Groupe Dynamite introduces share buyback program after ‘breakthrough’ year

Date:

Share post:

Groupe Dynamite Inc. has released its financial results for its fourth quarter and fiscal year 2024, which ended February 1, 2025, introducing a return of capital to shareholders via implementation of a share buyback program.

Andrew Lutfy - Photo courtesy of Carbonleo
Andrew Lutfy – Photo courtesy of Carbonleo

“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.

Stacie Beaver
Stacie Beaver

“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.

Source: Groupe Dynamite website
Source: Groupe Dynamite website

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

  • Revenue increased by 13.1% to $271.8 million in Q4 2024, compared to $240.3 million in Q4 2023. Excluding the 14th week of Q4 2023, total revenue increased by 18.8%.
  • Comparable store sales growth of 9.5% in Q4 2024, over and above comparable store sales growth of 9.8% in Q4 2023.
  • Gross margin slightly expanded by 0.1% to 59.0% in Q4 2024 compared to 58.9% in Q4 2023.
  • SG&A increased to $87.0 million in Q4 2024, compared to $74.4 million in Q4 2023, and adjusted SG&A as a percentage of sales decreased to 29.6% from 30.5% over the same period in Fiscal 2023.
  • Operating income increased by 4.6% to $50.7 million in Q4 2024, compared to $48.5 million in Q4 2023.
  • Adjusted EBITDA increased by 17.0% to $79.5 million in Q4 2024, representing an adjusted EBITDA margin of 29.2%, compared to 28.3% over the same period in Fiscal 2023.
  • Diluted net earnings per share increased to $0.28 in Q4 2024, compared to $0.27 in Q4 2023 and adjusted diluted net earnings per share increased by 18.3% to $0.33 in Q4 2024, compared to $0.28 in Q4 2023.
  • Real estate activity for Q4 2024 includes:
    • Opening of 2 gross new stores in the United States under the Garage banner
    • Closure of 3 stores: 1 in the United States under the Dynamite banner and 2 in Canada under the Garage banner
    • Completion of 1 store relocation in the United States under the Garage banner
Source: Groupe Dynamite website
Source: Groupe Dynamite website

Fiscal 2024 Highlights

  • Completed the relocation and renovation of 4 stores in the United States under the Garage banner
  • Revenue increased by 19.7% to $958.5 million in Fiscal 2024, compared to $800.8 million in Fiscal 2023. Excluding the 53rd week of Fiscal 2023, total revenue increased by 21.4%.
  • Comparable store sales growth of 12.3% in Fiscal 2024, over and above comparable store sales growth of 8.2% in Fiscal 2023.
  • Retail sales per square foot increased by 18.6% since the end of Fiscal 2023, reaching $734 in Fiscal 2024.
  • Gross margin expanded by 2.0% to 62.8% in Fiscal 2024 compared to 60.8% in Fiscal 2023.
  • SG&A increased to $313.2 million in Fiscal 2024, compared to $272.3 million in Fiscal 2023 and adjusted SG&A as a percentage of sales decreased to 31.2% from 33.7% in Fiscal 2023.
  • Operating income increased by 46.2% to $212.2 million in Fiscal 2024, compared to $145.2 million in Fiscal 2023.
  • Adjusted EBITDA increased by 39.5% to $303.3 million in Fiscal 2024, representing an adjusted EBITDA margin of 31.6%, compared to 27.1% over last year, driven by higher gross margin and operating leverage.
  • Diluted net earnings per share increased to $1.25 in Fiscal 2024, compared to $0.80 in Fiscal 2023, and adjusted diluted net earnings per share increased by 64.9% to $1.36 in Fiscal 2024, compared to $0.82 in Fiscal 2023.

Real estate activity for Fiscal 2024 includes:

  • Opening of 20 gross new stores: 17 in the United States under the Garage banner and 3 in Canada under both banners
  • Closure of 12 stores: 2 in the United States under both banners and 10 in Canada under both banners

Related Retail Insider stories:

RELATED ARTICLES

Subscribe to the Newsletter

Subscribe

* indicates required

RECENT articles

Angel Care Group Expands Litter Genie Line and Retail Strategy in Canada

Montreal-based Angel Care Group is expanding Litter Genie with new products, retail partnerships and a broader cat-care ecosystem in Canada.

AI agents and the shopping experience: Myndlab

The technology is advancing because AI-referred shoppers are commercially valuable.

Faire report: Social media is reshaping fashion trends and giving independent retailers an edge

Faire’s latest report finds social is accelerating fashion trends, with independent retailers using faster buying cycles to respond to changing demand.

Daily Synopsis: September 17, 2026

Stefano Ricci luxury boutique in Vancouver shuttering, Metro reaches deal with striking workers, Harry Rosen opens Toronto flagship September 22, GTA furniture retailer appears to go bankrupt, and other news.

Reitmans (Canada) Limited reports Q2 financial results, net revenues decrease 1.9% y/y

Net earnings were $10.1 million ($0.20 basic and diluted earnings per share) as compared with net earnings of $13.1 million ($0.26 basic and diluted earnings per share) a year earlier.

Primaris Raises $200M With More Than $1B in Canadian Mall Acquisitions Under Negotiation

Primaris is raising $200 million in new equity while negotiating more than $1 billion in potential mall acquisitions. The financing adds capacity as the REIT continues buying major Canadian shopping centres from institutional owners and expanding its national portfolio.

Gen Z demands authentic digital experiences as AI reshapes retail: Sitecore

Sitecore research finds 89% of Gen Z wants more authentic digital experiences, while nearly 70% have reduced engagement with brands they distrust.

Dollarama’s $5 Ceiling Is Becoming a Test for Canadian Retail

Dollarama is holding its $5 maximum price point as Canadian traffic continues to rise and cost pressures build. The widening performance gap with parts of mainstream retail raises questions about whether value shopping is becoming a permanent part of household spending.

STRONG Pilates launches new connected training technology as franchise expands globally

The technology is being introduced in two phases, beginning in Australia and the United States, with a second phase planned for later this year that will add expanded data capabilities, deeper technology integration and a global rollout.

Bloor Street Retail Update: New Stores, Flagships and Major Changes Reshape Toronto Luxury Corridor

Toronto’s Bloor Street is seeing another wave of retail change, with RH, Delysées and Tiffany arriving, Holt Renfrew evolving, Harry Rosen relocating and major redevelopment projects moving ahead.

Verifran launches franchise intelligence platform to streamline candidate qualification

The Toronto-based company is positioning the platform as an intelligence layer between an initial franchise inquiry and a franchise development team

WestJet, Tim Hortons announce new in-flight coffee and loyalty partnership

The partnership will see WestJet serve a new Tim Hortons coffee blend called Flight Roast on flights that currently offer in-flight refreshments, while members of the two companies' rewards programs will eventually be able to earn points through eligible Tim Hortons purchases.

BCG: Canadian retail spending splits further as higher- and lower-income households diverge

Higher-income buyers place more weight on service and the buying experience, especially for bigger purchases like appliances.

Daily Synopsis: September 16, 2026

Mine & Yours Marks 13 Years as Luxury Resale Starts Looking More Like, TryCanadian.ca launches as Consumers Search for Canadian Alternatives, Dollarama Q2 sales increase 17.6% y/y to surpass $2 billion, RBC says grocery prices likely to keep rising faster than overall, and other retail news.

Cozey to open first permanent Montreal store as furniture retailer expands physical footprint

The Montreal location is part of a broader expansion that has seen Cozey increase its physical retail presence while also entering new international markets.

RONA names Alain Ménard CEO as J.P. Towner moves to Sycamore Partners advisory role

The company says Towner and Ménard will continue to work closely together during the transition as RONA moves into its next phase of growth.

Amazon invests more than $78 million in pay increases for Canada operations employees  

Amazon is raising its average hourly base wage in Canada to $26.27 per hour — up from $25.27 in 2025 — representing a 4% year-over-year increase. 

Mine & Yours Marks 13 Years as Luxury Resale Starts Looking More Like Luxury Retail

Mine & Yours marks 13 years as the Canadian luxury reseller expands its retail footprint, deepens its Holt Renfrew partnership and builds a business model in which customers increasingly serve as both shoppers and suppliers.

BRP focusing on off-road vehicle market

BRP is planning to introduce a major off-road vehicle innovation every six months over the next four years.

TryCanadian.ca Launches as Consumers Search for Canadian Alternatives to U.S. Brands

TryCanadian.ca launches with more than 900 companies, helping shoppers find Canadian alternatives to U.S. brands as buying habits shift.