Blog

March 25, 2020March 24, 2020

Safilo Supports Customers with Virtual Education Series

Safilo Group kicks off a new virtual education platform this week, offering a series of educational webinars for its customers on various topics to enrich their optical practices while offices are closed or operating on limited schedules due to Covid-19.

Running the full weeks of March 23rd and March 30th, one new course topic will be taught daily between two and four times each day – with four sessions daily this week and repeated two times daily next week – to accomodate participants in different time zones. The lectures are led by Robin Brush, a Safilo Key Accounts Manager and an ABOC-certified optician with 25 years of optical industry experience. The courses, taught live, are being offered in English and will soon be translated to other languages in the coming weeks to make available to international customers. The courses are also being recorded to make available later for those who missed them. ABO credits are not being issued for any of the online lectures.

To attend these virtual classes, North American customers can either contact their sales representatives or sign up directly by visiting the home pages of Safilo’s b2b website: www.mysafilocanada.com. Internationally, Safilo customers can contact their sales rep for sign-up details. The WebEx course topics include: Advanced Eyewear Technology; A Visual Guide to Merchandising, J.O.B.S. Program: Joint Opportunity to Believe in Staying; Multiples Mindset and Optical 411 (full course descriptions can be found on the next page).

“During these trying times, we wanted to continue showing our gratitude and support to our customers’ practices by offering courses to enrich their education portfolio. We’ve worked diligently to create a free virtual education platform that will allow anyone within one of our customer’s practices to access the courses, even if their offices are closed temporarily,” said Steve Wright, Safilo North America’s President and Chief Commercial Officer. “The classes were developed initially, with Safilo North America customers in mind, while many are at home this week and practicing social distancing. However, we decided to make the courses available internationally as believe this program can be beneficial to all Safilo customers around the globe,” added Wright.

Click HERE for the full press release and course descriptions.

March 24, 2020March 24, 2020

Bausch + Lomb Initiates Free Delivery to Consumers to Support ECPs

In order to assist eye care professionals in view of the social distancing and business closures required by COVID-19, Bausch + Lomb have instituted several initiatives to support practices.

The following initiatives are being implemented:

Free direct-to-patient shipping: this is to make it easy for patients to purchase Bausch + Lomb contact lenses from the practice while promoting social distancing
All Bausch + Lomb Territory Managers will be working from their home offices until further notice
Sales teams are available to assist ECPs with requests or questions that arise including sample requests for PreserVision® and Bepreve®. ECPs can reach B+L directly by phone, email or through our Customer Resource Centre at 1-800-686-7720
All scheduled in-person meetings and appointments will be converted to virtual meetings (phone or video conference) or postponed

Click HERE for the full press release.

March 24, 2020March 24, 2020

New Look Vision Reports Record Results for Q4 2019 and Provides Actions in Response to COVID-19

New Look Vision Group reported financial results for the 13 and 52 week periods ended December 28, 2019.

Q4 2019 Financial and Operational Highlights

• Revenues increased by 3.9% over last year to reach a record $73.9 million.

• Comparable store sales orders were up by 3.6% compared to the fourth quarter of last year, marking the 22nd consecutive quarter of comparable store sales growth.

• Adjusted EBITDA attributed to shareholders reached $14.3 million, an increase of 3.7% over last year and 3.4% on a per diluted share basis to $0.91. The increase is principally due to improved performance from existing stores and improved employee productivity that lead to lower remuneration expenses.

• Net earnings attributed to shareholders reached $5.0 million, compared to $3.1 million last year, the increase being attributable to higher EBITDA and lower financial expenses. Net earnings on a per diluted share basis were $0.32 compared to $0.20 last year, an increase of 60.0%.

2019 Financial and Operating Results

• Annual revenues increased by 2.3% to reach a record $297.9 million, resulting mainly from comparable store sales growth as well as from newly acquired stores, offset by revenue from scheduled store closures.

• Comparable store sales orders were up by 2.3% compared to last year.

• Adjusted EBITDA attributed to shareholders reached $55.9 million, an increase of $1.4 million or 2.5% over last year and increased 2.3% on a per diluted share basis to $3.57.

• Net earnings attributed to shareholders were $18.8 million, an increase of 32.1% over last year. This increase is driven by higher EBITDA, lower financial expenses and depreciation. Net earnings per diluted share increased 31.9% to $1.20.

• Adjusted net earnings attributed to shareholders(a) increased by 13.5% to $26.1 million or 13.6% on a per diluted share basis.

The increase is mainly attributable to a higher adjusted EBITDA.

• Cash flows related to operating activities reached $43.6 million, an increase of $8.8 million or 25.4% over last year and increased 25.1% on a per diluted share basis to $2.79.

• The Company invested $8.9 million in Bespoke Eyewear and the technical component that underpins the omnichannel strategy.

• The total debt was reduced by $9.8 million through voluntary and contractual repayments, improving the net debt to adjusted EBITDA attributed to shareholders ratio to 2.60, compared to 2.76 last year.

Actions in response to COVID-19

New Look Vision has initiated partial or full store closures across its network in response to COVID-19. Preventing the virus’ spread, protecting professionals, employees and clients while maintaining a minimum access to vision care and products are the key factors driving these decisions. The Company established an emergency pay program to supplement unemployment insurance for the employees placed on temporary leave.

In view of the current uncertainty driven by reduced store capacity and regulatory restrictions, the Board of Directors has elected to suspend the regular quarterly dividend and the corresponding dividend reinvestment plan for Q4 2019. The Company believes it is well positioned to withstand the current disruption given its efficient operations and strong balance sheet. New Look Vision continues to diligently control its cost structure while actively monitoring market conditions.

President & CEO’s comments

Antoine Amiel, the President and CEO of New Look Vision, stated that: “New Look Vision had a strong fourth quarter capping a strong FY2019. This was the 22nd consecutive quarter of same store sales growth. 2019 saw an increased pace of comparable store sales growth, increased profitability and store network expansion notably in the USA. Those results materialized into further deleveraging

of our balance sheet giving the Company a solid footing to withstand the COVID-19 disruption and uncertainty.

New Look Vision responded swiftly to the onset of COVID-19. We have reduced our store network capacity to participate in the collective effort to stem the pandemic’s spread and to protect our teams and customers, while keeping open a minimum access to vision care and products for those in need. We have implemented a supplemental pay program for our employees placed on temporary leave. We have downsized our cost structure and taken cash conservation measures. We are actively monitoring the situation and will adjust our stance proactively. While our stores and manufacturing activities are reduced, our development initiatives are on-going to continue building a competitive advantage.

Click HERE for the full press release.

March 24, 2020March 24, 2020

Canadian Optical in Running for Prestigious Retail Award

Vision Expo has announced that the third annual OPTImum Retail award winners will be announced April 7 and celebrated at Vision Expo West in Las Vegas in September.

Among the nominees from across the world, Winnipeg’s “G for Glasses”, that was featured in the July-August 2019 issue of Optik Magazine. Other nominees are from Kyoto, London, Los Angeles and Dallas.

While voting is finished, you can still view a gallery of all nominees online:

https://optimumretailawards.pgtb.me/Lhl2Rq#&gid=1&pid=1

Notwithstanding the difficult times, event vice president of Reed Exhibitions, Fran Pennella said, “Vision Expo is committed to serving the optical industry and finding ways to bring the vision community together. We are excited to celebrate the amazing work of each of the OPTImum Retail Award finalists in the coming weeks and look forward to honoring the winner and finalists together with the vision community at Vision Expo West this September.”

Source: Vision Expo

March 21, 2020March 21, 2020

Essilor Offers Some Financial Relief to Independent ECPs

In view of the financial challenges faced by independent eye care professionals as a result of the COVID-19 pandemic, Essilor Canada has announced three initiatives to help industry through the challenges at hand.

Below is the full statement provided by Essilor Canada.

Essilor Canada Offers Financial Relief

Independent Eyecare Professionals to receive some financial relief during the COVID-19 crisis

Essilor Canada understands the challenges the optical industry, and the entire world, is facing with the uncertainty surrounding COVID-19. In an effort to support our eyecare partners during this difficult time, the company is offering three financial relief opportunities for independent eyecare professionals (iECPs). These are:

Flexible payment terms: On a case-by-case basis Essilor Canada will work with iECP customers to offer the maximum flexibility in payment terms¹
Immediate late fee suspension for all iECP customers²
Pre-authorized payment suspension: Essilor Canada will work closely with iECP customers to arrange alternative payment solutions³

“Our commitment to our customers is unwavering. We always support our eyecare partners the best way possible and we know that the weeks, and perhaps months, ahead will be trying,” says Christophe Perreault, Essilor Canada President. “By providing more payment flexibility we hope to help independent eyecare professionals get back on their feet rapidly as soon as economic activity resumes.”

¹Terms may be extended up to 90 days on current purchases. Essilor Canada will assess each request on a case-by-case basis at Essilor Canada’s sole discretion.

²This measure will be maintained for up to 90 days. The duration will be reassessed further at a later time and Essilor Canada cannot guarantee that the financial relief described herein will be extended further.

³This measure pertains to lens purchase accounts only and will be maintained for up to 90 days. The duration will be reassessed further at a later time and Essilor Canada cannot guarantee that the financial relief described herein will be extended further. Pre-authorized payments will be maintained for iECPS who wish to maintain them. Accounts other than lens accounts will be treated on a case-by-case basis at Essilor Canada’s sole discretion.