by the end of the winter selling
  season
• One new digital concept store in operation by the end of the winter
  selling season, which will be an experiential showroom to drive local
  e-commerce sales in the Greater Toronto Area. It is not expected to
  generate revenue or operating income at a level consistent with the
  Company’s traditional retail store format.
• Materially larger losses in adjusted EBIT and adjusted net income per
  diluted share during the fiscal first quarter, due to a larger number
  of retail stores operating during off-peak periods and higher
  corporate SG&A investments to support growth, including local market
  activation ahead of planned retail openings, new product and Greater
  China operations.
• Capital expenditures of $75 million including investments in new
  retail stores, IT and manufacturing capacity
• Weighted average diluted shares outstanding of 112.4 million shares
• An effective annual tax rate approximately in-line with fiscal 2019

Over the next three fiscal years, the Company currently expects the
following:

• Average annual revenue growth of at least 20%
• Annual adjusted EBIT margin expansion of at least 100 basis points in
  fiscal 2022, relative to fiscal 2019
• Average annual growth in adjusted net income per diluted share of at
  least 25%

The long-term outlook assumes, among other things, a continuation of
current economic conditions and execution of the growth strategies
outlined under the heading “Business Overview” in our Annual Report on
Form 20-F for the fiscal year ended March 31, 2019.

The fiscal 2020 and long-term outlooks above constitute forward-looking
statements and forward-looking information within the meaning of
applicable securities laws (see “Cautionary Note Regarding
Forward-Looking Statements”). Actual results could vary materially as a
result of numerous factors, including certain risk factors, many of
which are beyond the Company’s control. The purpose of our fiscal 2020
and long-term outlook is to provide a description of management’s
expectations regarding the Company’s financial performance and may not
be appropriate for other purposes.

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Refinancing

On May 10, 2019, the Company refinanced its debt to support the growth
of the business and enhance financial flexibility. The capacity of the
existing Revolving Facility was increased to $300.0m, with a seasonal
increase to up to $350.0m during peak working capital periods, and the
maturity was extended to June of 2024. Concurrently, the maturity of the
existing USD $113.8m Term Loan Facility was extended to December of
2024. Further details regarding the refinancing are provided in
Management’s Discussion and Analysis in the Annual Report.

Conference Call Information

A conference call to discuss fiscal 2019 results is scheduled for today,
May 29, 2019 at 9:00 a.m. Eastern Time. Dani Reiss, President and Chief
Executive Officer and Jonathan Sinclair, EVP and Chief Financial
Officer, will host the conference call. Those interested in
participating in the call are invited to dial (844) 579-6824 or (763)
488-9145 if calling internationally. Please dial in approximately 10
minutes prior to the start of the call and reference Conference ID
2849456 when prompted. A live audio webcast of the conference call will
be available online at http://investor.canadagoose.com.

About Canada Goose

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Founded in a small warehouse in Toronto, Canada in 1957, Canada Goose
has grown into one of the world’s leading makers of performance luxury
apparel. Every collection is informed by the rugged demands of the
Arctic and inspired by relentless innovation and uncompromised
craftsmanship. From the coldest places on Earth to global fashion
capitals, people are proud to wear Canada Goose products. Employing more
than 3,900 people worldwide, Canada Goose is a recognized leader for its
Made in Canada commitment, and is a long-time partner of Polar Bears
International. Visit canadagoose.com for more information.

Non-IFRS Financial Measures

This press release includes references to adjusted net income, EBIT,
adjusted EBIT, adjusted EBIT margin, EBITDA, adjusted EBITDA, adjusted
EBITDA margin, and adjusted net income per share and per diluted share.
The Company presents these measures because its management uses these as
supplemental measures in assessing its operating performance, and
believes they are helpful to investors, securities analysts and other
interested parties, in evaluating the Company’s performance. The
measures referenced above are not measurements of financial performance
under IFRS and they should not be considered as alternatives to measures
of performance derived in accordance with IFRS. In addition, these
measures should not be construed as an inference that the Company’s
future results will be unaffected by unusual or non-recurring items.
These measures have limitations as analytical tools, and you should not
consider such measures either in isolation or as substitutes for
analyzing the Company’s results as reported under IFRS.

This press release also includes reference to constant currency revenue.
The Company presents this measure because we use constant currency
information to provide a framework in assessing how our business
segments performed excluding the effects of foreign currency exchange
rate fluctuations and believe this information is useful to investors to
facilitate comparisons of operating results and better identify trends
in our businesses. The constant currency measure is calculated by
translating the prior year reported amounts into comparable amounts
using a single foreign exchange rate for each currency calculated based
on the current period exchange rates as measured by the Bank of Canada.

The Company’s definitions and calculations of these measures are not
necessarily comparable to other similarly titled measures used by other
companies. These non-IFRS financial measures are defined and reconciled
to the most comparable IFRS measures in the tables at the end of this
press release.

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A reconciliation of projected adjusted EBIT, and adjusted net income,
which are forward-looking measures that are not prepared in accordance
with IFRS, to the most directly comparable IFRS financial measures, is
not provided because we are unable to provide such reconciliation
without unreasonable effort. The inability to provide a quantitative
reconciliation is due to the uncertainty and inherent difficulty
predicting the occurrence, the financial impact and the periods in which
the components of the applicable IFRS measures and non-IFRS adjustments
may be recognized. The IFRS measures may include the impact of such
items as non-cash share-based compensation, revaluation of the carrying
value of our indebtedness, amortization of intangible assets and the tax
effect of such items, in addition to other items we have historically
excluded from adjusted EBIT (or adjusted EBITDA) and adjusted net
income. We expect to continue to exclude these items in future
disclosures of these non-IFRS measures and may also exclude other
similar items that may arise in the future (collectively, “non-IFRS
adjustments”). The decisions and events that typically lead to the
recognition of non-IFRS adjustments are inherently unpredictable as to
if or when they may occur. As such, for our fiscal 2020 outlook, we have
not included estimates for these items and are unable to address the
probable significance of the unavailable information, which could be
material to future results.

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements. These
forward-looking statements generally can be identified by the use of
words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,”
“believe,” “estimate,” “forecast,” “goal,” “project,” and other words of
similar meaning. These forward-looking statements address various
matters including our outlook for fiscal 2020 and our long-term outlook,
related assumptions, and our plans for strategic investments to support
future growth. Each forward-looking statement contained in this press
release is subject to risks and uncertainties that could cause actual
results to differ materially from those expressed or implied by such
statement. Applicable risks and uncertainties include, among others, our
expectations regarding industry trends, our business plan and growth
strategies, our expectations regarding seasonal trends, our inventory
levels ahead of these seasonal trends, our ability to implement our
growth strategies, our ability to keep pace with changing consumer
preferences, our ability to maintain the strength of our brand and
protect our intellectual property, as well as the risks identified under
the heading “Risk Factors” in our Annual Report on Form 20-F for the
fiscal year ended March 31, 2019, and filed with the Securities and
Exchange Commission (“SEC”), and the securities commissions or similar
securities regulatory authorities in each of the provinces and
territories of Canada (“Canadian securities regulatory authorities”), as
well as the other information we file with the SEC and Canadian
securities regulatory authorities. We caution investors not to rely on
the forward-looking statements contained in this press release when
making an investment decision in our securities. The forward-looking
statements in this press release speak only as of the date of this
release, and we undertake no obligation to update or revise any of these
statements. Our business is subject to substantial risks and
uncertainties, including those referenced above. You are encouraged to
read our filings with the SEC, available at www.sec.gov,
and our filings with Canadian securities regulatory authorities
available at www.sedar.com
for a discussion of these and other risks and uncertainties. Investors,
potential investors, and others should give careful consideration to
these risks and uncertainties.

Consolidated Statements of Income and Comprehensive Income
(in millions of Canadian dollars, except share and per share amounts) Advertisement
			Three months ended March 31								Year ended March 31
			2019				2018				2019					2018
			$				$				$					$
Revenue			156.2				124.8				830.5					591.2
Cost of sales			53.8				46.6				313.7					243.6
Gross profit			102.4				78.2				516.8					347.6
Gross margin			65.6		%		62.7		%		62.2			%		58.8		%
Selling, general and administrative expenses			85.0				60.9				302.1					200.1
SG&A expenses as % of revenue			54.4		%		48.8		%		36.4			%		33.8		%
Depreciation and amortization			5.7				2.5				18.0					9.4
Operating income			11.7				14.8				196.7					138.1
Operating income as % of revenue			7.5		%		11.9		%		23.7			%		23.4		%
Net interest and other finance costs			3.1				2.8				14.2					12.9
Income before income taxes			8.6				12.0				182.5					125.2
Income tax (recovery) expense			(0.4		)		3.9				38.9					29.1
Effective tax rate			(5.1		)%		32.7		%		21.3			%		23.3		%
Net income			9.0				8.1				143.6					96.1
Other comprehensive (loss) income			(3.0		)		(1.4		)		0.7					(1.8		)
Total comprehensive income			6.0				6.7				144.3					94.3
Earnings per share
Basic			$	0.08			$	0.08			$		1.31			$	0.90
Diluted			$	0.08			$	0.07			$		1.28			$	0.86
Weighted average number of shares outstanding
Basic			109,867,553				108,074,609				109,422,574					107,250,039
Diluted			111,606,200				111,629,427				111,767,584					111,519,238
Other data: (1)
Adjusted net income			10.0				10.0				151.6					94.1
Adjusted net income per share			$	0.09			$	0.09			$		1.39			$	0.88
Adjusted net income per diluted share			$	0.09			$	0.09			$		1.36			$	0.84
EBITDA			19.1				19.7				219.4					152.3
Adjusted EBITDA			20.4				21.8				229.6					149.2

⁽¹⁾ Adjusted net income, adjusted net income per
share and per diluted share, EBITDA, and adjusted EBITDA are non-IFRS
financial measures. See “Reconciliation of Non-IFRS Financial Measures”
for a description of these measures and a reconciliation to the nearest
IFRS measure.

Consolidated Statements of Financial Position
As at March 31
(in millions of Canadian dollars) Advertisement
		2019			2018
Assets		$			$
Current assets
Cash		88.6			95.3
Trade receivables		20.4			11.9
Inventories		267.3			165.4
Income taxes receivable		4.0			5.1
Other current assets		32.9			23.3
Total current assets		413.2			301.0
Deferred income taxes		12.2			3.0
Property, plant and equipment		84.3			60.2
Intangible assets		155.6			136.8
Other long-term assets		7.0			2.1
Goodwill		53.1			45.3
Total assets		725.4			548.4
Liabilities
Current liabilities
Accounts payable and accrued liabilities		110.4			109.6
Provisions		8.1			6.3
Income taxes payable		18.1			17.7
Total current liabilities		136.6			133.6
Provisions		14.7			10.8
Deferred income taxes		16.7			13.3
Revolving facility		—			—
Term loan		145.2			137.1
Other long-term liabilities		13.1			10.0
Total liabilities		326.3			304.8
Shareholders’ equity		399.1			243.6
Total liabilities and shareholders’ equity		725.4			548.4

Contacts

ICR, Inc.
Investors:
Allison Malkin/Caitlin Churchill
(203)
682-8200
[email protected]/[email protected]

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or

Media:
Jessica Liddell/Julia Young
646-277-1280
[email protected]/[email protected]

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