New Look Vision Group reports that revenue in the first quarter of 2018 reached $69.8 million and adjusted earnings reached $11.3 million, representing increases of 36.7% and 44.1% respectively over last year.
The revenue increase was mainly due to a full quarter of ownership of Iris and comparable stores sales growth of 1.8% over last year. Net earnings attributed to shareholders were $2.2 million, compared to $1.3 million last year.
Antoine Amiel, the President and CEO of New Look Vision, stated that: “The year is off to a strong start with solid Q1 results for the Group as a whole, primarilydue to the inclusion of Iris and other acquisitions made in 2017, in addition to achieving our 15th consecutive quarter of comparable store sales growth. As we carry out our strategic growth plan, we continue to generate cost synergies as highlighted by our decreasing operating expense ratio. We maintain our focus on the integration of recent acquisitions and strengthening our position in the consolidating Canadian retail optical industry.”
Pursuant to its previously announced dividend policy, the Board of Directors of New Look Vision declared a dividend of $0.15 per common share. The quarterly cash dividend will be paid on June 29, 2018 to the shareholders of record as of June 22, 2018.
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