After having posted a 17 percent increase in revenues in Q3, the Canadian optical retailer New Look Vision Group accelerated its recovery in the last quarter of the 2020 financial year, reporting overall revenues of 92.4 million Canadian dollars, a 25 percent hike from the previous year.
The growth was partly fueled by the addition of 15 acquired stores during the quarter, but sales were also up by 12.0 percent year-on-year on a comparable store basis, which the company attributes to improved procedures and a shift in consumer behavior. The adjusted EBITDA for the quarter jumped by 59.8 percent year-on-year, reaching C$22.8 million (€15.4m-$18.1m), thanks in particular to a diminution of operational expenses.
The strong momentum in the second half of the year did not totally offset the negative impact of the Covid-19 crisis on the group’s performance in Q1 and Q2. For the full financial year, New Look Vision Group reported total revenues of C$274.7 million (€185.7m-$218.7m), representing a 7.8 percent drop from 2019. The company started reopening its stores in early May and all its retail locations have been opened since the end of June but revenues had been down year-on-year by 4.8 percent in Q1 and by 64.9 percent in Q2.
The impact of the pandemic and the related stores’ shutdowns have been partly offset by the acquisition of 36 new stores during the year, including Edward Beiner Group in Florida for New Look Vision Group’s entry in the U.S., which brought its total number of retail locations to 407 at the end of 2020. Antoine Amiel, CEO of the company, also commented that the investments made in omnichannel experience to address the changes in consumer behavior have contributed to the overall good performance in a challenging year. The company actually managed to slightly increase its adjusted EBITDA attributable to shareholders for 2020 to C$56.9 million (€38.4m-$45.3m], from C$55.9 million (€37.8m-$44.5m) in 2019.
Earlier last month, the group communicated its future acquisition by NL1 AcquireCo, an investment vehicle partly connected to the U.S. optical retailer Eyemart Express. Since the announcement, the share price of the company on the Toronto stock exchange jumped by about 25 percent to C$49.43 (€33.4m-$39.3m) on April 1.