Business
National Vision Holdings, Inc. Reports Third Quarter 2022 Financial Results
Net revenue decreased 3.6% to $499.2 million Comparable store sales growth of (8.0)%; Adjusted Comparable Store Sales Growth of (8.1)% Net income decreased
About this update from National Vision Holdings, Inc.
[{"type":"text","content":"\n\nNet revenue decreased 3.6% to $499.2 million\n\n\nComparable store sales growth of (8.0)%; Adjusted Comparable Store Sales Growth of (8.1)%\n\n\nNet income decreased 71.9% to $11.5 million; Diluted EPS decreased 67.7% to $0.15\n\n\nAdjusted Operating Income decreased 60.8% to $21.5 million\n\n\nAdjusted Diluted EPS decreased 59.8% to $0.15\n\n\nRemote medicine rolled out in approximately 300 stores\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 October 1, 2022.\n\n“The National Vision team continues to progress our key growth initiatives while navigating the challenges of this dynamic consumer environment,” stated chief executive officer Reade Fahs. “We opened 18 stores this quarter, including a record seven Eyeglass World stores as we ramp up expansion of this brand. Our accelerated rollout of remote medicine is now enabled in approximately 300 stores and is adding incremental exam capacity.”\n\nMr. Fahs continued, “While the operational environment remains challenging, especially for our lower-income consumers, we are pleased to see more higher-income consumers attracted to our affordably priced eye exams, eyeglasses and contact lenses. As we look ahead, we are confident in our ability to deliver the consistent sustainable growth we have experienced for the past few decades.”\n\nAdjusted Comparable Store Sales Growth, Adjusted Operating Income, Adjusted EBITDA, 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 2022 Summary\n\n\nNet revenue decreased 3.6% to $499.2 million compared to the third quarter of 2021.\n\n\nNet revenue was negatively impacted by 0.4% due to the timing of unearned revenue.\n\n\nComparable store sales growth was (8.0)% and Adjusted Comparable Store Sales Growth was (8.1)%.\n\n\nThe Company opened 18 new stores and ended the quarter with 1,332 stores. Overall, store count grew 5.5% from October 2, 2021 to October 1, 2022.\n\n\nCosts applicable to revenue increased 2.8% to $232.8 million compared to the thi...