New Look Vision Reports Solid Q3 Results
Tuesday, November 12 2019 | 10 h 04 min | Financial News, Press Release
New Look Vision Group reported financial results for the period ended September 28, 2019 (“Q3 2019”).
Q3 2019 Financial and Operational Highlights
• Revenues increased by 2.1% over last year to $74.4 million.
• Comparable store sales orders were up by 1.6% compared to the third quarter of last year, marking the 21st consecutive quarter of comparable store sales growth.
• Adjusted EBITDA attributed to shareholders reached $14.4 million, an increase of 3.3% over last year and 3.4% on a per diluted share basis to $0.92.
• Net earnings attributed to shareholders remained flat at $0.31 on a per diluted share basis.
• Adjusted net earnings attributed to shareholders increased to $6.9 million and on a per diluted share reached $0.44, an increase of 4.8% over the same quarter last year. The increase was driven by improved EBITDA.
• Cash flows related to operating activities reached $13.5 million, an increase of 42.3% over last year and increased 41.0% on a per diluted share basis to $0.86.
• The long-term debt was reduced by $5.1 million in the third quarter of 2019 through voluntary and contractual repayments, improving the net debt to adjusted EBITDA attributed to shareholders ratio to 2.56, compared to 2.88 in the same period last year.
• The quarterly dividend payment to shareholders of $0.15 per share was maintained.
Year-to-date Financial and Operating Results
• Year-to-date revenues and adjusted EBITDA attributed to shareholders reached a record $223.9 million and $41.6 million respectively, which represent increases of 1.8% and 2.1% respectively over last year. Comparable store sales orders year-to-date were up 1.9% over last year.
• The increase in the number of stores year-to-date reflects the acquisition of ten stores net of five scheduled store closures.
• Net earnings attributed to shareholders were $13.7 million or $0.88 per diluted share, compared to $11.1 million last year or $0.71 per diluted share.
• Adjusted net earnings attributed to shareholders increased to $18.2 million, $0.6 million over last year. Adjusted net earnings attributed to shareholders(a) reached $1.17 per diluted share, up 3.5% from $1.13 in 2018.
• Cash flows related to operating activities reached $36.3 million, an increase of 32.5% over last year and increased 32.6% on a per diluted share basis to $2.32.
President & CEO’s comments
Antoine Amiel, the President and CEO of New Look Vision, stated that: “The second half of the year is off to a solid start, as New Look Vision delivered its 21st consecutive quarter of comparable store sales growth, improved earnings and healthy cash flows. We continue to focus on achieving operational synergies and to explore profitable growth opportunities in the consolidating Canadian retail optical sector”.
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