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Business Updates

VM Global Leadership Summit Will Be a Virtual Series This Fall: 'AFTERSHOCKS: Remaking Healthcare's Future, Vision Beyond 2020'

By Staff
Tuesday, August 11, 2020 12:30 AM NEW YORK—The multi-faceted, ripple effects of the COVID-19 pandemic are reshaping business, culture, consumer attitudes and many aspects of the healthcare field, vision care included. As a result, the theme and topics of the 2020 Vision Monday Global Leadership Summit, originally scheduled as a live event last March, has been reshaped to reflect that and will kick off this fall as a Virtual Event Series. Titled "AFTERSHOCKS: Remaking Healthcare's Future, Vision Beyond 2020," the VM Global Leadership Summit will comprise four two-hour sessions to be held over four consecutive weeks, starting Sept. 30, Oct. 7, Oct. 14 and Oct. 21.

New Look Vision Group Reports Q2 Results, Provides Update on COVID-19 Response, Store Re-Openings and New Financing

By Staff
Monday, August 10, 2020 12:24 AM MONTREAL—New Look Vision Group Inc. (TSX: BCI), a leader in the Canadian retail optical industry with stores across Canada and stores in Florida, reported financial results Friday for the 13- and 26-week periods ended June 27, and provided updates on actions in response to COVID-19, store re-openings, and new financing arrangements. Antoine Amiel, president and CEO, stated, "The second quarter started after most of the company’s retail stores stopped operating mid-March. Gradual reopening started mid-May and was completed by June 21 when the last local retail operation restrictions were lifted. In March, the company implemented a high impact cash conservation plan which yielded minimum cash burn throughout the 90+ day physical retail shutdown. This, in addition to revenues generated online, is reflected in the strong cash position at quarter’s end, given the circumstances."

Get Ready for Retail Stockpiling, Round 2

By Staff
Sunday, August 9, 2020 12:43 PM As COVID cases continue to rise, most shoppers believe we're headed for another shutdown and plan to respond accordingly, so retailers should be prepared for a new surge in stocking up. The pandemic will also significantly impact back-to-school shopping trends this year, and retailers will need to adapt to parents' new priorities and shopping preferences.

In Q2 Report, National Vision Says Sales Performance Rebounded in June as Consumer Demand Picked Up

By Staff
Friday, August 7, 2020 12:30 AM DULUTH, Ga.—Noting the impact of COVID-19, National Vision Holdings Inc. (NASDAQ: EYE) on Thursday reported that sales in its second quarter decreased 39.5 percent to $260.0 million from $429.5 million, with negative comparable-store sales growth of 44.7 percent (on an adjusted basis, comparable-store sales were negative 36.5 percent). However, in June, National Vision said a recovery began across its network as shown by the comparable-store sales growth of 14.3 percent (adjusted comparable-stores sales growth was 19.3 percent), the announcement noted.

GrandVision Reports Steep Sales Declines in First Half and Second Quarter

By Staff
Thursday, August 6, 2020 12:27 AM SCHIPHOL, the Netherlands—GrandVision NV (Euronext: GVNV) reported Wednesday that its revenue declined 26.4 percent at constant exchange rates in the first half, and fell 47.5 percent in the second quarter of 2020. The international retailer, which operates the For Eyes optical banner in the U.S. market, cited the impact of store closures related to the coronavirus pandemic as the key factor in the lower sales. Comparable revenue declined 29.1 percent in the first half and 49.3 percent in the second quarter, the company’s announcement noted.

Member Response to Healthy Eyes Advantage (HEA) COVID-19 Related Legal Support Offer Leads to SPIN Partnership for Compliance Services

By Staff
Thursday, August 6, 2020 12:24 AM BOCA RATON, Fla.—Healthy Eyes Advantage Inc. (HEA) cited a robust response by the company’s membership to its offer of no-cost legal advice from health care regulatory compliance attorney Kyle Haubrich during the COVID-19 pandemic, with more than 1,800 HEA members having taken advantage of the COVID-19 related free legal advice.

Problem Solved: How to Keep Exam Chairs Safe Without Ruining the Material

By Staff
Tuesday, August 4, 2020 4:05 PM NEW YORK—Among the many challenges and difficulties that ECPs are tackling on a daily basis involves selecting the optimum cleaning technique for exam chairs. While there seem to be several opinions and options—some cleaners apparently are not compatible with the materials of the chairs—no real consensus has emerged to solve this COVID-19 challenge, according to various posts on social media.

Retail Rents Plummet Across New York City, As America’s Shopping Districts Turn Into Ghost Towns

By Staff
Monday, August 3, 2020 11:06 AM In the U.S., you will see that what was once perceived as a luxury block in any major city is no longer exclusively luxury. We will see an extension of what happened in 2008 and 2009, which left American consumers shifting toward value more aggressively.

EssilorLuxottica First Half 2020 Revenue Drops 29 Percent Due to COVID, But Management Sees Signs of Recovery

By Staff
Monday, August 3, 2020 12:30 AM CHARENTON-LE-PONT, France—EssilorLuxottica (Reuters: ESLX.PA) posted revenue of €6,230 million for the six months ended June 30, 2020, down 29 percent at both current and constant exchange rates, compared to first-half 2019 revenue.

Safilo Group Q2 and First Half Financials Show Impact of COVID-19 But Recovery Starting in June

By Staff
Monday, August 3, 2020 12:27 AM PADUA—The board of directors of Safilo Group has reviewed and approved the financial results for the first half of 2020. While H1 2020 results were impacted by COVID-19 and the disruption of sales in April and May, Safilo Group reported that it saw an initial business recovery in June, which was more significant in Europe.

AbbVie Says 'Adverse Impact' of COVID-19 on Legacy Results Was 'Less than Expected' in Q2

By Staff
Monday, August 3, 2020 12:24 AM NORTH CHICAGO, Ill.—AbbVie (NYSE:ABBV), which completed its planned acquisition of Allergan on May 8, reported Friday that its worldwide net revenues in the second quarter totaled $10.4 billion, an increase of 26.3 percent on a reported basis..

June Retail Sales Increase But Economic Recovery May Be Hindered by Resurgence of Virus

By Staff
Friday, July 17, 2020 10:30 AM WASHINGTON—Retail sales rose in June, seeing both a monthly increase and their first year-over-year gain since early in the year as more retailers and other businesses closed by the coronavirus pandemic reopened, but continued COVID-19 outbreaks remain a threat, the National Retail Federation said on Thursday. 

The U.S. Census Bureau said today that overall retail sales during June were up 7.5 percent seasonally adjusted from May and up 1.1 percent year-over-year. That follows an 18.2 percent month-over-month increase in May and marks the first time government retail sales numbers have seen a year-over-year gain since February. Retail sales have been climbing back upward after a record 14.7 percent drop in April, the first full month that most stores were closed.

“June’s numbers show that retail spending is fueling the economic recovery,” NRF Chief Economist Jack Kleinhenz said. “How durable the improvement in retail spending will be is directly related to how widespread the resurgence in COVID-19 cases becomes. All eyes are on the infections that are accelerating in many parts of the country and they pose a serious threat to recovery.”

National Vision Plans Special Cash Bonus to Frontline Associates and Doctors as Nation Continues to Navigate COVID-19

By Staff
Friday, July 17, 2020 12:18 AM DULUTH, Ga.—National Vision Holdings, Inc. announced plans to grant a special cash bonus to frontline associates and doctors. A one-time $250 bonus will be given to all patient-facing and customer-facing associates and the company’s network of doctors in recognition of their hard work toward safely serving patients and customers.

Following a Solid 2019, The Global Pandemic Creates a 'Grim' Outlook for 2020, Per a New ANFAO Report

By Staff
Tuesday, July 7, 2020 12:27 AM MILAN – After what it describes as a “reassuring 2019” business year, based on exports, production and jobs, the advent of the coronavirus pandemic has created a “grim 2020 outlook” for the Italian eyewear industry, per a new report recently issued by ANFAO the Italian eyewear association. Against the backdrop of a challenging 2019 in the global economy, ranging from Brexit-related concerns and trade tensions with China, the Italian eyewear industry recorded a relatively stable year of increases in value and units, according to ANFAO.

GrandVision Secures Additional Funding, Announces Amendment to Credit Facility

By Staff
Tuesday, June 23, 2020 12:30 AM SCHIPHOL, The Netherlands—GrandVision NV (EURONEXT: GVNV), the international optical retail group, said Monday that it has obtained an additional liquidity facility of €400 million as well as an amendment to its existing (2019–2024) €1.2 billion revolving credit facility (RCF).