Business
National Vision Holdings, Inc. Reports First Quarter 2022 Financial Results; Updates Fiscal 2022 Outlook
Net revenue decreased 1.2% to $527.7 million Comparable store sales growth of (4.9)%; Adjusted Comparable Store Sales Growth of (6.8)% Net income decreased
About this update from National Vision Holdings, Inc.
[{"type":"text","content":"\n\nNet revenue decreased 1.2% to $527.7 million\n\n\nComparable store sales growth of (4.9)%; Adjusted Comparable Store Sales Growth of (6.8)%\n\n\nNet income decreased 30.6% to $30.1 million; Diluted EPS decreased 28.2% to $0.34\n\n\nAdjusted Operating Income decreased 33.0% to $45.3 million\n\n\nAdjusted Diluted EPS decreased 31.5% to $0.33\n\n\nAccelerates remote medicine rollout\n\n\n DULUTH, Ga.--(BUSINESS WIRE)--\nNational Vision Holdings, Inc. (NASDAQ: EYE) (“National Vision” or the “Company”) today reported its financial results for the first quarter ended April 2, 2022.\n\n“Within the pandemic era that has brought swings of both opportunity and challenge, the first quarter was a more challenging quarter,” stated chief executive officer Reade Fahs. “With headwinds from the Omicron variant, weaker consumer confidence, and emerging constraints to exam capacity, our comps declined as we lapped a record performance last year. During the quarter, we continued to execute our growth strategy and opened 17 stores, including two Eyeglass World stores as we ramp up expansion of this brand.”\n\nMr. Fahs continued, “Looking ahead, we expect the macro headwinds to our lower-income consumer as well as the constraints to exam capacity to impact our near-term performance and are updating our Fiscal 2022 outlook. We are actively working to increase exam capacity with enhanced optometrist recruiting and retention programs as well as an accelerated rollout of our remote medicine initiative. Also, as we contend with an inflationary operating environment, we implemented this week the first pricing change to our America’s Best signature offer in over 15 years. Yet we are proud to continue to deliver industry-leading value to consumers. We expect these actions, combined with easier compares, to lead to improving performance later this year. Despite the short-term challenges, we are confident in the broad appeal and health of our business model and remain well-positioned to deliver sustainable growth as we move beyond this period.”\n\nAdjusted Comparable Store Sales Growth, Adjusted Operating Income, Adjusted EBITDA, Adjusted Diluted EPS, Adjusted Operating Margin, Adjusted EBITDA Margin, and EBITDA are not measures recognized under generally accepted accounting principles (“GAAP”). Please see “Non-GAAP Financial Measures” and “Reconciliation ...