Financial Data and Key Metrics Changes - Net revenue for Q1 2025 increased by 5.7% to $510 million, driven by adjusted comparable store sales growth of 5.5% [30][33] - Adjusted operating income rose by 21.8% to $41.3 million, with adjusted diluted earnings per share increasing to $0.34 from $0.29 a year ago [15][34] - Adjusted operating margin increased by 110 basis points to 8.1% [33] Business Line Data and Key Metrics Changes - America's Best comparable store sales grew by 5.9%, building on a 1.2% increase in the previous year [14] - Eyeglass World achieved a comparable store sales increase of 3.1%, marking its best quarter since 2021 [14] - All three target customer segments delivered double-digit comparable sales growth [14] Market Data and Key Metrics Changes - The company experienced a positive shift in customer demographics, with higher income groups showing increased spending, offsetting declines from lower income consumers [12][60] - The company opened nine new America's Best stores while closing three, resulting in a net increase in store count [31] Company Strategy and Development Direction - The company is focusing on segmentation, personalization, and digitization in its messaging, product offerings, and customer experience [11][20] - A new strategy has been implemented to target three key customer cohorts, which represent about half of the customer base but a disproportionately large percentage of sales [12] - The company is enhancing its pricing structure and product assortment to better align with customer profiles [21][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing transformation strategy and the positive response to recent initiatives [16][20] - The company raised its guidance for the year based on strong Q1 results, anticipating continued momentum despite potential consumer demand uncertainties [16][38] - Management acknowledged the challenges posed by tariffs but believes they can mitigate the impact through pricing actions and cost reduction efforts [37][39] Other Important Information - The company is transitioning leadership, with Alex Wilkes set to succeed Reade Fahs as CEO [8][17] - The company has implemented remote exam capabilities in approximately two-thirds of its store base [15] Q&A Session Summary Question: What is the expected run rate for ticket growth in the coming quarters? - Management indicated that ticket expansion has been positive, with no degradation in conversion rates, suggesting there is still room for growth [49][51] Question: How is revenue growth decomposed between managed care and customer pay? - Management noted that both segments are contributing to growth, with managed care customers responding positively to new premium products [52] Question: Can you provide insights on the cadence of Q1 performance and income demographics? - Management reported a strong January, a peculiar two-week period in February, and a strong recovery in March, with higher income customers trading into the brand [59][60] Question: What is the impact of tariffs on product costs? - Management confirmed that the estimated impact of tariffs for the year is between $10 million to $15 million, which they believe can be mitigated through pricing actions [74] Question: How is the recruitment and retention of optometrists being managed? - Management reported healthy retention and recruitment rates, particularly among students, with no significant cost increases anticipated [85]

Financial Data and Key Metrics Changes - Sales in Q1 increased by 5.7% to $510 million, with adjusted comparable store sales growth of 5.5%, marking the ninth consecutive quarter of positive growth [13][30] - Adjusted operating income rose by 21.8% to $41.3 million, and adjusted diluted earnings per share increased to $0.34 from $0.29 a year ago [15][34] - The company ended the quarter with a cash balance of approximately $80 million and total liquidity of $374 million [34] Business Line Data and Key Metrics Changes - America's Best comparable store sales grew by 5.9%, while Eyeglass World saw a 3.1% increase, its best quarter since 2021 [14] - All three target customer segments delivered double-digit comparable sales growth, with average ticket increasing by 4.5% [31][32] Market Data and Key Metrics Changes - The company experienced a trade-in of higher-income customers, offsetting a drop in lower-income customers during tough economic times [58] - The managed care segment showed strong performance, indicating a shift towards higher spending power customers [60][81] Company Strategy and Development Direction - The company is focusing on segmentation, personalization, and digitization in its messaging, product offerings, and customer experience [11][20] - New product introductions and pricing strategies are aimed at enhancing customer experience and driving sales growth [22][23] - The company plans to open approximately 30 to 35 new stores this year while closing seven underperforming locations [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing transformation strategy and the positive response to recent initiatives [16][20] - The company raised its guidance for the year, reflecting strong first-quarter results and ongoing momentum [38] - Management acknowledged the potential impact of tariffs but believes they can mitigate costs through pricing actions and cost reduction efforts [37][72] Other Important Information - The company is implementing a new CRM system in partnership with Adobe to enhance digital marketing and customer experience [27] - A new agency of record is being utilized to refresh the company's marketing strategy and improve media efficiency [95] Q&A Session Summary Question: What is the run rate for ticket growth in the next couple of quarters? - Management indicated that ticket acceleration has been positive, with no degradation in conversion rates, suggesting further growth potential [49][51] Question: How is revenue growth decomposed between managed care and customer pay? - Management noted that both segments are contributing to growth, with managed care customers responding positively to new premium products [52] Question: Can you walk us through the cadence of Q1 comp growth? - Management reported a strong January, a peculiar two-week period in February, and a strong recovery in March, with healthy trends continuing into April [57][58] Question: What is the outlook for remote exams? - Management stated that remote exams are now a standard part of operations, with ongoing efforts to improve efficiency in the exam ecosystem [74][75] Question: How is the company addressing low-income consumer weakness? - Management noted that low-income consumers are more strapped, but the company is seeing a shift towards managed care customers, which are a strong target [80][81] Question: What are the recruitment and retention strategies for optometrists? - Management reported healthy retention and recruitment, particularly among students, with no significant cost increases anticipated [82][83] Question: What is the feedback from doctors regarding the shift to managed care customers? - Doctors are excited about the direction, as managed care patients tend to have shorter purchase cycles and are more compliant with annual exams [88]

Financial Data and Key Metrics Changes - Net revenue increased by 5.7% to $510 million, driven by adjusted comparable store sales growth of 5.5% [30][12] - Adjusted operating income rose by 21.8% to $41.3 million, with adjusted diluted earnings per share increasing to $0.34 from $0.29 [14][35] - Gross margin improved due to higher average ticket growth, with cost applicable to revenue decreasing by 30 basis points to 40.2% [32][33] Business Line Data and Key Metrics Changes - America's Best comparable store sales grew by 5.9%, while Eyeglass World saw a 3.1% increase, marking its best quarter since 2021 [13][12] - All three target customer segments delivered double-digit comparable store sales growth, indicating strong performance across the board [12][11] Market Data and Key Metrics Changes - The company experienced a shift towards higher-income customers, with managed care customers showing resilience amid economic challenges [58][11] - Customer transactions increased by 0.7%, recovering from previous declines, indicating a positive trend in customer engagement [31] Company Strategy and Development Direction - The company is focused on segmentation, personalization, and digitization to enhance customer experience and drive sales [20][10] - A new strategy targeting underdeveloped customer segments aims to expand the addressable market and improve profitability [11][10] - The leadership transition is positioned to maintain momentum in the ongoing transformation strategy [6][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the transformation strategy, noting strong initial results from new initiatives [15][20] - The company is cautious about predicting consumer demand due to macroeconomic uncertainties but remains optimistic about its strategic direction [15][39] - Management highlighted the importance of cost efficiency measures in response to potential tariff impacts [38][40] Other Important Information - The company plans to open approximately 30 to 35 new stores while closing seven America's Best stores as part of its real estate management strategy [39][31] - Investments in remote exam technology and a new ERP system are expected to enhance operational efficiency [36][28] Q&A Session Summary Question: What is the expected run rate for ticket growth in the coming quarters? - Management indicated that ticket expansion has been positive, with no degradation in conversion rates, suggesting further growth potential [48][50] Question: How is revenue growth split between managed care and customer pay? - Management noted that both segments are contributing to growth, with premium products appealing to managed care customers [51][52] Question: Can you provide insights on the traffic increase during the quarter? - The increase in traffic was attributed to better engagement with target customer segments, particularly managed care and progressive customers [97][98] Question: What is the impact of tariffs on product costs? - Management confirmed that tariffs could result in $10 million to $15 million in incremental costs, but they believe these can be mitigated through pricing actions [72][38] Question: How is the company addressing recruitment and retention of optometrists? - Management reported healthy retention rates and effective recruitment strategies, particularly among new graduates [82][81]

Group 1: Earnings Performance - National Vision reported quarterly earnings of $0.34 per share, exceeding the Zacks Consensus Estimate of $0.29 per share, and up from $0.30 per share a year ago, representing an earnings surprise of 17.24% [1] - The company posted revenues of $510.32 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.85%, although this is a decline from year-ago revenues of $542.52 million [2] - Over the last four quarters, National Vision has surpassed consensus EPS estimates four times, but has only topped consensus revenue estimates once [2] Group 2: Stock Performance and Outlook - National Vision shares have increased by approximately 27.9% since the beginning of the year, contrasting with the S&P 500's decline of -4.7% [3] - The company's earnings outlook is mixed, with the current consensus EPS estimate for the coming quarter at $0.09 on revenues of $462.09 million, and $0.55 on revenues of $1.92 billion for the current fiscal year [7] - The current Zacks Rank for National Vision is 3 (Hold), indicating that shares are expected to perform in line with the market in the near future [6] Group 3: Industry Context - The Consumer Products - Staples industry, to which National Vision belongs, is currently in the bottom 28% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Another company in the same industry, Warby Parker Inc., is expected to report quarterly earnings of $0.12 per share, reflecting a year-over-year change of +50%, with revenues anticipated to be $225.88 million, up 12.9% from the year-ago quarter [9][10]

Financial Performance - Net revenues for Q1 2025 increased by 5.7% to $5103 million, compared to $483 million in Q1 2024[12, 16] - Adjusted comparable store sales growth was 55% in Q1 2025, driven by higher ticket prices and a slight increase in traffic[12, 18] - Adjusted operating income increased to $413 million in Q1 2025, compared to $339 million in Q1 2024[12, 23] - Adjusted diluted earnings per share increased to $034 in Q1 2025, compared to $029 in Q1 2024[12, 27] Store Network - The company's store count grew by 30%, ending the period with 1237 stores[20] - Nine new America's Best stores were opened, while nine Fred Meyer stores and three America's Best stores were closed[20] Brand Performance - America's Best saw adjusted comparable store sales growth of 59% in Q1 2025, compared to 12% in Q1 2024[21] - Eyeglass World experienced adjusted comparable store sales growth of 31% in Q1 2025, compared to -50% in Q1 2024[21] Financial Outlook for Fiscal Year 2025 - The company estimates net revenue between $1919 billion and $1955 billion for fiscal year 2025, including an estimated $35 million contribution from the 53rd week[44, 38] - Adjusted comparable store sales growth is projected to be between 15% and 35% for the 52 weeks ending December 27, 2025[44] - Adjusted operating income is expected to be between $81 million and $92 million, including an estimated $3 million contribution from the 53rd week[44, 43] - Adjusted diluted EPS is projected to be between $059 and $067, assuming approximately 79 million shares[44]

Exhibit 99.1 National Vision Holdings, Inc. Reports First Quarter 2025 Financial Results Successful Execution of New Transformation Initiatives and Cost Reduction Actions Delivered Strong First Quarter First quarter 2025 highlights compared to Q1 2024: Duluth, Ga. -- May 7, 2025 -- National Vision Holdings, Inc. (NASDAQ: EYE) ("National Vision," "we," "our," "us" or the "Company") today reported its financial results for the first quarter ended March 29, 2025. "Our first quarter results are a testament to t ...

Company Overview - National Vision (EYE) shares increased by 9.4% to $11.90 in the last trading session, following a period of 11% loss over the past four weeks, indicating a significant recovery in investor sentiment [1] - The company is a discount optical retailer and eye care provider, with upcoming quarterly earnings expected to be $0.32 per share, reflecting a year-over-year increase of 6.7% [3] Financial Performance - In the fourth quarter, National Vision reported an adjusted loss per share of 2 cents, which was better than the Zacks Consensus Estimate of a 16 cents loss, while revenues exceeded expectations by 1.4% [2] - The anticipated revenue for the upcoming report is $522.46 million, which represents a decline of 3.7% compared to the same quarter last year [3] Market Sentiment and Estimates - Investor optimism is high ahead of the first quarter 2025 financial results, set to be released on May 14, before market opens [2] - The consensus EPS estimate for the upcoming quarter has remained unchanged over the last 30 days, suggesting stability in earnings expectations [4] - National Vision currently holds a Zacks Rank of 1 (Strong Buy), indicating strong market confidence in the stock [4]

Company Overview - National Vision Holdings, Inc. (EYE) is enhancing its foundation through leadership changes, expanded exam capacity, and strategic initiatives, with positive optical retail industry statistics indicating growth potential in upcoming quarters [1] - The company's America's Best brand is significantly contributing to revenue growth, capitalizing on the strength of managed care [1][3] Financial Performance - Year-to-date, National Vision's shares have increased by 4.4%, outperforming the industry decline of 3.1% and the S&P 500's fall of 14.3% [2] - The company has a market capitalization of $894.19 million and has consistently beaten earnings estimates over the past four quarters, with an average surprise of 79.29% [2] Industry Trends - The U.S. optical retail industry is experiencing consistent growth, driven by medical and recurring eye care purchases, with 82% of respondents using some form of vision correction according to a 2023 report by the Vision Council [5] - A WHO report from 2023 indicates that nearly 2.2 billion individuals globally have vision impairments, with 1 billion of these impairments unaddressed [5] Strategic Initiatives - National Vision is implementing several strategic changes, including the introduction of the Wide Buys promotion by America's Best to attract new customers and exclusive partnerships with eyewear brands [3][4] - The company is digitizing its operations, investing in a finance ERP system set to launch in Q2 2025 and a new Adobe CRM platform [7] Operational Challenges - National Vision's solvency position is concerning, with cash and cash equivalents of $73.9 million and short-term debt of $101.4 million, leading to a debt-to-capital ratio of 30% [9] - The company plans to take action on 43 stores through fiscal 2026 to strengthen its core business foundation [8] Future Outlook - The Zacks Consensus Estimate for National Vision's 2025 earnings per share remains at 55 cents, with projected revenues of $1.92 billion, reflecting a 2.2% improvement from the previous year [10]

Core Viewpoint - National Vision (EYE) has received a Zacks Rank 1 (Strong Buy) upgrade, indicating a positive earnings outlook that could lead to increased stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - Rising earnings estimates for National Vision suggest an improvement in the company's underlying business, likely resulting in higher stock prices [5][10]. Earnings Estimate Revisions - For the fiscal year ending December 2025, National Vision is expected to earn $0.55 per share, reflecting a 5.8% increase from the previous year [8]. - Over the past three months, the Zacks Consensus Estimate for National Vision has increased by 30.1% [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - National Vision's upgrade to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, indicating strong potential for market-beating returns [9][10].

Core Insights - Zacks Premium offers various tools for investors to enhance their stock market engagement and confidence [1] - The Zacks Style Scores are designed to help investors identify stocks with the potential to outperform the market in the short term [2] Zacks Style Scores Overview - The Style Scores categorize stocks into four types: Value Score, Growth Score, Momentum Score, and VGM Score, each focusing on different investment strategies [3][4][5][6] - Value Score emphasizes finding undervalued stocks based on financial ratios [3] - Growth Score assesses a company's financial health and future growth potential [4] - Momentum Score identifies trends in stock prices and earnings estimates to optimize entry points [5] - VGM Score combines all three styles to provide a comprehensive evaluation of stocks [6] Zacks Rank and Performance - The Zacks Rank is a proprietary model that utilizes earnings estimate revisions to guide investment decisions [7] - Stocks rated 1 (Strong Buy) have historically achieved an average annual return of +25.41% since 1988, significantly outperforming the S&P 500 [8] - Investors are encouraged to select stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B for optimal success [9][10] Company Spotlight: National Vision Holdings, Inc. - National Vision is a leading optical retailer in the U.S. and has a strong position in the value segment of the optical retail industry [11] - The company is rated 2 (Buy) on the Zacks Rank and has a VGM Score of B [11] - Recent performance shows a 0.9% increase in shares over the past four weeks, with upward revisions in earnings estimates for fiscal 2025 [12] - National Vision has an impressive average earnings surprise of 79.3%, making it a notable investment opportunity [12]