Canada Goose Holdings Inc

answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. And if you'd like to withdraw that question, again, press star one. Thank you. And I would now like to turn the conference over to Neil Bowden, Chief Financial Officer. Neil, you may begin.

Good morning, everyone. With me today are Danny Reese, our chairman and CEO, Kerry Baker, President of Brand and Commercial. Beth Clymer, President of Finance, Strategy, and Administration. Today's presentation will contain forward-looking statements that are based on assumptions and therefore subject to risks and uncertainties that could cause actual results to differ materially from those projected. We undertake no obligation to update these statements except as required by law. You can read about these assumptions, risks, and uncertainties in our press release issued this morning, as well as in our filings with the U.S. and Canadian regulators. These documents are also available on the investor relations section of our website. We report in Canadian dollars, so all amounts discussed today are in Canadian dollars, unless otherwise indicated. Please note that the financial results described on today's call will compare third quarter results ended December 29th, 2024 that the same period ended December 30th, 2023, unless otherwise noted. For today's call, Danny, Kerry, Beth, and I will deliver prepared remarks, following which we will open the call to take questions. With that, I'll turn the call over to Danny.

Thanks, Neil, and good morning, everyone. I'll start my thoughts on our third quarter performance and progress before turning it over to the team to review our results in greater detail. The third quarter marked solid progress towards our three operating imperatives leading to favorable momentum throughout the month of December and into the new year. Our third quarter revenue was slightly lower year over year, primarily due to the expected decline in wholesale revenue. The direct-to-consumer business showed positive momentum. We delivered a negative 6% DTC comp, which, while below our expectations, was an improvement from our year-to-date comp. More importantly, we saw very significant improvement in the month of December, particularly in North America, where comp sales grew 22%. We are particularly encouraged by this performance as it validates the inherent strength of our business when we execute well across product and marketing. Third quarter results witnessed continued progress across our three operating imperatives. First, setting the foundation for the next stage of our brand and product evolution. A major highlight was the launch of our first capsule collection from creative director, Heider Ackerman, under their heritage label, Snow Goose, which happened in November. The Snow Goose capsule reimagines our heritage through a new lens while staying true to our performance roots. The launch was amplified by an integrated global launch featuring influential talent and a coordinated suite of activations around the world. We set records in earned media, over 30 billion impressions, representing our highest launch in recent history. Our purposeful and strategic efforts around this launch drove significant impact across key brand heat metrics, and establishes a foundation for our marketing strategy in the future. The commercial results were equally impressive. Twenty-five percent of people who purchased Snow Goose also bought mainline products, while nearly two-thirds of existing customers were returning to the brand. We also hit a three-year high in U.S. search interest and exceeded our customer acquisition targets. All of this validated the more intensive, mature approach we took with our marketing and organizational alignment to reach both loyal fans and new customers. Our evolving marketing strategy this quarter included increased investment behind snow goers and peak holiday activities. Our mainline collection resonated well beyond our traditional channels, showing up on the film set of Wicked and on the screen in Baby Girl. Having a robust prevalence across the film and entertainment industry has always been a hallmark of our brand and demonstrates our broad cultural relevance. Key fashion capitals like Paris, London, and Italy drove significant follower growth as well. In our brand ambassador, Shea Gildas Alexander, the NBA MVP frontrunner, continued to perfectly embody our combination of style and performance. The breadth and caliber of these campaigns, alongside the extraordinary reach of the Snow Goose campaign, showcases the growing global relevance of Canada Goose as a lifestyle brand. We are incredibly proud of what the team has accomplished. Now turning to our second operating imperative, implementing best-in-class retail execution. Here, our precise focus on inventory management, labor optimization, and boosting sales training, growth improvements, and store conversion rates year over year, particularly in North America and EMEA. Third, simplifying the way we operate. We continue to streamline operations while maintaining strategic investments in key growth areas. We diligently managed our operating expenses and our inventory position improved significantly year over year, marking our fifth consecutive quarter of decreases. During the third quarter, while macro factors influence consumer behavior in certain markets, overall we saw strong performance as operational improvement and marketing initiatives gained traction. As we continue our transformation journey, we are energized by the strong execution of our strategy and increasing global resonance of our brand. positive response to initiatives like Snow Goose, the related marketing campaign, and our expanded product offering demonstrates how we are building and sustaining our momentum with consumers worldwide. And now I'll turn it over to Kerry to discuss our commercial performance in more detail.