Business
National Vision Holdings, Inc. Reports Second Quarter 2020 Financial Results
Net revenue decreased 39.5% to $260.0 million Negative comparable store sales growth of (44.7)%; Adjusted Comparable Store Sales Growth of (36.5)% For June,
About this update from National Vision Holdings, Inc.
[{"type":"text","content":"\n\nNet revenue decreased 39.5% to $260.0 million\n\n\nNegative comparable store sales growth of (44.7)%; Adjusted Comparable Store Sales Growth of (36.5)% \n\n\nFor June, comparable store sales growth of 14.3% and Adjusted Comparable Stores Sales Growth of 19.3%\n\n\nNet loss of $(43.8) million; Diluted EPS of $(0.55)\n\n\nAdjusted EBITDA of $(14.4) million\n\n\nAdjusted Operating Income of $(34.4) million \n\n\nAdjusted Diluted EPS of $(0.41)\n\n\nExtended partnership with Walmart Inc. for three years\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 second quarter ended June 27, 2020.\n\n\n“The second quarter represented one of the most eventful periods in our Company's history and our respective careers,” stated Reade Fahs, chief executive officer. “Following our March closings, we are pleased to have safely reopened our stores by early June. With our many new protocols in place, we believe we have an effective, safety first approach to serve patients and customers in a COVID-19 environment. While we expect the macro environment will continue to evolve, we believe we are well positioned to continue operations throughout the remainder of the COVID-19 pandemic.”\n\n\nMr. Fahs further commented, “Since reopening, our stores have experienced consistently strong demand from our patients and customers. June comps increased over 19%, the best reported comp increase in my 18 years at National Vision, with similar momentum continuing throughout July. Results were likely helped by pent-up demand during the lock-down and benefits from government stimulus payments. But performance also reflects successful macro and micro navigation of this dynamic situation by our operations and product teams. As our stores provide essential healthcare services and products, and given the state of the economy, we believe ever more consumers are drawn to our affordably priced eye exams, eyeglasses, and contact lenses.”\n\n\nMr. Fahs continued, “In May, we took the financial steps to strengthen our balance sheet and are confident in our financial flexibility and liquidity to navigate the remainder of the pandemic. In July, we were pleased to extend our 30-year partnership with Walmart for another three years into 2024. This contract extension...