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.
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