New Look Vision Group reported financial results today for the 13 and 39 week periods ended September 26, 2020 (“Q3 2020”) and provided updates on actions in response to COVID-19, store re-openings, and new financing arrangements.
Q3 2020 Financial and Operational Highlights
• Revenues
increased significantly by 16.8% to $86.9 million year-over-year driven
primarily by comparable store sales growth as well as from newly acquired
stores, offset by revenue from scheduled store closures and from COVID-19
headwinds.
• Comparable store sales were up 13.5% as a result of Q2 closure pent up
demand and enhanced store operating procedures.
• Adjusted EBITDA attributed to shareholders was $34.7 million,
increasing by $20.3 million or 140.8% from last year and increased 141.3% on a
per diluted share basis to $2.22.
• The Company actively continued to pursue its
significant pipeline of acquisition opportunities in Canada and the United
States.
Actions in response to COVID-19
COVID-19 has drastically altered the way optical retailers operate on both brick and mortar and ecommerce levels. As consumers increasingly move online, New Look Vision’s investments in omnichannel experience and anticipation of the evolving consumer journey complements and enhances their physical retail presence. This approach increases accessibility to differentiated, customized and precise eye care, while ensuring safety for consumers across Canada. Our central lens processing facility pivoted to begin producing safety eyewear for use in health care facilities.
Phased Network Re-Opening Complete
Gradual store re-openings started on May 4th in line with local and professional regulations, with all of New Look Vision’s entire store network open for business by the end of the second quarter. 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.
President & CEO’s comments
Antoine
Amiel, the President and CEO of New Look Vision, stated that: “New Look Vision overcame
ongoing market headwinds to deliver an exceptional set of third quarter results,
largely driven by the phased reopening of our stores from mid-May as
restrictions lifted. Revenues and comparable store sales rose 16.8% and 13.5%
year-over-year respectively, which in combination with careful cost management
are driving positive momentum, highlighted by EBITDA doubling year-over-year.
Additionally, net debt decreased by $22.5 million compared to Q2. Complementary
to our physical locations, our newly launched websites and iPhone applications
deliver customer convenience and diversifies our revenue streams as part of our
omnichannel strategy. Additionally, we continue to actively pursue our significant
pipeline of acquisition opportunities in Canada and the United States. While
ongoing mandated restrictive measures and their potential impacts on New Look
Vision’s performance are difficult to predict, we’re looking to the future with
an optimistic outlook, driven by the resiliency of our high quality, essential,
eye care and eyewear products and services as well as our ability to evolve
ahead of market trends to drive long-term shareholder value.”
Click HERE for the full press release.
