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New Look Vision to Offer Custom-Tailored Eyewear

New Look Vision Group announced that it has entered into an agreement with Topology, a San Francisco-based leader in custom-tailored eyewear. The agreement gives New Look Vision Group exclusive rights to retail Topology products in Canada and other selected markets.

“The high-end custom-tailored eyewear market offers attractive opportunities to grow the premium segment of our business. Topology is leading the way in bringing technology to the world of custom-tailored eyewear, a segment at the crossroads of technology, cutting edge frames and precise optical measurement. New Look and Topology believe that technology will be used to improve eyewear products. With our significant retail footprint and our insight into customer demand for eyewear, the partnership will support Topology’s constant evolution of styles and designs, extending our premium products portfolio, and will bring Topology to the Canadian consumers,” stated Antoine Amiel, President and Chief Executive Officer of New Look Vision.

Eric Varady, Topology’s founder and CEO stated, “We are delighted to partner with the Canadian retail leader in optical. New Look Vision Group is a forward-thinking organization with a demonstrated track record of leveraging technology to elevate its customers’ retail experience. We are excited to expand the ways in which consumers will be able to experience Topology by offering our custom-tailored eyewear in-store to New Look’s discerning customer base.”

Topology uses the latest in 3D facial scanning, augmented reality, and advanced manufacturing to create high quality custom-tailored eyewear, for each and every individual. Topology’s patented mobile app takes over 20,000 measurements to develop a 3D model of facial features accurate to sub-millimeter level. The app automatically adjusts eyewear design to fit perfectly, and simultaneously extracts every optical measurement with unsurpassed 3D precision, delivering its custom-tailored offering to the most discerning of customers. Each pair of Topology glasses is cut from Italian acetate or lightweight, flexible stainless, uniquely inscribed with the customer’s name.

Topology will initially be available in 15 stores across Canada in the fall, located in Quebec, Ontario, Alberta and British Columbia, before a wider rollout in early 2020.

Source: New Look Vision Group

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Dr. Catherine Chiarelli OD, FAAO, Diplomate BVPPO 1964 – 2019

Following a valiant and courageous battle with cancer, The Vision Institute of Canada very sadly reports that Dr. Catherine Chiarelli passed away on on August 3rd.  Dr. Chiarelli worked tirelessly as a pediatric optometrist and advocate for children’s vision. She graduated from the University of Waterloo, School of Optometry in 1988 and subsequently completed a Residency in Children’s Vision at the University of Alabama, School of Optometry in 1990.

Dr. Chiarelli worked closely with many optometrists, pediatricians, teachers, early childhood intervention specialists, occupational therapists and parents, to help children develop strong vision skills. She actively participated on many committees to develop better eye care services for children and adults. These committees included the Ontario Association of Optometrists Children’s Vision Working Group, the Ontario Blind Low Vision Program, the College of Optometrists of Ontario Clinical Practice and Patient Relations Committees and the American Academy of Optometry Admittance Committee. She also directed the Vision Institute’s clinical teaching programs providing clinical training for optometry interns as well as educational workshops and seminars for other health care professionals.

Between 2012 and 2014, Catherine helped develop and deliver clinical outreach programs to the on-reserve elementary schools of Sagamok First Nation and M’Chigeeng First Nation, providing comprehensive eye exams and free glasses to the children in these communities. For her dedicated work with the children in these First Nations schools, she was awarded a Lifetime Achievement Award by the Anishinabek Nation in August 2019.

She will be greatly missed by her many patients and colleagues, friends and family, and by the profession she dedicated her life’s work to.

Please view the full tribute to Dr. Chiarelli from The Vision Institute of Canada.

New Look Vision Reports Solid Results and the 20th Consecutive Quarter of Comparable Store Sales Growth

New Look Vision Group reported financial results today for the 13 and 26 week periods ended June29, 2019 (“Q2 2019”).

 Q2 2019 Financial and Operational Highlights

• Revenues increased by 1.0% over last year to $78.1 million.

• Comparable store sales orders were up by 1.6% compared to the second quarter of last year, marking the 20thconsecutive quarter of comparable store sales growth.

• Total operating expenses as a percentage of revenues decreased by 3.4% to 80.4% for the second quarter compared to the same period last year.

• Adjusted EBITDA reached $15.5 million, an increase of 1.6% over last year and increased 1.0% on a per diluted share basis to $0.99.

• Net earnings attributable to shareholders reached $6.8 million, compared to $4.0 million last year, the increase being mainly attributable to higher EBITDA and lower depreciation expenses offset by higher incomes taxes. Net earnings on a per diluted share basis were $0.44, compared to $0.26 last year, an increase of 69.2%.

 Year-to-date Financial and Operating Results

• Year-to-date revenues and adjusted EBITDA reached a record $149.5 million and $27.2 million respectively, which represent increases of 1.7% and 1.9% respectively over last year. Comparable store sales year-to-date were up 2.1% over last year.

• Total operating expenses as a percentage of revenues decreased by 1.9% to 82.7% for the 26-week period compared to the same period last year.

• Net earnings attributed to shareholders were $8.9 million or $0.57per diluted share, compared to $6.2 million last year or $0.40 per diluted share.

Antoine Amiel, the President and CEO of New Look Vision, stated that: “New Look Vision has delivered a 20thconsecutive quarter of comparable store sales growth in spite of very poor spring weather across Canada which dampened sales of sun wear, a staple of opticals’ second quarters. The earnings and cash flow were strong nevertheless. We further delivered on our single store consolidation strategy, adding one store in Ontario and two in Atlantic Canada. Concurrently, we invested in Topology’s business and technology which we believe will significantly differentiate our omnichannel model. New Look Vision continues to pursue both organic and external growth aggressively.”

Click HERE for the full press release.

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