Consumer
Billionaire Lutfy’s Retailer Sees Shares Jump on Strong Outlook
Andrew Lutfy, chief executive officer of Groupe Dynamite Inc., center, cuts the ribbon on the newly opened Garage Clothing store on Oxford Street in London on March 27.
Photographer: Chris J. Ratcliffe/BloombergCanadian fast-fashion retailer Groupe Dynamite Inc. reported earnings above estimates in its fourth quarter and provided an optimistic outlook for the current fiscal year. The shares rose.
Revenue for the parent company of the the Garage and Dynamite brands jumped by 45% from a year ago to C$394 million ($284 million) in the period ended Jan. 31, ahead of estimates compiled by Bloomberg. Adjusted diluted earnings per share of 71 Canadian cents beat forecasts by about 4 cents.