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Jul 01, 2023
National Vision Q2 2023 Earnings Report
Reported financial results generally in line with expectations, reflecting continued strength in managed care business and progress on strategic initiatives.
Key Takeaways
National Vision Holdings reported a 3.1% increase in net revenue to $525.3 million for Q2 2023. Net income decreased by 42.3% to $5.6 million, with a diluted EPS of $0.07. The company reaffirmed its fiscal 2023 guidance, expecting Adjusted Operating Income and Adjusted Diluted EPS to be at or above the midpoint of the range.
Net revenue increased 3.1% to $525.3 million compared to Q2 2022.
Comparable store sales growth was (0.1%) and Adjusted Comparable Store Sales Growth was 1.0%.
The Company opened 24 new stores, closed one store, and ended the quarter with 1,381 stores.
Net income decreased 42.3% to $5.6 million compared with the second quarter of 2022.
Revenue by Segment
Forward Guidance
National Vision reaffirmed its fiscal 2023 guidance, expecting Adjusted Operating Income and Adjusted Diluted EPS to be at or above the midpoint of the range.
Positive Outlook
- New Stores: 65 to 70
- Adjusted Comparable Store Sales Growth: 0% to 3%
- Net Revenue: $2.075 billion to $2.135 billion
- Adjusted Operating Income: $48 million to $66 million
- Adjusted Diluted EPS: $0.42 to $0.60
Challenges Ahead
- Fiscal 2023 outlook reflects current expected or estimated impacts related to macro-economic factors, including inflation, geopolitical instability and risks of recession
- Constraints on exam capacity
- The ultimate impact of these factors on the Company’s financial outlook remains uncertain with dynamic market conditions
- The outlook shown below assumes no material deterioration to the Company’s current business operations as a result of such factors or as a result of the termination of the Walmart partnership.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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