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June 2 (Reuters) - Canadian apparel maker Canada Goose reported a smaller-than-expected quarterly loss in its first earnings report as a publicly listed company, buoyed by higher sales that helped offset a jump in expenses.
However, the company’s net loss widened to C$23.4 million ($17.30 million), or 23 Canadian cents per share, in the three months ended March 31 from C$9.2 million, or 9 Canadian cents per share, a year earlier.
On an adjusted basis, the company reported a loss of 15 Canadian cents per share.
Canada Goose, known for its expensive jackets that have been made popular by celebrities such as Canadian rapper Drake, said quarterly revenue jumped 22 percent to C$51.10 million.
Analysts had expected an adjusted loss of 19 Canadian cents per share and revenue of C$31.25 million, according to Thomson Reuters I/B/E/S.
Direct-to-consumer sales surged more than 174 percent to C$36.5 million in the quarter.
Selling, general and administrative costs doubled to C$54.7 million in the latest quarter, including C$15.2 million in costs related to its initial public offering, the company said.
Up to Thursday’s close, Canada Goose’s shares have risen 48.2 percent from its IPO price of C$17. ($1 = 1.3525 Canadian dollars) (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D‘Silva)