New Look Reports Record Results for Second Quarter of 2018
New Look Vision Group reported in their latest financial results that revenues reached a record $77.2 million high for the period, an increase of 39.5%.
The revenue increase was mainly due to the previously announced acquisition of Iris, as well as comparable stores sales growth of 2.6% over the same period last year. As a percentage of revenues, adjusted EBITDA in the second quarter increased to 19.8% from 19.7% for the same period last year.
Net earnings attributed to shareholders were $4.0 million, compared to $2.6 million last year, the increase being mainly due to a higher EBITDA, offset by depreciation, financial expenses, and income taxes.
Antoine Amiel, the President and CEO of New Look Vision, stated that: “The record second quarter ended with strong financial and operating results and progress toward our deleveraging goals. While overall results benefited significantly from the Iris acquisition, Q2 is the 16th consecutive quarter of comparable store sales growth. Entering the second half of the year, we maintain our unwavering focus on integration efforts and strengthening our position in the consolidating Canadian retail optical industry.”
When adjusted for acquisition-related costs and other non-comparable costs, Adjusted cash flows from operating activities were $14.6 million, an increase of 35.4% over the same period last year.
Click HERE for the full press release.