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Dec 30, 2023
National Vision Q4 2023 Earnings Report
Reported fourth quarter and fiscal year 2023 financial results, showing revenue increase but a net loss due to expenses, including Walmart partnership termination.
Key Takeaways
National Vision Holdings reported an 8.0% increase in net revenue for Q4 2023, reaching $506.4 million, driven by comparable store sales growth and new store sales. However, the company experienced a net loss of $(16.0) million, or $(0.20) per diluted share, impacted by expenses related to the termination of the Walmart partnership. Adjusted diluted EPS was $(0.02).
Net revenue increased by 8.0% to $506.4 million compared to Q4 2022.
Comparable store sales growth was 6.0%, and Adjusted Comparable Store Sales Growth was 5.7%.
Net loss was $(16.0) million, with a diluted EPS of $(0.20), including expenses from the Walmart partnership termination.
Adjusted Operating Income was $0.3 million, compared to $(6.8) million in Q4 2022.
Forward Guidance
National Vision provided its fiscal year 2024 outlook, projecting adjusted comparable store sales growth between 2.0% and 4.0%, net revenue between $1.965 billion and $2.005 billion, adjusted operating income between $61 million and $76 million, and adjusted diluted EPS between $0.50 and $0.65.
Positive Outlook
- New Stores: 65 - 70
- Adjusted Comparable Store Sales Growth: 2.0% - 4.0%
- Net Revenue: $1.965 - $2.005 billion
- Adjusted Operating Income: $61 - $76 million
- Adjusted Diluted EPS: $0.50 - $0.65
Challenges Ahead
- The fiscal 2024 outlook reflects current expected or estimated impacts related to macro-economic factors, including inflation, geopolitical instability and risks of recession, as well as constraints on exam capacity
- The ultimate impact of these factors on the Company’s financial outlook remains uncertain with dynamic market conditions and 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.
Historical Earnings Impact
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