National Vision Holdings ( (EYE) ) has released its Q3 earnings. Here is a breakdown of the information National Vision Holdings presented to its investors.
National Vision Holdings, Inc. is a major optical retail company in the United States, operating over 1,200 stores across multiple brands dedicated to making eye care and eyewear more accessible and affordable. In its third quarter of 2024, the company reported a slight increase in net revenue of 2.9% to $451.5 million compared to the previous year, alongside a comparable store sales growth of 1.4%. Despite these gains, National Vision recorded a net loss from continuing operations of $8.4 million with a diluted EPS of $(0.11), although adjusted diluted EPS rose to $0.12.
The financial results were driven by the company’s strategic transformation efforts, including store fleet reviews, traffic-driving initiatives, and enhancements in remote exam capabilities. The introduction of the Wise Buys eyeglass promotion also contributed positively to attracting new customers. Additionally, the company opened 18 new stores, contributing to a 4.9% increase in total store count.
However, the company faced increased costs, including a 3.3% rise in costs applicable to revenue and a 2.8% increase in SG&A expenses, partly due to higher optometrist-related costs and increased payroll and occupancy expenses. The year-to-date performance showed a 3.8% revenue increase to $1.386 billion, with adjusted operating income rising by 9.9% to $62.3 million.
Looking ahead, National Vision remains focused on its transformation initiatives, planning to open 30 to 35 new stores in fiscal 2025. The company reaffirmed its fiscal 2024 outlook, anticipating adjusted diluted EPS between $0.45 and $0.50, while navigating macroeconomic challenges and continuing to streamline its operations for long-term success.
