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National Vision Q1 Adj. Profit Declines; Cuts Guidance

National Vision Holdings, Inc. (EYE) reported that its first-quarter adjusted EPS decreased 31.5% to $0.33 from a year ago. On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $0.30, for the quarter. Analysts' estimates typically exclude special items. Adjusted operating income decreased 33.0% to $45.3 million.

First quarter net income decreased 30.6% to $30.1 million. Earnings per share decreased 28.2% to $0.34.

Net revenue decreased 1.2% to $527.7 million. Comparable store sales declined 4.9% and adjusted comparable store sales were down 6.8%. Analysts on average had estimated $536.74 million in revenue.

For fiscal 2022, the company now expects adjusted EPS in a range of $0.65 - $0.80, revised from prior guidance of $1.03 - $1.10. Net revenue is now expected in a range of $2.01 - $2.07 billion, updated from prior guidance of $2.12 - $2.17 billion. Adjusted comparable store sales are now estimated to decline 7% to 4%.

"Looking ahead, we expect the macro headwinds to our lower-income consumer as well as the constraints to exam capacity to impact our near-term performance and are updating our fiscal 2022 outlook," said CEO Reade Fahs.

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