Business
National Vision Holdings, Inc. Reports Third Quarter 2020 Financial Results
Net revenue increased 12.4% to $485.4 million Comparable store sales growth of 11.6%; Adjusted Comparable Store Sales Growth of 12.4% Net income increased
About this update from National Vision Holdings, Inc.
[{"type":"text","content":"\n\nNet revenue increased 12.4% to $485.4 million\n\n\nComparable store sales growth of 11.6%; Adjusted Comparable Store Sales Growth of 12.4% \n\n\nNet income increased 2,860% to $35.3 million; Diluted EPS increased 2,782% to $0.42\n\n\nAdjusted EBITDA increased 89.3% to $88.1 million\n\n\nAdjusted Operating Income increased 160% to $67.7 million \n\n\nAdjusted Diluted EPS increased 226% to $0.54\n\n\nCash balance of $377 million \n\n\nReinstates Fiscal 2020 Outlook \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 third quarter ended September 26, 2020.\n\n“The National Vision team delivered an exceptionally strong Q3—establishing a new record for quarterly profit for our three years as a public company,” stated Reade Fahs, chief executive officer. “And our Q3 comps were clearly the best I’ve witnessed since joining National Vision 18 years ago. We also opened 18 stores, including our 1,200th location, as we continued to build market share. These results reinforce our belief that our affordable eye care and eyewear offerings have become even more important since the pandemic arrived.”\n\nMr. Fahs concluded, “I would like to thank the 2,000-plus affiliated optometrists and over 12,000 associates at National Vision, as our performance stems from their tireless hard work, their resilience and their commitment to a ‘safety-first’ mindset and approach. As we enter the fourth quarter, while significant uncertainty remains, we are off to a strong start as the third quarter comp momentum continued throughout October. Overall, we continue to believe that we are well positioned to navigate the pandemic given our emphasis on safety in our store and supply chain operations and strong financial condition.”\n\nAdjusted Comparable Store Sales Growth, Adjusted EBITDA, Adjusted Operating Income, 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\nThird Quarter 2020 Summary\n\n\nNet revenue increased 12.4% to $485.4 million from $431.9 million for the third quarter of 2019. The impact f...