New Look Vision Group Reports Record Revenues as Company Adds 20 New Locations

By


MONTREAL—New Look Vision Group Inc. (TSX:BCI) reported record revenues of $51 million and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $7.9 million in its first quarter, representing increases of 14.5 percent and 8.3 percent, respectively, compared with the year-ago period.

The increases in the quarter, which ended April 1, were mainly due to the net addition of 20 stores in the past 12 months as well as same-store sales growth of 1.9 percent, New Look said in a statement issued earlier this month.

"The year is off to a positive start as evidenced by Q1 operating and financial results,” New Look Vision president Antoine Amiel said in the statement. “Revenues, same-store sales, adjusted EBITDA and cash flows showed solid growth. The adjusted EBITDA percentage was lower than historical levels due principally to higher operating expenses as the company builds the staff and infrastructure necessary to facilitate future growth,” he added.

In the first quarter, New Look Vision said it acquired six additional stores in the Toronto, Vancouver and New Brunswick markets as part of its “mission to expand its footprint across the country,” according to its statement. The company currently operates 79 stores under the New Look Eyewear banner, 49 stores under the Greiche & Scaff banner, and 84 stores under the Vogue Optical banner.

New Look Vision also reported that its adjusted net earnings attributed to shareholders (which it defines as net earnings adjusted to remove the impact of acquisition-related costs and equity-based compensation) totaled $2.4 million in the quarter, which compares with $2.2 million a year ago.

Net earnings attributed to shareholders totaled $1.3 million in the quarter, compared with $1.8 million last year. The company attributed the decrease mainly to higher acquisition costs and equity-based compensation.