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Sep 30, 2023
National Vision Q3 2023 Earnings Report
Reported a net revenue increase driven by comparable store sales growth and new store openings, but experienced a net loss due to impairment charges related to the Walmart partnership termination.
Key Takeaways
National Vision Holdings reported a 6.6% increase in net revenue to $532.4 million for Q3 2023, driven by a 3.8% increase in comparable store sales growth. However, the company experienced a net loss of $73.8 million, or $(0.94) per diluted share, due to $79.4 million in non-cash impairment charges related to the termination of the Walmart partnership. Adjusted diluted EPS was $0.15, consistent with the prior year.
Net revenue increased by 6.6% to $532.4 million compared to Q3 2022.
Comparable store sales growth was 3.8%, with Adjusted Comparable Store Sales Growth of 4.3%.
Net loss was $73.8 million, or $(0.94) per diluted share, including $79.4 million in non-cash impairment charges.
Adjusted diluted EPS was $0.15, the same as in Q3 2022.
Revenue by Segment
Forward Guidance
National Vision provided an updated outlook for the 52 weeks ending December 30, 2023, reflecting the expected impacts of macroeconomic factors and the Walmart partnership termination.
Positive Outlook
- New Stores: 65 to 70
- Adjusted Comparable Store Sales Growth: ~2%
- Net Revenue: $2.115 billion to $2.125 billion
- Adjusted Operating Income: $60 million to $65 million
- Adjusted Diluted EPS: $0.53 to $0.58
Challenges Ahead
- The ultimate impact of macroeconomic factors, including inflation, geopolitical instability, and risks of recession, remains uncertain.
- The outlook 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.
- Fiscal 2023 outlook is forward-looking and subject to significant business, economic, regulatory and competitive uncertainties and contingencies.
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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