New Look Vision Reports Results for Q1 of Fiscal 2020 and Provides Actions in Response to COVID-19
New Look Vision Group reported financial results today for the 13-week period ended March 28, 2020 and provided actions in response to COVID-19 and new financing arrangements.
Q1 2020 highlights, which were impacted by COVID-19 in March, are as follows:
• Revenues decreased by 4.8% to $68.0 million, resulting from COVID-19 temporary store closures, as well as scheduled store closures offset by revenue from newly acquired stores.
• Comparable store sales orders were down by 14.3%, compared to last year (but up 2.1% at the end of February 2020, pre-COVID-19).
• Adjusted EBITDA attributed to shareholders reached $15.4 million, an increase of $3.5 million or 29.6% over last year.
• Net loss attributed to shareholders was $0.3 million, a decrease of 115.3% over last year, mainly driven by the temporary closure of the majority of the Company’s stores during the last two weeks of March and the impact of IFRS 16.
• Cash flows related to operating activities reached $13.5 million, an increase of $0.9 million or 7.4% over last year and increased 7.5% on a per diluted share basis to $0.86, which is mainly explained by the impact of IFRS 16.
• Since the previous quarter total debt has increased by $35.4 million mainly as a result of business acquisitions.
Antoine Amiel, the President and CEO of New Look Vision, stated that: “The strong organic growth momentum from the fourth quarter of 2019 carried into 2020 until the impact of COVID-19 hit company wide full force in March. New Look Vision has responded swiftly to the crisis. Utmost on our minds has been the safety and well being of our employees, associates and clients. Many measures have
been taken to secure the future of the business through and beyond the crisis, including significant new additional financing arrangements. I want to specifically thank all of our employees and associates across the country who have worked so hard and showed such dedication in these unusual times. We are well positioned to withstand the current disruption given New Look Vision’s efficient operations, historical profitability and strong balance sheet, and be in a position, as conditions improve, to successfully pursue our growth strategy in Canada and the United States in 2020 and beyond.”
Click HERE for the full press release.