National Vision loses Walmart agreements; expects $70M impairment; reaffirms FY outlook

National Vision Holdings, Inc.

Walmart not renewing Management & Services Agreement; terminates Feb 23, 2024.
AC Lens non-renewal effective June 30, 2024; all Walmart-related agreements ending.
FY2022 Walmart business contributed $348.9M revenue and $15.0M EBIT; non-cash impairment charges of ~$60M goodwill and ~$10M intangibles expected in Q3 2023.
Preliminary Q2 2023: net revenue $525.3M (+3.1% YoY); adjusted diluted EPS $0.17; comparable store sales growth -0.1% (adjusted +1.0%).
Company reaffirms FY2023 guidance; expects adjusted operating income and adjusted diluted EPS at or above midpoint of prior ranges.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

National Vision Holdings, Inc. reported the quarter ended July 1, 2023 results: revenue $525,340, net income $5,614, EPS $0.07. Guidance reaffirmed.

Period: the quarter ended July 1, 2023
Revenue: $525,340
Net income: $5,614
EPS: $0.07
Guidance: reaffirmed
Result: preliminary results

Exact text from the filing

actual results for the quarter ended July 1, 2023. 2 $ in thousands, except per share amounts Three months ended July 1, 2023 Three months ended July 2, 2022 Change Net revenue $ 525,340 $ 509,555 3.1 % Comparable store sales growth (0.1) % (11.0) % Adjusted Comparable Store Sales Growth 1.0 % (12.4) % Stores opened 24 22 Stores closed 1 — Ending store count 1,381

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Source: SEC EDGAR

accession 0001710155-23-000038

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