Business
National Vision Announces Walmart Partnership Ending in 2024
Positions Company to Enhance Focus on Delivering Further Profitable Growth Across Its Remaining Business Announces Preliminary Second Quarter 2023 Financial
About this update from National Vision Holdings, Inc.
[{"type":"text","content":"\nPositions Company to Enhance Focus on Delivering Further Profitable Growth Across Its Remaining Business\n\n\nAnnounces Preliminary Second Quarter 2023 Financial Results and Reaffirms Fiscal 2023 Outlook\n\n\n DULUTH, Ga.--(BUSINESS WIRE)--\nNational Vision Holdings, Inc. (NASDAQ: EYE) (“National Vision” or the “Company”), the nation’s second largest optical retailer providing quality, affordable eye care and eyewear, today announced its partnership with Walmart Inc. (“Walmart”) will be ending in 2024. This includes supplying and operating Vision Centers in select Walmart stores, providing contact lens distribution and related services to Walmart and its affiliate, and arranging for the provision of optometric services at certain Walmart locations in California.\n\n\n“We value and appreciate the contributions that our partnership with Walmart has had in helping us grow National Vision over the past three decades. With the progression of growth opportunities in our freestanding brands – America’s Best and Eyeglass World, we have become the second largest optical chain in the U.S. and a major force in providing low-cost eye exams, eyeglasses and contact lenses to budget-conscious American families,” said Reade Fahs, chief executive officer of National Vision. “While this decision was not expected, we look forward to beginning a new chapter as a more streamlined company ever more focused on delivering value to our stakeholders through our mission of making eyewear and eye care more affordable and accessible. We are grateful for and thank all our associates and associated optometrists who have been part of our Walmart journey.”\n\n\nFahs continued, “As we look ahead, we remain focused on executing our strategic initiatives and making changes to our cost structure to best align with our go-forward operating model. In addition, we remain focused on returning to a mid-single digit adjusted operating margin.”\n\n\nOn July 20, 2023, Walmart notified National Vision that it is not renewing its agreement for the Company to operate Vision Centers inside select Walmart locations as of February 23, 2024. Walmart also notified FirstSight Vision Services, Inc. (“FirstSight”), a wholly owned subsidiary of National Vision licensed as a single-service health plan in California, that as of February 23, 2024, it is ending the relationship whereby ...