Jun/26 Sales Analysis; Web Traffic Growth Moderated, U.S. Sales Data Strong

Research evidence excerpt

Jun/26 Sales Analysis; Web Traffic Growth Moderated, U.S. Sales Data Strong

July 8, 2026 | 20:56 ET~

Groupe Dynamite

GRGD-TSX Rating Price: Jul-8 Target Total Rtn Retailing/Consumer

Outperform $48.56 $78.00 61%

Stephen MacLeod, CFA Analyst

stephen.macleod@bmo.com (416) 359-8069

Nevan Yochim, CFA VP Associate

Jun/26 Sales Analysis; Web Traffic Growth nevan.yochim@bmo.com (416) 359-4193

Lauren Montanari, CFA AssociateModerated, U.S. Sales Data Strong

lauren.montanari@bmo.com (437) 898-7486

Bottom Line: Legal Entity: BMO Nesbitt Burns Inc.

Our June 2026 web traffic and in-store sales takeaways are generally positive. June web

2YR Price Volume Chart

traffic growth was solid (+13% y/y); Canada growth (+2%) inflected positively while 120

U.S. growth (+21%) moderated. Notably, U.S. returning user growth (+34%) and U.S. 100

observed sales (+52%) were strong and expected to be supportive of comp growth. 80

We believe Groupe Dynamite is well-positioned for growth in the North American fast- 60 4

40 3fashion women's apparel market, with several drivers supporting annual high-teens- 2

plus adj. EBITDA growth. 20 1

0 0

Jan Jul Jan Jul

Key Points LHS: Price (C$) / RHS: Volume (mm) Source: FactSet

Company Data in C$

Our monthly report analyzes SimilarWeb traffic and Bloomberg Second Measure

Dividend $0.00 Book Value $0.50sales trends. This version covers June 2026, the second month in Groupe Dynamite's

FQ2/26E. Yield 0.0% Shares O/S (mm) 109.1

Total website visits to Garageclothing.com (Canada and U.S.) increased 13% y/ Net Debt (mm) $530 Market Cap (mm) $5,298

y (moderating sequentially vs. +20% May/26; +5% Apr/26). Key traffic drivers: BMO Estimates in C$

19 marketing emails promoting newness (i.e., new colours, activewear), restocked (FY-Jan.) 2024A 2025A 2026E 2027E