New Look Vision Group Inc. Reports Record Results for the Fourth Quarter and Fiscal 2018

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MONTREAL—New Look Vision Group Inc. (TSX: BCI), a leader in the Canadian retail optical industry with 373 stores across Canada, reported Tuesday that revenue increased 5.4 percent in the fourth quarter to $71.1 million. The company attributed the growth “mainly [to] the impact of the acquisition of Iris, as well as comparable store sales growth,” according to the announcement. Comparable-store sales orders rose 0.8 percent in the quarter, which ended Dec. 29, 2018. This marked the 18th consecutive quarter of comparable-store sales growth, the company noted. Adjusted EBITDA reached $13.6 million, an increase of 8.3 percent, and net earnings attributable to shareholders reached $3.1 million, compared with $2.8 million in the year-ago period.

“New Look Vision Group delivered another record fourth quarter and full year for revenue and income in 2018,” New Look president and chief executive officer Antoine Amiel said in the announcement. “Iris' integration, generation of synergies and deleveraging have progressed as planned. New Look Vision is poised to resume its consolidation journey in the fragmented Canadian optical retail market.”

New Look Vision entered into an agreement to acquire Iris in July 2017, as VMAIL reported.

For the full year 2018, New Look Vision said revenues and adjusted EBITDA reached a record $291.0 million and $54.1 million, respectively, which represent

increases of 27 percent and 28.5 percent, respectively. Comparable-store sales increased 1.3 percent compared with last year, the announcement noted. Net earnings attributed to shareholders totaled $14.2 million, compared with $10.1 million last year, according to the announcement.

New Look Vision, a leader in the eyecare industry in Canada, operates stores mainly under the New Look Eyewear, Vogue Optical, Greiche & Scaff and Iris banners and a laboratory facility that uses state-of-the-art technologies.