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.

Featured Posts

Brunello Cucinelli and EssilorLuxottica, Together for the Next Ten Years

The Solomeo Casa di Moda and EssilorLuxottica signed an exclusive license agreement that will strengthen their partnership

Learn More
Alcon

Alcon Completes Acquisition of Aerie Pharmaceuticals

Alcon announced that it has completed its acquisition of Aerie Pharmaceuticals (Aerie).

Read more

B + L Reports More Than 58 Million Units of CL Materials Collected Through Recycling Programs

Bausch + Lomb announced its unique ONE by ONE and Biotrue Eye Care Recycling programs have collected a total of 58,677,480 million units, or 356,723 pounds, of used contact lens, eye care and lens care materials, which is equivalent to the weight of 108 midsize vehicles.

Read more

iA Financial Group Philanthropic Contest: CNIB in the Running to Win a Donation of $100,000

The Canada-wide philanthropic contest awards a donation of $100,000 to the four charities that receive the most votes. The remaining eight charities will each receive $10,000. 

Read more

Woodys: Far from Mainstream

Woodys! Born to break with the mainstream and depict a world full of unique stories and characters.

Read more

Brunello Cucinelli and EssilorLuxottica, Together for the Next Ten Years

The Solomeo Casa di Moda and EssilorLuxottica signed an exclusive license agreement that will strengthen their partnership

Learn More
Alcon

Alcon Completes Acquisition of Aerie Pharmaceuticals

Alcon announced that it has completed its acquisition of Aerie Pharmaceuticals (Aerie).

Read More

B + L Reports More Than 58 Million Units of CL Materials Collected Through Recycling Programs

Bausch + Lomb announced its unique ONE by ONE and Biotrue Eye Care Recycling programs have collected a total of 58,677,480 million units, or 356,723 pounds, of used contact lens, eye care and lens care materials, which is equivalent to the weight of 108 midsize vehicles.

Read More

iA Financial Group Philanthropic Contest: CNIB in the Running to Win a Donation of $100,000

The Canada-wide philanthropic contest awards a donation of $100,000 to the four charities that receive the most votes. The remaining eight charities will each receive $10,000. 

Read More

Woodys: Far from Mainstream

Woodys! Born to break with the mainstream and depict a world full of unique stories and characters.

Read More

Brunello Cucinelli and EssilorLuxottica, Together for the Next Ten Years

The Solomeo Casa di Moda and EssilorLuxottica signed an exclusive license agreement that will strengthen their partnership

Learn More
Alcon

Alcon Completes Acquisition of Aerie Pharmaceuticals

Alcon announced that it has completed its acquisition of Aerie Pharmaceuticals (Aerie).

Read more

B + L Reports More Than 58 Million Units of CL Materials Collected Through Recycling Programs

Bausch + Lomb announced its unique ONE by ONE and Biotrue Eye Care Recycling programs have collected a total of 58,677,480 million units, or 356,723 pounds, of used contact lens, eye care and lens care materials, which is equivalent to the weight of 108 midsize vehicles.

Read more

iA Financial Group Philanthropic Contest: CNIB in the Running to Win a Donation of $100,000

The Canada-wide philanthropic contest awards a donation of $100,000 to the four charities that receive the most votes. The remaining eight charities will each receive $10,000. 

Read more

Woodys: Far from Mainstream

Woodys! Born to break with the mainstream and depict a world full of unique stories and characters.

Read more

Brunello Cucinelli and EssilorLuxottica, Together for the Next Ten Years

The Solomeo Casa di Moda and EssilorLuxottica signed an exclusive license agreement that will strengthen their partnership

Learn More
Alcon

Alcon Completes Acquisition of Aerie Pharmaceuticals

Alcon announced that it has completed its acquisition of Aerie Pharmaceuticals (Aerie).

Read more

B + L Reports More Than 58 Million Units of CL Materials Collected Through Recycling Programs

Bausch + Lomb announced its unique ONE by ONE and Biotrue Eye Care Recycling programs have collected a total of 58,677,480 million units, or 356,723 pounds, of used contact lens, eye care and lens care materials, which is equivalent to the weight of 108 midsize vehicles.

Read more

iA Financial Group Philanthropic Contest: CNIB in the Running to Win a Donation of $100,000

The Canada-wide philanthropic contest awards a donation of $100,000 to the four charities that receive the most votes. The remaining eight charities will each receive $10,000. 

Read more

Woodys: Far from Mainstream

Woodys! Born to break with the mainstream and depict a world full of unique stories and characters.

Read more