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National Vision Q1 Profit Down; Stock Down

National Vision Holdings Inc. (EYE) reported that its net income for the first quarter ended March 28, 2020 decreased 44.1% to $9.7 million from $17.4 million last year. Earnings per share decreased 44.6% to $0.12 from $0.21 in the prior year.

Adjusted earnings per share decreased 9.4% to $0.28 compared to $0.31 per share for the first quarter of 2019. The net change in margin on unearned revenue positively impacted Adjusted earnings per share by $0.19.

Net revenue increased 1.8% to $469.7 million from $461.2 million for the first quarter of 2019. Net revenue was positively impacted by 6.0% due to the timing of unearned revenue, which resulted in material benefits to net revenue and profitability.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.14 per share and revenues of $445.69 million. Analysts' estimates typically exclude special items.

Comparable store sales growth was 2.9% and adjusted comparable store sales growth was 10.3%.

On March 27, 2020, the company withdrew its previously issued fiscal 2020 outlook, due to the ongoing uncertainty surrounding the magnitude and duration of the COVID-19 pandemic and its impact on the U.S.

In Thursday pre-market trade, EYE is trading at $21.80, down $2.20 or 9.17 percent.

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