财经外刊精读 · 互动版

Pricier coats, fewer shoppers

大衣更贵了，进店的人却更少
2026 年 11 月 9 日 · 星期一 A2 级 · 入门 本期：奢侈品 · 定价权 · 门店客流
Puffer coats on mannequins in a shop window
A shop window in autumn: the coats are ready, and the question is who walks in.
Photo: Pexels (stock image, not the original article’s picture).

30 秒速读

先建立框架，再进原文。默认只给英文，点摘要段落（或右上角「译」）出中文对译，点数字卡展开中文。

Canada Goose raised prices again, and sales in Greater China rose 32.5%. But fewer people walked into its shops, and same-store sales fell 7.5%.

加拿大鹅今年又提了价，大中华区销售却增长 32.5%。但走进门店的人变少了，同店销售下降 7.5%。

32.5%
China sales growth — the fastest of any region
大中华区销售增幅，全球各区域最快
274m
Total revenue — Canadian dollars, up 5.9%
全球总营收（加元），同比增长 5.9%
7.5%
Same-store sales fall — shops open a year or more
同店销售跌幅，只算开业一年以上的门店
66.8%
Gross margin — up 2.8 points on higher prices
毛利率，因提价上升 2.8 个百分点
21.6m
Operating loss — Canadian dollars, wider than last year
营业亏损（加元），比去年同期扩大
94
Its shops — worldwide, two more than in June
全球门店数，比六月净增 2 家

原文精读 · Full Text

15 段（含标题）。点每段右上角的「译」展开中文翻译与结构配色；配图已就近排在相关段落之后。
颜色 = 句子成分，中英同色表示对应
主语 Subject 谓语 / 动词 Verb 宾语 · 表语 Object 从句 · 非谓语 Clause 状语 Adverbial 插入语 · 引述 Attribution
TITLE
Pricier coats, fewer shoppers
大衣更贵了，进店的人却更少
PARA 01
Canada Goose is a Canadian coat maker. It sells warm winter coats for very cold places. One coat can cost 15,000 yuan. On Thursday, the company reported its summer results.
加拿大鹅是一家加拿大外套公司。它卖保暖的冬季大衣，为严寒地区设计。一件大衣可以卖到 15,000 元。周四，公司公布了夏季业绩。
PARA 02
The company raised prices again this year. Its coats now cost more than they did last year. Buyers in China did not stop buying. That is what people call pricing power.1
今年，公司又提了价。它的大衣现在比去年更贵。中国的买家并没有停止购买。这就是人们说的「定价权」。
PARA 03
In Greater China, revenue rose 32.5% to 68.5 million Canadian dollars.2 That was the fastest growth in any region. Total revenue rose 5.9% to 274 million Canadian dollars. The summer quarter is usually a slow one for coats.
在大中华区，营收增长 32.5%，达到 6,850 万加元。这是所有地区里最快的增速。全球总营收增长 5.9%，达到 2.74 亿加元。夏季这个季度，对大衣来说通常是淡季。
Chart 1 | One region grew, one region shrank Revenue growth by region, change from a year earlier, per cent 0 Greater China +32.5% United States +8.1% Canada +7.9% Europe, Middle East, Africa −13.9%
Chart 1 | China grew fast, and Europe went the other way. Quarter ended 27 September 2026, reported in Canadian dollars. Green marks a fall and red a rise, in the Chinese convention. Source: Canada Goose results, 5 November 2026.
PARA 04
In simple words, China grew fast. The rest of the company grew slowly. One market now carries the whole company.
换句话说，中国增长得很快。公司其他部分增长得很慢。现在是一个市场在扛整家公司。
PARA 05
China added 16.8 million Canadian dollars in sales. The whole company added only 15.2 million Canadian dollars. China added more than all the other regions together. That is a rare thing for a global brand.
中国贡献了 1,680 万加元的销售增量。整家公司只增加了 1,520 万加元。中国一家的增量，超过了其他所有地区之和。对一个全球品牌来说，这很少见。
PARA 06
But fewer people walked into its shops. Same-store sales fell 7.5% around the world.3 In Asia Pacific, they fell 4%. In Europe, the Middle East and Africa, they fell 27%.
但走进它门店的人更少了。全球同店销售下降 7.5%。在亚太地区，同店销售下降 4%。在欧洲、中东和非洲，同店销售下降 27%。
Same-store sales count only older shops: total revenue rose while fewer people walked in.
Same-store sales count only older shops: total revenue rose while fewer people walked in. 同店销售只算开业满一年的门店：总营收还在涨，进店的人却少了，差额来自新店和线上。 Photo: Pexels (stock image, not the original article’s picture).
PARA 07
But the people in the shops bought more. Each person bought more coats. New shops and online sales made up for weak older shops. The company says its shops turned more visitors into buyers.
但进店的人买得更多。每位客人买了更多件大衣。新店和线上销售，弥补了老店的疲软。公司说，门店把更多进店的人变成了买家。
PARA 08
In simple words, fewer people came in. But each visitor spent more.
换句话说，进门的人少了。但每一位客人都花得更多。
PARA 09
The company also keeps more from each sale. Its gross margin rose to 66.8%.4 That is 2.8 points higher year on year. Higher prices and cheaper shipping helped.
公司从每一笔销售里留下的钱也更多了。它的毛利率升到 66.8%。这比一年前高出 2.8 个百分点。更高的售价和更便宜的运费帮了忙。
PARA 10
But its costs grew faster than its sales. Selling and admin costs rose 11.6% to 204.5 million Canadian dollars. The company had an operating loss of 21.6 million Canadian dollars.5 The company is still in the red.
但成本涨得比销售更快。销售与行政费用增长 11.6%，达到 2.045 亿加元。公司因此出现 2,160 万加元的营业亏损。公司仍处于亏损状态。
PARA 11
It also has more coats in its warehouses. Inventory rose 8% to 496.6 million Canadian dollars.6 This number matters because winter is the big season. Coats that do not sell will need a discount.
它仓库里的大衣也更多了。库存增长 8%，达到 4.966 亿加元。这个数字要紧，因为冬天是它的旺季。卖不掉的大衣，最后要靠打折。
Stock built before the peak season is normal, but stock that outgrows sales usually ends in discounts.
Stock built before the peak season is normal, but stock that outgrows sales usually ends in discounts. 旺季前备货是必须的，但库存涨得比销售快，最后往往变成折扣。 Photo: Pexels (stock image, not the original article’s picture).
PARA 12
The company sold less in October too. Warm weather made some people hold off. The company expects only a little growth this year. It plans to open more shops and spend more on ads.
十月，公司卖得还是更少。天气偏暖，让一些人推迟了购买。公司预计今年只会有小幅增长。它计划开更多门店，并在广告上花更多钱。
PARA 13
In simple words, price can go up. But shops cannot make people come. That is the problem for this winter.
换句话说，价格可以往上走。但门店没法让人进门。这就是今年冬天的问题。
PARA 14
A strong brand can raise prices and still sell. But it cannot make people walk into a shop. The next number to watch is store traffic.
强势品牌可以提价，还照样卖得出去。但它没法让人走进店里。下一个要看的数字，是门店客流。

核心术语 · Glossary

编号与正文上标一一对应，点正文里的数字可跳到对应卡片。默认只显示英文解释（练阅读）；想看中文，点卡片标题。
1pricing power/ˈpraɪsɪŋ ˈpaʊə(r)/ 点击看中文解释 ↓

The ability to raise prices and keep most buyers.

Why it matters here ▸ Canada Goose raised prices, and China sales still rose 32.5%.

定价权：有能力提价，而大部分买家还愿意留下来。

拓展知识：定价权不是「想涨就涨」，而是「涨了之后人还在」。判断它有没有，看三件事：提价之后销量有没有掉、毛利率有没有升、折扣有没有变多。加拿大鹅这一季前两条都过了——毛利率升到 66.8%，大中华区销售还涨 32.5%；但第三条出现裂缝：全球同店销售跌 7.5%，进店的人少了。所以更准确的说法是：它有定价权，但没有「客流权」。
Extended note: Pricing power shows up in three places: volume after a rise, gross margin, and the size of discounts. Canada Goose passed two of the three.
2revenue/ˈrevənjuː/ 点击看中文解释 ↓

The money a company gets from selling its products.

Why it matters here ▸ Revenue rose 5.9% to 274 million Canadian dollars.

营收：公司卖东西收到的钱，还没扣任何成本。

拓展知识：营收是「流进来的」，利润是「剩下的」。同一份财报里，营收涨 5.9%，营业亏损却扩大到 2,160 万加元——钱进来了，但花得更快。读财报的第一个动作，就是把这两个数并排看：收入在长，利润在不在长？如果只有收入长，那这段增长是买来的，不是赚来的。
Extended note: Revenue is what comes in; profit is what stays. Here sales grew 5.9% while the operating loss widened.
3same-store sales/ˌseɪm stɔː ˈseɪlz/ 点击看中文解释 ↓

Sales at shops that were open in both years.

Why it matters here ▸ They fell 7.5%, which means fewer people came in.

同店销售：只算去年也开着的那些门店的销售额。

拓展知识：同店销售是零售业最硬的一个数，因为它剔除了「开店」带来的增长。开店能让总销售额变大，但那是用钱买来的；同店销售只回答一个问题：同一批店，今年比去年多卖了多少？加拿大鹅这一季总营收涨 5.9%，同店销售却跌 7.5%——差额来自新店和电商。两个数一起看，才知道增长是「开出来的」还是「卖出来的」。
Extended note: New shops lift total sales without proving demand. Same-store sales keep the shop list fixed, so only real demand moves the number.
4gross margin/ɡrəʊs ˈmɑːdʒɪn/ 点击看中文解释 ↓

The part of each sale left after the product’s cost.

Why it matters here ▸ It rose to 66.8%, because prices went up.

毛利率：每一块钱销售额里，扣掉商品成本后剩下的比例。

Every 100 dollars of sales, split two waysGross profit 66.8Cost 33.2Gross margin stops at the product’s cost.Rent, staff and ads come out later.
拓展知识：66.8% 的意思是：卖 100 加元的大衣，扣掉原料与生产，还剩 66.8 加元，用来付房租、工资和广告。毛利率上升通常来自三处：提价、原料变便宜、或者卖更贵的产品。加拿大鹅说这一季三处都有，还加上运费与关税下降。但毛利率只算商品成本，不算开店与营销——所以它升了，公司照样可能亏损。
Extended note: Gross margin stops at the product’s cost. Rent, staff and ads come later, which is why a high margin can sit next to a loss.
5operating loss/ˈɒpəreɪtɪŋ lɒs/ 点击看中文解释 ↓

A loss from daily business, before interest and tax.

Why it matters here ▸ It widened to 21.6 million Canadian dollars this quarter.

营业亏损：主业本身亏的钱，还没算利息和税。

拓展知识：看一家公司「生意本身行不行」，看营业利润或营业亏损；看它「最后剩多少」，看净利润。这一季加拿大鹅营业亏损 2,160 万加元，净亏损 2,630 万加元——后者更大，因为还要算利息等项目。对服装公司来说，淡季亏损是常态；真正要看的是：旺季那两季，能不能把淡季的洞填上。
Extended note: Operating profit tests the business; net profit tests the whole company. A seasonal firm can lose money in summer and still earn across the year.
6inventory/ˈɪnvəntri/ 点击看中文解释 ↓

The goods a company has made but not sold.

Why it matters here ▸ It rose 8%, just before the winter season.

库存：已经做出来、还没卖掉的货。

拓展知识：库存对服装公司是双刃剑。旺季前备货是必须的——冬天的大衣要在十月就摆进店里；但如果卖不动，库存就会变成折扣，折扣再变成毛利下降。加拿大鹅这一季库存 4.966 亿加元、同比增 8%，公司说里面有一部分是「直营销售低于预期」造成的。所以库存增速快过销售增速，是一个要盯住的信号。
Extended note: Stock built before a peak season is normal. Stock that grows faster than sales is a warning, because it usually ends in discounts.

俚语与短语 · Slang & Phrases

文中出现的口语化表达与固定搭配，共 6 条。默认只给英文解释（练阅读），点标题看中文；每条都能一键加入生词本。
raise prices/reɪz ˈpraɪsɪz/

To make goods cost more. Shops do it to cover higher costs or to earn more on each sale.

The company raised prices again this year.

提价。商家这么做，是为了覆盖上涨的成本，或者从每一笔销售里多赚一点。

公司今年又提了价。
walk into/wɔːk ˈɪntuː/

To enter a place on foot. Retailers use it for the moment a shopper comes in.

Fewer people walked into its shops.

走进（店里）。零售业常用它来描述顾客进门的那一刻。

走进它门店的人更少了。
make up for/meɪk ʌp fɔː(r)/

To balance something lost with something gained.

New shops and online sales made up for weak older shops.

弥补、补上。用得到的东西，抵掉失去的东西。

新店和线上销售弥补了老店的疲软。
hold off/həʊld ɒf/

To wait and not buy yet.

Warm weather made some people hold off.

推迟、先不买。不是不买，是再等等。

天气偏暖，让一些人推迟了购买。
in the red/ɪn ðə red/

Losing money. A company in the red spends more than it earns.

The company is still in the red.

亏损、赤字。来自记账习惯：亏损用红笔写，盈利用黑笔写。

公司仍处于亏损状态。
year on year/jɪə(r) ɒn jɪə(r)/

Compared with the same period a year earlier.

Gross margin is 2.8 points higher year on year.

同比：和去年同一时期相比。

毛利率同比高出 2.8 个百分点。

读后测验 · Check Your Understanding

3 道题。点选项立即判分；解析需要单独点开。
Q1What did Canada Goose do this year?
正确答案：A
原文第二段第一句就是「公司今年又提了价」。它没有关店——本季还净增 2 家，全球共 94 家；也没有退出中国——大中华区是增长最快的地区；冬装仍是它的主业。
The company raised prices again this year. Only A is in the text. The company added shops, grew fast in China, and still sells winter coats.
Q2How fast did sales in Greater China grow?
正确答案：C
第三段给了这个数：「大中华区营收增长 32.5%」。5.9% 是全公司的营收增速，7.5% 是同店销售的跌幅，66.8% 是毛利率——四个数字都在这篇里，别混。
In Greater China, revenue rose 32.5% to 68.5 million Canadian dollars. C matches the text. 5.9 per cent is company-wide growth, 7.5 per cent is the fall in same-store sales, and 66.8 per cent is the gross margin.
Q3What does “in the red” mean?
正确答案：A
第十段说「公司仍处于亏损」，用的就是 in the red。这个词组来自记账：亏损用红笔写。其余三项分别是卖得更多、开新店、提价——提价恰恰是它这一季做的事，最容易看混。
The company is still in the red. A is the meaning. The phrase comes from accounting, where losses were written in red ink.
财经外刊精读 · 互动版 · 2026-11-09 · 由 WorkBuddy 自动生成 · 仅供个人英语精读学习使用，版权归原作者与出版方所有
Adapted for A2 readers from Canada Goose’s fiscal 2027 second-quarter results and wire coverage, 5 November 2026. 取材与依据：Canada Goose fiscal 2027 second-quarter results (5 Nov 2026), reported by The Canadian Press, Reuters and WWD。正文按精读节奏切分为 15 段（含标题），本期为 A2 改写稿：事实、数字与引语含义均取自原报道，句子按 A2 规格重写，未使用直接引语。
转载源与交叉核对：Canada Goose 2027 财年第二季度业绩（季度截至 2026-09-27，2026-11-05 发布）：营收 2.74 亿加元、同比 +5.9%（固定汇率 +4.9%）；大中华区 6,850 万加元、报告口径 +32.5%（固定汇率 +28.2%）；亚太 +23.1%；美国 +8.1%、加拿大 +7.9%、欧洲中东非洲 −13.9%；直营同店销售 −7.5%（亚太 −4%、欧洲中东非洲 −27%）；毛利率 66.8%、同比 +2.8 个百分点；销售及行政费用 2.045 亿加元、+11.6%；营业亏损 2,160 万加元（上年同期 1,760 万）、净亏损 2,630 万加元（上年 1,740 万）；库存 4.966 亿加元、同比 +8%；全球专门店 94 家、本季净增 2 家；全年指引为低个位数增长、调整后 EBIT 利润率 11%–12%。交叉核对：The Canadian Press / CP24（净亏损、同店销售、Baffin 出售）、WWD（大中华区固定汇率 +28.2%）、业绩电话会纪要（10 月同店仍为负、天气偏暖推迟购买、毛利率改善来自产品结构、提价、采购与生产效率、运费与关税）。配图：Pexels 无版权图库素材（非新闻原图），图表按公开披露自绘；本材料不构成任何投资建议。
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