New Look Vision Reports Solid Results and the 20th Consecutive Quarter of Comparable Store Sales Growth
New Look Vision Group reported financial results today for the 13 and 26 week periods ended June29, 2019 (“Q2 2019”).
Q2 2019 Financial and Operational Highlights
• Revenues increased by 1.0% over last year to $78.1 million.
• Comparable store sales orders were up by 1.6% compared to the second quarter of last year, marking the 20thconsecutive quarter of comparable store sales growth.
• Total operating expenses as a percentage of revenues decreased by 3.4% to 80.4% for the second quarter compared to the same period last year.
• Adjusted EBITDA reached $15.5 million, an increase of 1.6% over last year and increased 1.0% on a per diluted share basis to $0.99.
• Net earnings attributable to shareholders reached $6.8 million, compared to $4.0 million last year, the increase being mainly attributable to higher EBITDA and lower depreciation expenses offset by higher incomes taxes. Net earnings on a per diluted share basis were $0.44, compared to $0.26 last year, an increase of 69.2%.
Year-to-date Financial and Operating Results
• Year-to-date revenues and adjusted EBITDA reached a record $149.5 million and $27.2 million respectively, which represent increases of 1.7% and 1.9% respectively over last year. Comparable store sales year-to-date were up 2.1% over last year.
• Total operating expenses as a percentage of revenues decreased by 1.9% to 82.7% for the 26-week period compared to the same period last year.
• Net earnings attributed to shareholders were $8.9 million or $0.57per diluted share, compared to $6.2 million last year or $0.40 per diluted share.
Antoine Amiel, the President and CEO of New Look Vision, stated that: “New Look Vision has delivered a 20thconsecutive quarter of comparable store sales growth in spite of very poor spring weather across Canada which dampened sales of sun wear, a staple of opticals’ second quarters. The earnings and cash flow were strong nevertheless. We further delivered on our single store consolidation strategy, adding one store in Ontario and two in Atlantic Canada. Concurrently, we invested in Topology’s business and technology which we believe will significantly differentiate our omnichannel model. New Look Vision continues to pursue both organic and external growth aggressively.”
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