Business
National Vision Holdings, Inc. Reports Third Quarter 2019 Financial Results; Raises Fiscal 2019 Outlook
Net revenue increased 11.5% to $431.9 million71st consecutive quarter of positive comparable store sales growth Comparable store sales growth of 5.7%;
About this update from National Vision Holdings, Inc.
[{"type":"text","content":"Net revenue increased 11.5% to $431.9 million71st consecutive quarter of positive comparable store sales growth Comparable store sales growth of 5.7%; Adjusted comparable store sales growth of 6.2%Net income of $1.2 million; Adjusted net income increased 65.8% to $14.5 millionAdjusted EBITDA increased 24.7% to $47.9 millionDiluted EPS of $0.01; Adjusted diluted EPS increased 62.0% to $0.18 DULUTH, Ga., Nov. 07, 2019 (GLOBE NEWSWIRE) -- National Vision Holdings, Inc. (NASDAQ: EYE) (“National Vision” or the “Company”) today reported its financial results for the third quarter ended September 28, 2019.\n Reade Fahs, chief executive officer, stated, “We are very pleased with our third quarter and year-to-date results. We experienced strong operating momentum throughout the third quarter with double-digit gains in net revenue and adjusted EBITDA growth. The National Vision team delivered its 71st consecutive quarter of positive comparable store sales growth, which demonstrates the consistency and predictability of our business model. These results reflect the ongoing strength of our attractive value proposition that continued to resonate with patients and customers. We opened 17 stores in the quarter, and are on track to achieve our 2019 store opening plans. As 2019 comes to a close, we remain excited about our potential growth opportunities in U.S. value optical retail.” Adjusted comparable store sales growth, adjusted diluted EPS, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, and EBITDA are not measures recognized under generally accepted accounting principles (“GAAP”). Please see “Non-GAAP Financial Measures” and “Reconciliation of GAAP to Non-GAAP Financial Measures” below for more information. Third Quarter 2019 Summary Net revenue increased 11.5% to $431.9 million from $387.4 million for the third quarter of 2018. Net revenue was negatively impacted by approximately 80 basis points due to the timing of unearned revenue.Comparable store sales growth was 5.7% and adjusted comparable store sales growth was 6.2% for the third quarter of 2019.The Company opened 17 new stores, and ended the quarter with 1,145 stores. Overall, store count grew 7.3% from September 29, 2018 to September 28, 2019.Costs applicable to revenue increased 12.0% to $204.5 million from $182.6 million for the third quarter of 2018. As a percentag...