National Vision(US:EYE)2025-05-07 10:05Financial Performance - Net revenue from continuing operations for Q1 2025 was $510.3 million, an increase of 5.7% compared to Q1 2024[6] - Total net revenue for the three months ended March 29, 2025, was $510.324 million, an increase of 5.5% compared to $482.794 million for the same period in 2024[32] - Net product sales reached $412.765 million, up from $388.083 million, reflecting a growth of 6.4% year-over-year[32] - Income from continuing operations increased to $14.2 million, with Diluted EPS from continuing operations at $0.18, up from $0.15 in the same period in 2024[10] - The company reported a net income of $14.186 million for the quarter, compared to $11.685 million in the same quarter last year, marking a growth of 21.5%[32] - Net income for the three months ended March 29, 2025, was $14,186,000, an increase of 21.4% compared to $11,685,000 for the same period in 2024[34] Operating Metrics - Comparable store sales growth was 4.1%, with Adjusted Comparable Store Sales Growth at 5.5%, marking the 9th consecutive quarter of positive growth[6] - Adjusted Operating Income rose 21.8% to $41.3 million, with an Adjusted Operating Margin of 8.1% compared to 7.0% in Q1 2024[10] - Adjusted Operating Income from continuing operations rose to $41,275,000, up from $33,894,000, reflecting a margin increase from 7.0% to 8.1%[37] - EBITDA from continuing operations increased to $49,100,000, compared to $46,663,000, with an Adjusted EBITDA margin rising from 11.8% to 12.6%[38] - Total comparable store sales growth from continuing operations was 4.1%, up from 1.4% in the prior year, with an outlook for 2025 projected between 2.0% and 4.0%[41] Guidance and Outlook - The updated fiscal 2025 outlook for net revenue is now $1.919 billion to $1.955 billion, up from the prior range of $1.901 billion to $1.955 billion[9] - Adjusted Diluted EPS guidance for fiscal 2025 has been raised to a range of $0.59 to $0.67, compared to the previous range of $0.52 to $0.64[9] Costs and Expenses - Costs applicable to revenue increased 4.9% to $205.2 million, while as a percentage of net revenue, it decreased to 40.2%[10] - Adjusted SG&A expenses for the period were $255.532 million, compared to $240.128 million, indicating an increase of 6.4%[32] - Stock-based compensation expense increased to $7,029,000 from $2,465,000, reflecting higher costs associated with equity awards[34] - The company incurred $2.1 million in shareholder activism costs and $2.1 million in severance and employee-related costs during the three months ended March 29, 2025[43] Cash and Debt Position - The company ended the period with a cash balance of $80.0 million and total debt of $346.1 million[10] - Cash, cash equivalents, and restricted cash at the end of the period totaled $81,847,000, compared to $151,632,000 at the end of the same period last year[34] - Total current assets as of March 29, 2025, were $254.124 million, slightly up from $249.828 million as of December 28, 2024[31] - Total assets increased to $2.010 billion as of March 29, 2025, compared to $2.008 billion at the end of 2024[31] - Total liabilities were $1.174 billion as of March 29, 2025, compared to $1.191 billion as of December 28, 2024, showing a decrease of 1.4%[31] Strategic Initiatives - The company is focusing on enhancing its digital experience and expanding its branded frame assortment to drive future growth[3] - The company plans to open 30-35 new stores in fiscal 2025, maintaining its previous guidance[9] Cash Flow - Cash flows from operating activities provided $32,239,000, an increase from $23,987,000 year-over-year[34]