Welcome to our dedicated page for National Vision news (Ticker: EYE), a resource for investors and traders seeking the latest updates and insights on National Vision stock.
National Vision Holdings, Inc. (symbol: EYE) is a leading optical retailer in the United States, dedicated to making quality eye care and eyewear affordable and accessible. With a strong workforce of 8,000 employees, National Vision operates through its family of optical retailers, including America's Best Contacts & Eyeglasses, Eyeglass World, Vision Centers brought to you by Walmart, Vista Optical inside Fred Meyer, and optical centers on select military bases.
Currently, the company boasts over 800 retail locations spread across 44 states, the District of Columbia, and Puerto Rico. National Vision's mission is to help people by making quality eye care and eyewear more affordable and accessible.
The company is segmented into two main operating segments: the Owned and Host segment and the Legacy segment. The Owned and Host segment includes company-owned brands like America's Best and Eyeglass World, where vision care services are provided by optometrists or independent professional corporations. This segment also includes operations within Military and Fred Meyer locations, providing eye exams through independent optometrists.
The Legacy segment focuses on managing operations and supplying inventory and lab processing services to Legacy retail Vision Centers. The majority of the company's revenue is driven by the Owned and Host segment.
National Vision is one of the fastest-growing optical retailers in the country, continually working towards its vision that everyone deserves to see their best to live their best.
National Vision Holdings (NASDAQ: EYE) has announced its participation in the Goldman Sachs 31st Annual Global Retailing Conference. The company is scheduled to present on Wednesday, September 4, 2024, at 1:10 p.m. Eastern Time. Investors and interested parties can access a live webcast of the presentation through the company's website in the 'Investors' section. The presentation will also be archived and available on the website shortly after the event, providing an opportunity for those unable to attend live to review the content later.
National Vision, one of the largest optical retail companies in the U.S., has released its 2023 Sustainability Report, titled "A World Worth Seeing." The report highlights progress across the company's Social, Employees, Environment and Governance (SEE+G) framework. Key achievements include:
- Nearly 10 million people helped to see better and live better in 2023
- Over $4.1 million donated by National Vision and its charitable foundation, impacting more than 1.4 million lives
- $100,000 in scholarships provided to associates' children
- Hosted over 1,200 optometrists for the 2023 Continuing Education Symposium
- Continued rollout of electronic health records and energy-efficient lighting improvements
- Strengthened supplier sustainability commitments
The report aligns with SASB, GRI Standards, and UN Sustainable Development Goals.
National Vision has partnered with florence by mills™ to launch a Gen-Z focused eyewear collection in over 1,000 America's Best stores. The collection, developed with Mondottica Group, features sun and optical styles designed by Millie Bobby Brown, founder of florence by mills and an eyeglasses wearer since age 10.
The line aims to curate confidence in young wearers through pastel colors and sleek metal frames. Each frame purchase includes a comprehensive eye exam by a licensed optometrist. The collection also emphasizes sustainability, with sunglasses made from renewable acetate and recycled content.
This exclusive retail partnership makes affordable, quality, and stylish eyewear more accessible to Millie's fans and young consumers. The launch aligns with National Vision's goal to inspire eye health awareness among younger generations.
National Vision Holdings, Inc. (NASDAQ: EYE) has announced plans to repurchase approximately $218 million of its 2.50% Convertible Senior Notes due 2025 for a cash price of about $215 million plus accrued interest. To fund this, the company has secured commitments for $115 million in incremental term loans, expected to close on August 9, 2024. The repurchase is set to close around August 12, 2024, leaving about $85 million in 2025 Notes outstanding.
CFO Melissa Rasmussen stated that this opportunistic repurchase is expected to strengthen the company's balance sheet and aligns with their disciplined capital allocation plan. National Vision aims to continue making prudent decisions to build a foundation for profitable growth.
National Vision Holdings (NASDAQ: EYE) reported a 4.6% increase in net revenue to $451.7 million for Q2 2024, compared to Q2 2023. Comparable store sales grew by 2.2%, with an adjusted growth of 2.4%. The company posted a net loss of $1.0 million from continuing operations, translating to a diluted EPS of $(0.01). Adjusted operating income rose 13.8% to $14.1 million, and adjusted diluted EPS increased to $0.15. Discontinued operations, including the wind-down of the AC Lens business, resulted in a net loss of $2.1 million.
For the first half of 2024, net revenue grew by 4.2% to $934.5 million. The company opened 31 new stores and converted 20 Eyeglass World stores to America's Best stores. Operating expenses rose, with total costs applicable to revenue increasing by 6.2% and SG&A expenses by 4.4%. The company ended Q2 2024 with a cash balance of $179.5 million and total debt of $456.8 million.
National Vision revised its fiscal 2024 outlook, lowering net revenue expectations to $1.820-$1.840 billion and adjusted operating income to $57-$62 million. Adjusted comparable store sales growth outlook was also revised down to 0.5%-1.5%.
National Vision Holdings (NASDAQ: EYE) has announced significant leadership changes. Alex Wilkes will join as President on August 19, 2024, reporting to CEO Reade Fahs. Wilkes, formerly President of the Americas at CooperVision, brings extensive optical industry experience. This follows the July 1 appointment of Mark Banner as Chief Stores Officer.
Concurrently, Patrick Moore, Chief Operating Officer, will retire at the end of 2024. Moore will transition to an advisory role on August 19 to support leadership changes. These moves are part of National Vision's transformation strategy to drive profitable growth while maintaining its culture and values.
The company emphasizes Wilkes' strategic acumen and track record in sales and profit growth as key factors in his appointment. National Vision aims to leverage his expertise to accelerate business transformation and enhance value for patients, customers, and stakeholders.
National Vision Holdings, Inc. (NASDAQ: EYE) has appointed Caitlin Zulla to its Board of Directors, effective immediately. Zulla will serve on the Board's Compensation Committee. She brings extensive healthcare experience, currently serving as CEO of Optum Health East, part of UnitedHealth Group, where she oversees healthcare delivery for over 5.4 million patients across 10 states. Zulla's background includes executive positions at SCA Health and advanced degrees from Princeton, Columbia, and Dartmouth.
The appointment is part of National Vision's commitment to continuous board refreshment and aligns with the company's long-term goals. Zulla's expertise in healthcare, finance, and executive leadership is expected to contribute to National Vision's strategic initiatives and growth in providing affordable eye care and eyewear.
National Vision Holdings (NASDAQ: EYE) has announced its upcoming second quarter 2024 financial results release and conference call. The company will report its Q2 2024 results before the market opens on Wednesday, August 7, 2024. A conference call is scheduled for 8:30 a.m. Eastern Time on the same day. Interested parties can pre-register for the call and obtain dial-in information through the company's website. Additionally, a live audio webcast of the conference call, along with related materials, will be available in the 'Investors' section of National Vision's website. A replay of the webcast will be made available shortly after the broadcast.
National Vision announced the winners of its 2024 National Optometric Student Association (NOSA) scholarships, awarding a total of $7,000 to three optometry students. These scholarships recognize the students' essays on the role of optometrists in providing affordable eye care. The winners are Jerbrea Powell ($4,000), Victoria Laws ($2,000), and Baldemar Torres ($1,000).
The awards were presented at the National Optometric Association Convention in Philadelphia, emphasizing National Vision's commitment to supporting future optometrists, particularly in underserved communities. Their insightful assessments and community involvement distinguished them as scholarship recipients.
National Vision Holdings (NASDAQ: EYE) announces the appointment of Mark Banner as the new Chief Stores Officer, effective July 8, 2024. Banner brings extensive experience from his seven-year tenure at Sleep Number, where he served as senior vice president of retail and real estate. He also has an 18-year history at Signet Jewelers, advancing from store manager to vice president of strategic integration. CEO Reade Fahs expresses confidence in Banner's alignment with the company's customer-focused culture. Banner is enthusiastic about leading National Vision's talented team and enhancing the customer experience.
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