GROUPE DYNAMITE REPORTS FOURTH QUARTER AND FISCAL 2024 RESULTS AND INTRODUCES SHARE BUYBACK PROGRAM
GROUPE DYNAMITE REPORTS FOURTH QUARTER AND FISCAL 2024 RESULTS AND INTRODUCES SHARE BUYBACK PROGRAM |
| [15-April-2025] |
MONTREAL, April 15, 2025 /CNW/ - Groupe Dynamite Inc. ("Groupe Dynamite" or the "Company") (TSX: GRGD) today reported its financial results for the fourth quarter and full year of fiscal 2024 ended February 1, 2025.
"Fiscal 2024 was a breakthrough year for Groupe Dynamite—one that reaffirmed the power of our brands and our vision. Our strong financial and operational results are the outcome of relentless focus, a responsive supply chain, and deep cultural relevance. Garage and Dynamite aren't just brands—they're platforms for confidence, creativity, and connection. As we look ahead, we acknowledge the current market uncertainty and we remain focused on staying agile, embracing change, and seizing opportunities in a rapidly evolving environment," said Andrew Lutfy, Chief Executive Officer and Chair of the Board. "Our Fiscal 2024 performance reflects the strength of our brands and the focus of our teams. We delivered on-trend collections that resonated strongly, and we activated cultural moments that sparked real engagement. From our high-impact real estate strategy to our upcoming U.S. distribution center launch, we're continuing to build an agile, omnichannel platform designed for scale. As we head into Fiscal 2025, our growth is anchored in a clear brand flywheel: we create brand moments that drive visibility, empower ambassadors to expand reach, and reward loyal customers who fuel our momentum. This is how we win—by staying close to her world and delivering an experience that is emotionally resonant, community-driven, and impossible to ignore," added Stacie Beaver, President & Chief Operating Officer. "Our top priority remains reinvesting in the business to drive long-term growth, as reflected in our FY25 capital expenditure guidance, which is primarily focused on opening new stores in high-quality real estate. In these volatile times, we are opportunistic in taking market share and securing new premier locations to strengthen our real estate portfolio. Given our strong balance sheet and robust free cash flow generation, along with the belief that the market price of the subordinate voting shares may from time to time not reflect the underlying value of the subordinate shares, we believe a Normal Course Issuer Bid provides an opportunistic way to return capital to shareholders. In this context, we see value in repurchasing shares when appropriate, while maintaining a disciplined capital structure. We believe that introducing an NCIB demonstrates our confidence in the company's fundamentals and our commitment to delivering long-term shareholder value," said Jean-Philippe D. Lachance, Chief Financial Officer. The results for Q4 2024 and Fiscal 2024 reflect one fewer week compared to the results for Q4 2023 and Fiscal 2023. All comparable store data for both the quarter and the year are presented on a comparable basis of 13 and 52 weeks, respectively. Fiscal 2024 Fourth Quarter Highlights
Fiscal 2024 Highlights
Ratios and Recent Developments
Outlook The table below outlines the Company's financial annual guidance ranges for Fiscal 2025:(1)
Our achievement of these targets is subject to several risks and uncertainties, including the following:(2)
Normal Couse Issuer Bid The Company's capital allocation priority for the next 12 months is investing in business growth. With a healthy balance sheet and minimal debt, we expect to continue generating strong free cash flow. We plan to return capital to shareholders in the near term through our NCIB (defined below) while maintaining a solid balance sheet. With the belief that the market price of the subordinate voting shares may from time to time not reflect the underlying value of the subordinate voting shares, Groupe Dynamite announced today that its board of directors has approved, and that it received approval from the TSX for, the implementation of a normal course issuer bid ("NCIB"), authorizing the Company to repurchase up to an aggregate of 1,301,447 subordinate voting shares, representing approximately 10% of the public float as at April 3, 2025. The net average daily trading volume for the period since the date of listing, November 26, 2024, up to April 10, 2025, represents 76,939 subordinate voting shares. In accordance with TSX requirements, the Company is entitled to purchase, on any trading day, up to a total of 19,234 subordinate voting shares representing 25% of this average daily trading volume. The Company may repurchase subordinate voting shares on the open market through the facilities of the TSX as well as through other alternative Canadian trading systems, from time to time, over the course of twelve months commencing on or around April 17, 2025 and ending at the latest on April 16, 2026. The actual number of subordinate voting shares purchased under the NCIB, the timing of purchases and the price at which the subordinate voting shares are bought will depend upon management discretion based on factors such as market conditions. All subordinate voting shares repurchased under the NCIB will be cancelled upon their repurchase. In connection with the NCIB, the Company will enter into an automatic securities purchase plan ("ASPP") with a designated broker on or about April 21, 2025 whereby shares may be repurchased at times when such purchases would otherwise be prohibited pursuant to regulatory restrictions or self-imposed blackout periods. Under the ASPP, before entering a self-imposed blackout period, the Company may, but is not required to, ask the designated broker to make purchases under the NCIB. Such purchases will be made at the discretion of the designated broker, within parameters established by the Company prior to the blackout periods. Outside the blackout periods, purchases are made at the discretion of the Company's management. The ASPP will constitute an "automatic plan" for purposes of applicable Canadian securities legislation and has been pre-cleared by the TSX. As of April 3, 2025, the Company had 15,405,043 subordinate voting shares issued and outstanding, and a public float of 13,014,479 subordinate voting shares. The Company has not repurchased any of its subordinate voting shares during the last twelve months. Fourth Quarter and Fiscal 2024 Financial Results Revenue Total revenue for Q4 2024 increased by $31.5 million or 13.1% compared to Q4 2023. Excluding the 14th week of Q4 2023, total revenue increased by 18.8%. This growth was primarily due to a 9.5% increase in comparable store sales and contributions from new stores. Online revenue for Q4 2024 increased by $7.4 million or 13.6% compared to Q4 2023, reaching $61.6 million for the quarter. Total revenue for Fiscal 2024 increased by $157.7 million or 19.7% compared to Fiscal 2023. Excluding the 53rd week of Fiscal 2023, total revenue increased by 21.4%. This growth was primarily due to a 12.3% increase in comparable store sales and contribution from new stores. Online revenue for Fiscal 2024 increased by $24.7 million or 16.8% compared to Fiscal 2023, reaching $171.8 million for the year. Cost of sales and gross profit Gross profit for Q4 2024 increased by $18.8 million or 13.3% compared to Q4 2023, which resulted in gross margin expanding by 0.1% to 59.0% from 58.9% over the same period in Fiscal 2023. This improvement is primarily due to lower occupancy costs as a percentage of sales. Gross profit for Fiscal 2024 increased by $114.4 million or 23.5% compared to Fiscal 2023, which resulted in gross margin expanding by 2.0% to 62.8% from 60.8% over last year. This increase is attributable to the 19.7% revenue growth compared to the relatively lower increase in cost of sales of 13.8% which is due to controlled merchandise cost increases, lower outbound freight costs and lower markdowns. SG&A and Adjusted SG&A as a percentage of sales SG&A for Q4 2024 increased by $12.7 million or 17.0% compared to Q4 2023. This increase was primarily driven by the company's growing scale and activities, leading to a $5.2 million increase in wages, salaries, and employee benefits, along with a $3.2 million increase in selling and marketing expenses as both revenue and operations expanded. Additionally, in Q4 2024, administrative costs were negatively affected by $3.7 million in professional fees associated with our initial public offering ("IPO") and an incremental $1.9 million expense on stock-based compensation due to the revaluation of the fair value of the equity instruments granted prior to the IPO. Adjusted SG&A as a percentage of sales improved to 29.6% in Q4 2024 from 30.5% in Q4 2023. SG&A for Fiscal 2024 increased by $40.8 million or 15.0% compared to Fiscal 2023. This increase was primarily due to a $27.0 million rise in wages, salaries, and employee benefits, driven by higher labor costs as revenue grew and a larger proportion of stores were opened in the U.S., where labor tends to be more expensive than in Canada. Fiscal 2024 was also negatively impacted by $8.7 million of professional fees related to the IPO recorded in administrative costs. Adjusted SG&A as a percentage of sales improved to 31.2% in Fiscal 2024 from 33.7% in Fiscal 2023. Net earnings and adjusted net earnings Net earnings for Q4 2024 increased by $2.4 million or 8.5% compared to Q4 2023. This growth is mainly attributed to higher revenue, partially offset by higher SG&A. Adjusted net earnings(1) for Q4 2024 increased by $7.0 million or 23.6% compared to Q4 2023. Net earnings for Fiscal 2024 increased by $50.0 million or 58.2% compared to Fiscal 2023. This growth is attributable to higher revenue and a 200 basis points improvement in gross margin, partly offset by higher SG&A expenses and higher depreciation and amortization expenses. Adjusted net earnings for Fiscal 2024 increased by $59.1 million or 66.7% compared to Fiscal 2023. Operating income and adjusted EBITDA Operating income for Q4 2024 increased by $2.2 million or 4.6% to reach $50.7 million in Q4 2024 compared to $48.5 million in Q4 2023. Similarly, adjusted EBITDA for Q4 2024 increased by $11.6 million or 17.0% to reach $79.5 million compared to $67.9 million in Q4 2023. The adjusted EBITDA margin improved to 29.2% in Q4 2024, compared to 28.3% in the same period last year. This growth is primarily attributed to adjusted SG&A as a percentage of sales which decreased to 29.6% from 30.5% last year, reflecting the benefits of operating leverage and effective cost control. Operating income for Fiscal 2024 increased by $67.0 million or 46.2% to reach $212.2 million in Fiscal 2024 compared to $145.2 million in Fiscal 2023. Similarly, adjusted EBITDA for Fiscal 2024 increased by $85.9 million or 39.5% to reach $303.3 million compared to $217.4 million in Fiscal 2023. The adjusted EBITDA margin improved to 31.6%, compared to 27.1% last year. This substantial increase is attributable to enhanced gross margin and adjusted SG&A as a percentage of sales which decreased to 31.2% from 33.7% last year. Working capital As of February 1, 2025, we have maintained a strong inventory turnover ratio of 8.54x, compared to 7.98x as of February 3, 2024, with current assets of $161.6 million (including $74.2 million in cash) and current liabilities of $137.2 million. Inventory continues to be minimized through agile product development and strategic sourcing, driven by our high open-to-buy ratio. Free cash flow The Company reported robust free cash flow(1), achieving $55.9 million in Q4 2024, up from $41.9 million in Q4 2023. While operating cash flow remained strong, the Company mainly benefited from lower CAPEX, which decreased from $28.9 million in Q4 2023 to $12.6 million in Q4 2024. On a full year basis, free cash flow reached $164.3 million compared to $92.4 million last year, an increase of 77.2%. Net leverage ratio The Company's net leverage ratio decreased to 0.98x compared to 1.96x last year. This improvement is due to the increase in adjusted EBITDA, coupled with the repayment of all of its outstanding commitments under the credit facilities which has more than offset the rise in lease liabilities and allowed the Company to reduce leverage significantly. At the end of Fiscal 2024, the Company has over $74 million in cash and $312 million available under credit facilities, providing flexibility to drive growth, invest in strategic initiatives, and manage market volatility. Return metrics ROA of 26.0% for Fiscal 2024 represents a notable increase from the ROA of 17.9% for Fiscal 2023. This improvement indicates a significant boost in the Company's ability to leverage its assets more effectively than in previous periods. For Fiscal 2024, our ROCE reached 47.4%, compared to 35.3% for last year, highlighting the effectiveness of our recent strategies and investments.
Fourth quarter results conference call Groupe Dynamite will hold a conference call to discuss its Fiscal 2024 fourth quarter results today, April 15, 2025, at 10:30 a.m. (ET), followed by a question-and-answer period for financial analysts. Other interested parties may participate in the call on a listen-only basis via live audio webcast, accessible through the "Events & Presentations" tab on Groupe Dynamite's website at https://investors.groupedynamite.com/. About Groupe Dynamite Inc. Groupe Dynamite Inc. (TSX: GRGD) is a growth-oriented company striving for excellence in the fashion industry. Operating retail stores and digital experiences under two complementary and spirited banners—GARAGE and DYNAMITE—we offer a wide range of women's fashion apparel, catering to the needs of Generation Z and Millennials. With leading key operating metrics and a commitment to innovation and disciplined execution, we are proud to continue our ambitious growth plans. Guided by our mission, "Empowering YOU to be YOU, one outfit at a time," we are a values-led, inclusive organization committed to inspiring confidence and self-expression. Proudly rooted in the chic and vibrant city of Montréal, our culture, values and distinct brands position us to shape the future of fashion while attracting and inspiring the next generation of leaders and creators. Our ownership-mentality and entrepreneurial mindset is reflected in our Shared Success Program, through which all our 6,000 employees will have ownership exposure. This alignment of interests and values fosters collaboration, fuels innovation, and creates meaningful long-term value for our team and stakeholders alike. Non-IFRS Measures including Non-IFRS Financial Measures, Non-IFRS Ratios, Supplementary Financial Measures and Retail Industry Metrics This press release makes reference to certain non-IFRS measures, including non-IFRS financial measures, non-IFRS ratios, supplementary financial measures and certain retail industry metrics. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. In this press release, we use non-IFRS financial measures including "adjusted EBITDA", "adjusted EBITDA (after rent equivalent expense)", "free cash flow", "adjusted net earnings" and "adjusted net earnings per share" and non-IFRS ratios including "EBITDA margin", "adjusted EBITDA margin", "adjusted EBITDA (after rent equivalent expense) margin", "return on assets", "return on capital employed" and "net leverage ratio". We also use supplementary financial measures including "inventory turnover", "retail sales per square foot", "comparable store sales", "gross margin", "operating margin", "SG&A as a percentage of sales", "Adjusted SG&A as a percentage of sales" and "CAPEX" and other operating metrics commonly used in the retail industry. Additional details for these non-IFRS and other financial measures can be found in our Management's Discussion & Analysis for Fiscal 2024 under the section "Non-IFRS Measures including Non-IFRS Financial Measures, Non-IFRS Ratios, Supplementary Financial Measures and Retail Industry Metrics", which is posted on our website at https://groupedynamite.com/, and filed on SEDAR+ at www.sedarplus.ca. Reconciliations for each non-IFRS financial measure to the most directly comparable IFRS measures are provided below. These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. Non-IFRS Financial Measures and Non-IFRS Ratios Earnings before interests, taxes, depreciation, amortization ("EBITDA"), adjusted EBITDA and adjusted EBITDA (after rent equivalent expense) EBITDA is calculated as operating income plus depreciation and amortization. Adjusted EBITDA accounts for other one-time or non-cash items. We consider EBITDA to be a valuable non-IFRS measure in assessing the Company's operating performance. Adjusted EBITDA helps users of the financial statements identify underlying trends by providing a measure of operating performance which excludes non-representative income or expenses, non-cash items, or variations in other items not related to day-to-day operations such as stock-based compensation expense and other professional fees in connection with the IPO. We believe that the presentation of EBITDA contributes to the comparability of our financial results as it is a measure commonly used by issuers operating in our industry. Adjusted EBITDA (after rent equivalent expense) is calculated as adjusted EBITDA less a rent equivalent expense equal to the sum of depreciation of right-of-use assets and interest expense on lease liabilities. It is intended to provide users of our financial information with a view of the Company's adjusted EBITDA after the impact of depreciation on our right-of-use asset and interest expense on lease liabilities, principally for the purposes of assisting with comparability of the performance between the Company and that of issuers operating in the same industry with a significant retail footprint. EBITDA margin, adjusted EBITDA margin and adjusted EBITDA (after rent equivalent expense) margin The EBITDA margin, adjusted EBITDA margin and adjusted EBITDA (after rent equivalent expense) margin represent EBITDA, adjusted EBITDA and adjusted EBITDA (after rent equivalent expense) as a percentage of revenue.
Adjusted SG&A as a percentage of sales Adjusted SG&A as a percentage of sales is calculated as selling, general and administrative expenses plus or less non-recurring items and non-cash items, over total revenue. The adjustments are made to exclude stock-based compensation expense and other professional fees in connection with the IPO. We consider adjusted SG&A as a percentage of sales to be a valuable non-IFRS measure as it contributes to the comparability of our financial results with that of issuers operating in our industry.
Adjusted net earnings Adjusted net earnings is calculated as net earnings plus or less non-recurring items and their ensuing tax impact, as applicable. The adjustments are made to exclude stock-based compensation expense and other professional fees in connection with the IPO. We consider adjusted net earnings to be a valuable non-IFRS measure as it contributes to the comparability of our financial results with that of issuers operating in our industry. In addition to adjusted net earnings, we may present certain metrics and ratios with respect to adjusted net earnings including but not limited to adjusted net earnings per share. Adjusted net earnings per share are calculated, after giving the effect, on a retrospective basis, to the share consolidation that occurred in connection with the pre-closing reorganization on or about November 20, 2024.
Return on assets or ROA is the ratio of adjusted net earnings over average total assets and is a non-IFRS ratio. Average total assets is determined by taking the sum of the current year's total assets and the total assets from twelve months ago, and then dividing that sum by two. It is considered a useful non-IFRS ratio because it provides insight as to the Company's productive use of its assets and contributes to the comparability of our financial results with that of issuers operating in our industry.
Return on capital employed or ROCE is the ratio of (i) the result of adjusted EBITDA reduced by depreciation and amortization over (ii) average capital employed and is a non-IFRS ratio. Average capital employed is determined by taking the sum of the current year's total capital employed and the total capital employed from twelve months ago, and then dividing that sum by two. We calculate the capital employed by subtracting total current liabilities, excluding the short-term portion of long-term debt and lease liabilities, from total assets. It is considered a useful non-IFRS ratio because it provides insight as to the degree to which the Company's capital investments contribute to its profitability and contributes to the comparability of our financial results with that of issuers operating in our industry.
Free cash flow is calculated as cash flow generated from (used in) operating activities less cash used on the additions to property, equipment and intangible assets. We consider free cash flow to be a valuable non-IFRS financial measure as it provides users of the financial statements an indicator of our ability to generate cash to support future growth, debt repayment and potential distributions to shareholders.
Net leverage ratio is the ratio of net debt, which is calculated as long-term debt (including current portion) plus lease liabilities (including current portion) less cash, over adjusted EBITDA. We consider net leverage ratio to be a valuable non-IFRS ratio as it is an indicator of the Company's ability to meet financial obligations and contributes to the comparability of our financial results with that of issuers operating in our industry.
Forward-Looking Statements This press release contains forward-looking information within the meaning of applicable Canadian securities legislation. Forward-looking information may relate to our future financial outlook (including our guidance for Fiscal 2025) and anticipated events or results and may include information regarding our business, brand positioning, brand awareness and brand expansions, our expectations on our ability to continue creating accessible fashion and delivering on-trend products, our expectations regarding the expansion and optimization of our store footprint and the achievements that can be derived therefrom, our expectations regarding reinvestment in our business, our financial performance, financial position and use of liquidity, the remodeling and relocation of existing stores, our expectations regarding our growth rates and growth strategies, and the impact of any tariffs imposed by the United States, Canada and other countries on the Company's operations and financial position. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding possible future events or circumstances. Forward-looking information is based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Our assumptions underpinning forward-looking information include, but are not limited to, the following: expected short-, medium- and long-term discretionary spending and overall economic trends; successfully maintaining and enhancing our brands; marketing efforts, store renovations and store expansions will be successful and drive our revenue; maintaining our supplier relationships and a steady, cost-effective supply of inventories; successfully managing expenses and driving gross margin improvements; growing our e-commerce business and making headway in our international expansion efforts; successfully retaining key personnel including our chief executive officer; the absence of material changes to taxes, duties, tariffs and interest rates; the absence of further material disruptions in the international trade; the economy generally; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated, intended or implied. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Forward-looking information is also subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Risks and uncertainties are discussed in the "Risk Factors" section of the Company's annual information form for Fiscal 2024 (the "AIF") which are incorporated by reference into this document. A copy of the AIF and the Company's other publicly filed documents can be accessed under the Company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR+") at www.sedarplus.ca. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. The risks, uncertainties, opinions, estimates and assumptions referred to elsewhere in this press release should be considered carefully by readers. Accordingly, readers should not place undue reliance on forward-looking information. To the extent any forward-looking information in this press release constitutes future-oriented financial information or financial outlook, within the meaning of applicable securities laws, such information is being provided to demonstrate the potential of the Company and readers are cautioned that this information may not be appropriate for any other purpose. Future-oriented financial information and financial outlook, as with forward-looking information generally, are based on current assumptions and subject to risks, uncertainties and other factors. Furthermore, the forward-looking information contained in this press release represents our expectations as of the date of this press release (or as of the date it is otherwise stated to be made) and is subject to change after such date. We disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable Canadian securities legislation. All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.
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Company Codes: Toronto:GRGD | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
