New Look Announces Record Q3 Revenues
Montréal, Québec – New Look Vision Group Inc. announced its financial results for the third quarter ended September 30, 2017 and its quarterly dividend.
New Look Vision reported record revenues of $55.2 million and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $10.8 million for the third quarter ended September 30, 2017, representing increases of 12.8% and 35.6% respectively over last year. The revenue increase was mainly due to the net addition of 19 stores in the last 12 months as well as same store sales growth of 0.9% over last year. This revenue growth as well as significant improvement in operating expense ratios resulted in the strong adjusted EBITDA performance.
Adjusted net earnings attributed to shareholders for the third quarter were up significantly at $4.1 million compared to $2.8 million in 2016. Adjusted net earnings per share for the quarter compared to the third quarter of 2016 were up at $0.29 per share. Net earnings attributed to shareholders were $3.4 million, compared to $2.1 million last year, the increase being mainly due to higher revenues, controlled expense growth, and lower equity-based compensation.
Antoine Amiel, the President of New Look Vision, stated that: “I am pleased to report that Q3 was a strong quarter of revenue and earnings growth, resulting from a continued comparable store and new store sales growth, a strong focus on improving operating expense ratios and from generating synergies from recent acquisitions. Subsequent to quarter’s end, we announced the completion of the acquisition of Iris The Visual Group, strengthening our leadership position across Canada with a network of 378 stores.”
Year-to-date revenues and adjusted EBITDA reached a record of $161.6 million and $29.6 million respectively, which represent increases of 12.2% and 15.6% respectively over last year. Net earnings attributed to shareholders were $7.3 million compared to $8.0 million last year. Net earnings adjusted to remove the impact of acquisition-related costs, equity-based compensation, and other non-comparable costs were $11.1 million, or $1.4 million over last year. Comparable store sales year-to-date were up 2.5% over last year.
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