Business
National Vision Holdings, Inc. Reports Second Quarter 2023 Financial Results
Net revenue of $525.3 million, an increase of 3.1% from Q2 2022 Comparable store sales growth of (0.1%) and Adjusted Comparable Store Sales Growth of 1.0%
About this update from National Vision Holdings, Inc.
[{"type":"text","content":"\n\nNet revenue of $525.3 million, an increase of 3.1% from Q2 2022\n\n\n\nComparable store sales growth of (0.1%) and Adjusted Comparable Store Sales Growth of 1.0% from Q2 2022\n\n\n\nNet income of $5.6 million and Diluted EPS of $0.07 compared with $9.7 million and $0.12, respectively in Q2 2022\n\n\n\nAdjusted Operating Income of $16.4 million compared with $27.8 million in Q2 2022\n\n\n\nAdjusted Diluted EPS of $0.17 compared with $0.21 in Q2 2022\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 second quarter ended July 1, 2023.\n\n\n“We delivered second quarter 2023 results generally in line with our expectations, reflecting continued strength in our managed care business and progress on our strategic initiatives, including expanding exam capacity through enhanced optometrist retention and recruitment efforts,” said Reade Fahs, National Vision's CEO. “As we look ahead, we remain focused on better serving our customers, enhancing our market position and driving long-term growth of our America’s Best and Eyeglass World brands. While we continue to navigate near-term headwinds, we believe National Vision remains well positioned to achieve our full-year 2023 guidance and deliver sustainable profitable growth over the long term.”\n\n\nThis release includes certain Non-GAAP Financial Measures that are not 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\nSecond Quarter 2023 Summary\n\n\n\nNet revenue increased 3.1% to $525.3 million compared with the second quarter of 2022 primarily due to growth from new store sales and an increase in Adjusted Comparable Store Sales Growth, partially offset by the effect of unearned revenue in the second quarter of 2023 compared with the prior-year quarter. Net revenue includes a (0.9%) impact from the timing of unearned revenue in the current-year quarter compared with the prior-year quarter.\n\n\n\nComparable store sales growth was (0.1%) and Adjusted Comparable Store Sales Growth was 1.0%, both reflecting higher average ticket and an increase in customer transactions. Comparable store sales growth was negatively impacted by t...