In the third quarter, New Look Vision Group, Canada’s largest optical retailer, posted a 16.8 percent year-on-year increase in sales to 86.9 million Canadian dollars (€56.1m-$66.3m) driven primarily by comparable store sales growth as well as from newly acquired stores. Comparable store sales were up by 13.5 percent, underpinned by pent up demand stemming from the closure of stores during the second quarter due to Covid-19 related lockdowns.
Adjusted EBITDA attributed to shareholders totalled C$34.7 million (€22.4m-$26.5m), up by 140.8 percent from last year and net earnings attributed to shareholders rose by 196.5 percent to C$14.3 million (€9.2m-$10.9m), increasing by 196.5 percent year-over-year.
Cash flows related to operating activities was up by 156.1 percent to C$34.5 million (€22.3m-$26.3m).
Net debt stood at C$154.1 million (€99.6m-$117.6m). But, the company had C$70.0 million (€45.2m-$53.4m) in cash and remaining availability on its credit lines totaling C$51.2 million (€33.1m-$39.1m). New Look Vision said that it actively continues to pursue acquisition opportunities in Canada and the United States.
Due to the impact of the pandemic, the company suspended its quarterly dividends but plans to reinstate regular payments in the first quarter of 2021.
At the end of the third quarter, New Look Vision had a network of 390 stores operating mainly under the New Look Eyewear, Vogue Optical, Greiche & Scaff, Iris and Edward Beiner banners in addition to, laboratory facilities. The Edward Beiner stores are located in Florida. A year earlier, the company had 378 stores.