New Look Vision Reports Strong Results for Q1 of Fiscal 2021

New Look Vision Group reported financial results for the 13 week periods ended March 27, 2021, and provided updates on actions in response to COVID-19, store re-openings, on omnichannel and facility consolidation.

Q1 2021 highlights:

  • Revenues increased by 27.3% compared to the first quarter of last year to reach $86.6 million as a result of comparable store sales, revenues from newly acquired stores and COVID-19 temporary store closures in March 2020 as opposed to essential services exempted lockdown in 2021.
  • Comparable store sales were up 24.5% as a result of enhanced store operating procedures and a shift in customer behavior.
  • Adjusted EBITDA attributed to shareholders reached $17.1 million, a 72.2% increase over the first quarter of last year.
  • Net debt was $169.1 million compared to $175.5 million as of Q1 2020.
  • The Company actively continued to pursue its significant pipeline of acquisition opportunities in Canada and the United States and acquired 6 stores in the quarter.

Antoine Amiel, the President and CEO of New Look Vision, stated that: “New Look Vision carried forward its momentum from the second half of 2020 into 2021 with comparable sales growth rising to 24.5% despite the extended COVID-19 restrictions during the quarter. We continued consolidating the fragmented Canadian retail optical market, with six stores acquired since the beginning of the year.”

COVID-19 and Store re-opening

During Q1 2021, the Company faced renewed COVID-19 regional restrictions in the market in which it operates despite the Company posted another strong quarter in spite of the ongoing impact of COVID-19. In advance of reopening its stores, the Company issued stringent health and safety procedures, undertook extensive training in the form of in-store rehearsals and is providing each location with prescribed personal protection equipment.

Arrangement Agreement to be Acquired

On March 18, 2021, the Company announced that it had entered into an arrangement agreement to be acquired by NL1 AcquireCo Inc., an entity created by a group composed of funds managed by FFL Partners, LLC, Caisse de dépôt et placement du Québec, and the Dr. H. Doug Barnes Family.

Click HERE for the full press release.

Other related articles

Featured Posts

Nautica Intros New Tenite™ Renew Collection

Conquer the sun in style with Nautica Eyewear’s trendy round sunglasses from their Tenite Renew collection.

Learn More

Repeated Stress Can Speed Up Aging in the Eye and Glaucoma

A new research study published in the journal Aging Cell, shows that stress including higher eye pressure from Glaucoma can cause changes in retinal cells similar to what is seen in natural aging.

Read more

Lacoste Presents Spring/Summer 2023 Active Mini-Me Sunglasses

Celebrating the style bond between father and son, Lacoste introduces the Spring/Summer 2023 new mini-me sunglasses.

Read more

OGS Marks World Optometry Week with Fundraising Campaign

As the industry gears up to celebrate World Optometry Week and World Optometry Day next week, Optometry Giving Sight (OGS) today announced its latest campaign, ”Give Sight. Change Lives.”

Read more

Craze Guard for the Optical

The patented device, made from proprietary heat resistant materials, helps ward off lens crazing while keeping the bridge and temples exposed for heating. 

Read more

Nautica Intros New Tenite™ Renew Collection

Conquer the sun in style with Nautica Eyewear’s trendy round sunglasses from their Tenite Renew collection.

Learn More

Repeated Stress Can Speed Up Aging in the Eye and Glaucoma

A new research study published in the journal Aging Cell, shows that stress including higher eye pressure from Glaucoma can cause changes in retinal cells similar to what is seen in natural aging.

Read More

Lacoste Presents Spring/Summer 2023 Active Mini-Me Sunglasses

Celebrating the style bond between father and son, Lacoste introduces the Spring/Summer 2023 new mini-me sunglasses.

Read More

OGS Marks World Optometry Week with Fundraising Campaign

As the industry gears up to celebrate World Optometry Week and World Optometry Day next week, Optometry Giving Sight (OGS) today announced its latest campaign, ”Give Sight. Change Lives.”

Read More

Craze Guard for the Optical

The patented device, made from proprietary heat resistant materials, helps ward off lens crazing while keeping the bridge and temples exposed for heating. 

Read More

Nautica Intros New Tenite™ Renew Collection

Conquer the sun in style with Nautica Eyewear’s trendy round sunglasses from their Tenite Renew collection.

Learn More

Repeated Stress Can Speed Up Aging in the Eye and Glaucoma

A new research study published in the journal Aging Cell, shows that stress including higher eye pressure from Glaucoma can cause changes in retinal cells similar to what is seen in natural aging.

Read more

Lacoste Presents Spring/Summer 2023 Active Mini-Me Sunglasses

Celebrating the style bond between father and son, Lacoste introduces the Spring/Summer 2023 new mini-me sunglasses.

Read more

OGS Marks World Optometry Week with Fundraising Campaign

As the industry gears up to celebrate World Optometry Week and World Optometry Day next week, Optometry Giving Sight (OGS) today announced its latest campaign, ”Give Sight. Change Lives.”

Read more

Craze Guard for the Optical

The patented device, made from proprietary heat resistant materials, helps ward off lens crazing while keeping the bridge and temples exposed for heating. 

Read more

Nautica Intros New Tenite™ Renew Collection

Conquer the sun in style with Nautica Eyewear’s trendy round sunglasses from their Tenite Renew collection.

Learn More

Repeated Stress Can Speed Up Aging in the Eye and Glaucoma

A new research study published in the journal Aging Cell, shows that stress including higher eye pressure from Glaucoma can cause changes in retinal cells similar to what is seen in natural aging.

Read more

Lacoste Presents Spring/Summer 2023 Active Mini-Me Sunglasses

Celebrating the style bond between father and son, Lacoste introduces the Spring/Summer 2023 new mini-me sunglasses.

Read more

OGS Marks World Optometry Week with Fundraising Campaign

As the industry gears up to celebrate World Optometry Week and World Optometry Day next week, Optometry Giving Sight (OGS) today announced its latest campaign, ”Give Sight. Change Lives.”

Read more

Craze Guard for the Optical

The patented device, made from proprietary heat resistant materials, helps ward off lens crazing while keeping the bridge and temples exposed for heating. 

Read more