New Look Vision Group Reports Strong Third-Quarter Results

By
More Images
MONTREAL—New Look Vision Group Inc. (TSX: BCI), a leader in the Canadian retail optical industry with stores across Canada, said its third-quarter revenues rose to $86.9 million, an increase of 16.8 percent compared with the year-ago period, as comparable store sales jumped 13.5 percent in the period ended Sept. 26. The company’s adjusted EBITDA rose 140.8 percent, according to New Look Vision’s earnings announcement late last week. Among other highlights of Q3, New Look Vision said it launched new websites and iPhone applications as part of its omnichannel strategy.

The new platforms feature online booking capability, virtual optician appointment and bespoke frame orders. The company also continued its “integration of new technology to further elevate safety in stores and clinics in light of COVID-19,” according to the announcement.

Growth from newly acquired stores, offset by revenue from scheduled store closures and from COVID-19 headwinds, also contributed to the third-quarter growth. The Q2 store closures led to some pent-up demand, also, and the company worked to enhance store-operating procedures.

“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,” president and chief executive officer Antoine Amiel said in the announcement. “Revenues and comparable-store sales rose 16.8 percent and 13.5 percent year-over-year, respectively, which in combination with careful cost management are driving positive momentum, highlighted by EBITDA doubling year-over-year.”

He added, “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, eyecare and eyewear products and services as well as our ability to evolve ahead of market trends to drive long-term shareholder value.”

The company noted that its net debt totaled $154.1 million at the quarter’s end, which compared with $176.6 million a year ago.

In the announcement, New Look Vision reported that year-to-date revenue was $182.3 million, which represented a decrease of 18.6 percent from last year. Adjusted EBITDA was $51.3 million, which represented an increase of 23.4 percent from last year.

New Look Vision operates a network of 390 stores mainly under the New Look Eyewear, Vogue Optical, Greiche & Scaff, Iris, and Edward Beiner (in the U.S.) banners in addition to, laboratory facilities using state-of-the-art technologies.

The increase in the number of stores in the last 12 months reflects the acquisition of 19 stores net of six planned closures and the sale of one clinic.