Business
National Vision Holdings, Inc. Reports Fourth Quarter and Fiscal 2020 Financial Results
DULUTH, Ga.--(BUSINESS WIRE)-- National Vision Holdings, Inc. (NASDAQ: EYE) (“National Vision” or the “Company”) today reported its financial results for the
About this update from National Vision Holdings, Inc.
[{"type":"text","content":" DULUTH, Ga.--(BUSINESS WIRE)--\nNational Vision Holdings, Inc. (NASDAQ: EYE) (“National Vision” or the “Company”) today reported its financial results for the fourth quarter and fiscal year ended January 2, 2021 and is providing its outlook for fiscal 2021.\n\nNote: The fourth quarter of fiscal 2020 consisted of 14 weeks compared with 13 weeks for the prior year. The 14th week added $32.2 million to net revenue and approximately $0.01 to diluted EPS for the quarter and the year. The additional week is not included in comparable store sales growth and Adjusted Comparable Store Sales Growth for the quarter or the year. \n\nFourth Quarter 2020 Summary:\n\n\nNet revenue increased 23.6% to $496.7 million \n\n\nComparable store sales growth of 14.3%; Adjusted Comparable Store Sales Growth of 10.6% \n\n\nNet income increased 795% to $35.1 million; Diluted EPS increased 779% to $0.42\n\n\nAdjusted EBITDA increased 118% to $83.5 million; Adjusted Operating Income increased 281% to $62.8 million\n\n\nAdjusted Diluted EPS increased 372% to $0.45 \n\n\nCash balance of $374 million\n\n\nIncreases America's Best and Eyeglass World whitespace to at least 2,150 stores\n\n\nReade Fahs, chief executive officer, stated, “As I reflect on 2020 in general and the fourth quarter in particular, I could not be more pleased with how the National Vision team rallied to serve our patients and customer’s needs while maintaining a core focus on “safety first.” In the fourth quarter, we once again posted double digit comps. Our low cost eye care and eyewear offerings seem to be even more in demand during this pandemic economy.”\n\nMr. Fahs continued, “We are excited to announce that, based on independent research, we have raised our long-term projected whitespace opportunity by 300 stores to at least 2,150 locations, allowing us to further increase penetration in both existing and new markets. As a result, we believe America’s Best can grow to at least 1,300 locations - up from our previous estimate of 1,000 - and continue to believe that Eyeglass World can grow to at least 850 stores. With the hastening of industry trends that seem to favor our value-oriented free-standing models, we believe that the optical category in a post-COVID environment remains ripe for our expansion.”\n\nMr. Fahs concluded, “Entering 2021, we are off to a solid start despite severe...