New Look Vision Reports ‘Solid’ Results and 21st Consecutive Quarterly Same-Store Sales Increase

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MONTREAL— New Look Vision Group Inc. (TSX: BCI), a leader in the Canadian retail optical industry with 378 stores across Canada, reported that its sales increased 2.1 percent to $74.4 million and comparable-store sales orders rose 1.6 percent (the 21st consecutive quarter of comparable-store sales growth) in its third quarter ended Sept. 28. In addition, New Look said its adjusted EBITDA attributed to shareholders reached $14.4 million, an increase of 3.3 percent compared with the year-ago period. Adjusted net earnings attributed to shareholders increased to $6.9 million. The increase was driven by improved EBITDA, according to the company’s announcement. Cash flows related to operating activities reached $13.5 million, an increase of 42.3 percent.

Long-term debt was reduced by $5.1 million in the third quarter through voluntary and contractual repayments, improving the net debt to adjusted EBITDA attributed to shareholders ratio to 2.56, compared with 2.88 in the same period last year, the company reported.

“The second half of the year is off to a solid start, as New Look Vision delivered its 21st consecutive quarter of comparable-store sales growth, improved earnings and healthy cash flows,” president and chief executive officer Antoine Amiel said in the announcement. “We continue to focus on achieving operational synergies and to explore profitable growth opportunities in the consolidating Canadian retail optical sector,” he added.

In the nine-month period, New Look said revenues and adjusted EBITDA reached a record $223.9 million and $41.6 million respectively, which represent increases of 1.8 percent and 2.1 percent, respectively, over last year. Comparable store sales orders year-to-date rose 1.9 percent compared with last year.

An increase in the number of stores year-to-date reflects the acquisition of 10 stores net of five scheduled store closures. Net earnings attributed to shareholders totaled $13.7 million, compared with $11.1 million last year, the announcement said.

New Look Vision is a leader in the eyecare industry in Canada with a network of 378 stores operating mainly under the New Look Eyewear, Vogue Optical, Greiche & Scaff and Iris banners and laboratory facilities using state-of-the-art technologies.