Business
National Vision Holdings, Inc. Reports First Quarter 2023 Financial Results
Net revenue of $562.4 million, an increase of 6.6% from Q1 2022 Comparable store sales growth of 3.0% and Adjusted Comparable Store Sales Growth of 0.8% from
About this update from National Vision Holdings, Inc.
[{"type":"text","content":"\n\nNet revenue of $562.4 million, an increase of 6.6% from Q1 2022\n\n\n\nComparable store sales growth of 3.0% and Adjusted Comparable Store Sales Growth of 0.8% from Q1 2022\n\n\n\nNet income of $18.3 million and Diluted EPS of $0.22 compared to $30.1 million and $0.34, respectively in Q1 2022\n\n\n\nAdjusted Operating Income of $39.9 million compared to $45.3 million in Q1 2022\n\n\n\nAdjusted Diluted EPS of $0.31 compared to $0.33 in Q1 2022\n\n\n\nReaffirms fiscal 2023 outlook\n\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 1, 2023.\n\n\nReade Fahs, chief executive officer, stated, “Amidst an uncertain macro environment, we delivered positive comparable sales growth for the first quarter driven primarily by strength in our managed care business. Although we continue to experience exam capacity constraints and softness from our core uninsured customer, we are encouraged by the early results we are seeing with Optometrist recruiting and retention initiatives. We remain focused on executing against our strategic initiatives to evolve our operating model to thrive amidst the new realities facing our business and the industry and are reaffirming our guidance for fiscal 2023.”\n\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 of Non-GAAP to GAAP Financial Measures” below for more information.\n\n\nFirst Quarter 2023 Summary\n\n\n\nNet revenue increased 6.6% to $562.4 million compared to the first quarter of 2022. Net revenue was positively impacted by 2.0% due to the timing of unearned revenue on net revenue.\n\n\n\nComparable store sales growth was 3.0% and Adjusted Comparable Store Sales Growth was 0.8%.\n\n\n\nThe Company opened eight new stores, closed five stores, and ended the quarter with 1,357 stores. Overall, store count grew 5.0% from April 2, 2022 to April 1, 2023.\n\n\n\nCosts applicable to revenue increased 7.6% to $254.1 million compared to the first quarter of 2022. As a percentage of net revenue, costs appl...