DULUTH, Ga. - National Vision Holdings, Inc. (NASDAQ: NASDAQ:EYE), one of the nation's largest optical retailers, reported first-quarter earnings that surpassed analyst expectations for adjusted earnings per share (EPS) but fell short on revenue.
The company announced a Q1 adjusted EPS of $0.30, which was $0.03 higher than the analyst estimate of $0.27. However, revenue for the quarter was $542.5 million, missing the consensus estimate of $552.12 million.
The company's net revenue from continuing operations saw a 4.2% increase compared to the first quarter of the previous year, primarily driven by growth from new store sales, higher revenue from the Company’s AC Lens business, and the effect of unearned revenue compared with the prior-year period.
Despite a slower start to the tax refund season and adverse impacts from weather, National Vision's CEO Reade Fahs highlighted the company's focus on strategic initiatives and progress in doctor recruitment and retention, as well as the rollout of remote technology and electronic health records in stores.
For the fiscal year 2024, National Vision provided guidance with an EPS range of $0.50 to $0.65, compared to the analyst consensus of $0.59. The company's revenue outlook for FY2024 is projected to be between $1.96 billion and $2.01 billion, with the midpoint slightly above the analyst consensus of $1.98 billion.
This guidance reflects current expected or estimated impacts related to macroeconomic factors, including inflation and geopolitical instability, as well as constraints on exam capacity.
National Vision's reaffirmed outlook for fiscal 2024 and the increase in whitespace opportunity to at least 2,500 stores demonstrate the company's commitment to growth and its strategic direction. Fahs expressed confidence in building a foundation for growth to drive shareholder value, despite operating in a challenging macroeconomic environment.
The company's financial performance and future prospects are subject to significant business, economic, regulatory, and competitive uncertainties and contingencies, many of which are beyond the control of the company and its management. As such, actual results may vary, and those variations may be material. National Vision uses these forward-looking measures internally to assess and benchmark its results and strategic plans.
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