New Look Vision Reports 20th Consecutive Quarter of Comparable-Store Sales Growth

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MONTRÉAL, Québec—New Look Vision Group Inc. (TSX: BCI), a leader in the Canadian retail optical industry with 380 stores across Canada, reported Friday that sales in the second quarter rose 1 percent to $78.1 million, while comparable-store sales increased 1.6 percent. This marked the 20th consecutive quarter of comparable-store sales growth, the company noted. Adjusted EBITDA totaled $15.5 million in the quarter ended June 29, an increase of 1.6 percent compared with the year-ago period, according to the announcement. Net earnings attributable to shareholders reached $6.8 million, which compares with $4.0 million last year. New Look said the increase is “mainly attributable to higher EBITDA and lower depreciation expenses offset by higher incomes taxes.”

In addition, year-to-date revenues and adjusted EBITDA reached a record $149.5 million and $27.2 million, respectively, and represent increases of 1.7 percent and 1.9 percent, respectively, the company said. Comparable-store sales year-to-date were up 2.1 percent over last year.

“New Look Vision has delivered a 20th consecutive quarter of comparable-store sales growth in spite of very poor spring weather across Canada, which dampened sales of sun wear, a staple of opticals' second quarters,” president and chief executive officer Antoine Amiel said in the announcement. “The earnings and cash flow were strong nevertheless. We further delivered on our single-store consolidation strategy, adding one store in Ontario and two in Atlantic Canada.”

Amiel also noted that New Look late last week confirmed its investment in Topology's business and technology, “which we believe will significantly differentiate our omnichannel model.” He added, “New Look Vision continues to pursue both organic and external growth aggressively."

The New Look Vision network of stores operates mainly under the New Look Eyewear, Vogue Optical, Greiche & Scaff and Iris banners, and the company also operates a laboratory facility using state-of-the-art technologies.