Financial Highlights - Net revenues for Q3 2025 reached $4873 million, a 79% increase year-over-year[10] - Adjusted comparable store sales growth was 77% in Q3 2025[10] - Adjusted operating income for Q3 2025 was $198 million[10] - Adjusted diluted EPS for Q3 2025 was $013[10] - Year-to-date net revenues reached $148 billion, a 71% increase[13] - Year-to-date adjusted comparable store sales growth was 64%[13] - Year-to-date adjusted operating income was $849 million[13] - Year-to-date adjusted diluted EPS was $065[13] Store Count and Growth - The company ended Q3 2025 with 1242 stores, a 09% increase[23] - America's Best stores saw an 81% comparable store sales growth in Q3 2025, compared to 12% in Q3 2024[24] Fiscal 2025 Outlook - The company estimates the 53rd week of fiscal 2025 will contribute approximately $35 million to net revenue, and approximately $3 million to adjusted operating income[41] - Updated fiscal 2025 outlook projects net revenue between $1970 billion and $1988 billion[42]

Core Insights - National Vision Holdings, Inc. has raised its full-year 2025 guidance for adjusted earnings, net revenue, and comparable store sales growth [1] Financial Performance - For fiscal 2025, the company projects adjusted net earnings between $0.63 and $0.71 per share, with net revenue expected to be between $1.970 billion and $1.988 billion, and adjusted comparable store sales growth of 5.0 to 6.0 percent [1] - Previously, the guidance for adjusted net earnings was $0.62 to $0.70 per share, with net revenue between $1.934 billion and $1.970 billion, and adjusted comparable store sales growth of 3.0 to 5.0 percent [2] - Analysts expect the company to report earnings of $0.69 per share on revenue of $1.96 billion for the year [2] Quarterly Results - In the third quarter, the company reported net income of $3.37 million or $0.04 per share, compared to a net loss of $8.47 million or $0.11 per share in the same quarter last year [3] - Adjusted earnings for the quarter were $0.13 per share, up from $0.12 per share in the prior year [3] - Total net revenues for the quarter increased by 7.9 percent to $487.33 million from $451.52 million in the same quarter last year [4] - Comparable store sales growth was 6.8 percent, while adjusted comparable store sales growth was 7.7 percent [4]

Core Points - National Vision Holdings, Inc. has launched its annual scholarship program for eligible optometry students, offering awards of up to $7,500 [1] - The theme for this year's scholarship program is "Emerging Technology in Optometry," encouraging third- and fourth-year optometry students to submit written or video essays [1]

Core Insights - National Vision (EYE) has experienced significant share price growth of 166.5% over the past year, contrasting with a 13.3% decline in the industry and an 18.2% increase in the S&P 500 [1][9] - The company is positioned as a solid wealth creator for investors, supported by healthy fundamentals and strong growth opportunities [1] Company Overview - National Vision is a leading optical retailer in the U.S., operating 1,240 retail stores across four brands and associated omnichannel consumer websites as of June 28, 2025 [2] - The company operates through one reportable segment, Owned & Host, which includes two owned brands: America's Best Contacts and Eyeglasses and Eyeglass World [2] Growth Drivers - The upward trend in share price is attributed to ongoing strategic transformation initiatives that are gaining traction, particularly in key customer segments [3] - Recent branding refresh and identity overhaul for America's Best, along with modifications to the doctor model at Eyeglass World in Florida, aim to enhance patient experience [4] - The Owned & Host segment is benefiting from positive comparable store sales and new store openings, including exclusive partnerships with Florence by Mills and Pair Eyewear [5] Operational Performance - The company is expanding exam capacity through remote capabilities, with approximately two-thirds of stores now equipped with remote technology, achieving over 1 million remote exams conducted in the second quarter [6][9] - Fiscal 2025 revenue outlook has been raised to a range of $1.93-$1.97 billion, with adjusted EPS estimates increased to 62-70 cents [7] Financial Metrics - In the second quarter, gross margin expanded by 2166 basis points despite a 3.5% rise in the cost of revenues, while operating margin expanded by 206 basis points [9] - The Zacks Consensus Estimate for 2025 EPS remains unchanged at 68 cents, with a long-term EPS growth rate estimated at 22.7%, compared to the industry's 12.9% [13]

Financial Data and Key Metrics Changes - The company reported strong growth in the second quarter, with a significant contribution from ticket sales despite a slight decline in traffic [32][34] - Operating margin expanded by 180 basis points year to date, with gross margin improvements also noted [37][39] Business Line Data and Key Metrics Changes - The company is focusing on evolving its ticket through price and assortment changes, indicating room for growth in this area [32] - Managed care customers are underdeveloped, with the company aiming to increase its customer count in this segment [34] Market Data and Key Metrics Changes - The consumer base is evolving, with a shift from a lower-income cash pay market to a more diverse demographic, including managed care and progressive customers [11][30] - The company has seen resilience in lower-income consumers, with some signs of acceleration in purchase cycles [4][5] Company Strategy and Development Direction - The company is pivoting its business model to better serve existing consumers by redefining value, particularly for managed care members [12][51] - Significant management changes have been made to enhance operational efficiency and adapt to market demands [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about consumer health, noting that consumers are gravitating towards higher-end products [53][54] - The company is focused on maintaining its position as a value leader while adapting to changing consumer expectations [12][51] Other Important Information - The company has implemented a remote care technology strategy to address doctor scarcity and improve patient access [19][45] - A new brand identity campaign has been launched, receiving positive initial consumer feedback [15] Q&A Session Summary Question: What are the expectations for the consumer environment in the second half? - Management is optimistic about consumer health, noting stability and increased traffic in managed care segments [53][54] Question: How is pricing affected by higher tariff costs? - The company has had minimal tariff exposure and has not seen significant consumer pushback on price increases [56][57] Question: What are the expectations for inventory growth into the second half? - The company operates a showroom-based inventory model, allowing for efficient inventory management [60] Question: What is the outlook for margins in the coming years? - Management is focused on expanding operating margins through strategic initiatives and cost control measures [39][61] Question: Will there be more market share consolidation in 2026? - Management expects consolidation to continue at a similar pace, influenced by private equity activity [63][65]

Core Message - National Vision Holdings, Inc. is launching a rebranding campaign for America's Best, emphasizing the commitment to affordable and high-quality eye care for all Americans under the slogan "Every Eye Deserves Better" [2][4]. Group 1: Brand Reintroduction - The rebranding is described as a complete reinvention of America's Best, featuring a new logo and visual identity that reflects both sophistication and approachability [2]. - The new visual design incorporates elements of American heritage, including a fashionable reinterpretation of American stripes and colors, along with a nod to the brand's owl mascot [2]. Group 2: Marketing Strategy - The launch includes a film that showcases the importance of clear vision in everyday life, aiming to connect emotionally with both existing and potential customers [3][4]. - The media strategy for the campaign involves placements across major cable and streaming platforms such as Disney, Tubi, YouTube, and Google [4]. Group 3: Company Overview - National Vision Holdings, Inc. operates over 1,200 stores across 38 states and Puerto Rico, focusing on making quality eye care and eyewear more accessible [5]. - The company manages multiple retail brands, including America's Best and Eyeglass World, and offers an e-commerce platform for eye care products [5].

Financial Performance - National Vision reported revenue of $486.42 million for the quarter ended June 2025, reflecting a year-over-year increase of 7.7% [1] - The earnings per share (EPS) for the quarter was $0.18, up from $0.15 in the same quarter last year, indicating a positive trend in profitability [1] - The reported revenue exceeded the Zacks Consensus Estimate of $468.11 million by 3.91%, showcasing a strong performance against market expectations [1] Key Metrics - Adjusted comparable store sales growth was 5.9%, significantly higher than the two-analyst average estimate of 2.8% [4] - Net revenue from the Owned & Host segment, Eyeglass World, was $49.11 million, surpassing the average estimate of $47.15 million, although it represented a slight year-over-year decline of 0.8% [4] - Net revenue from the Owned & Host segment, America's Best, reached $416.78 million, exceeding the average estimate of $405.28 million, with a year-over-year growth of 9.2% [4] Stock Performance - Over the past month, shares of National Vision have returned -5.4%, contrasting with the Zacks S&P 500 composite's increase of 1.2% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Highlights - Net revenues for Q2 2025 reached $486.4 million, a 7.7% increase year-over-year[13, 24] - Adjusted comparable store sales growth was 5.9% in Q2 2025, driven by higher ticket prices[13, 24] - Adjusted operating income for Q2 2025 was $23.8 million[13] - Adjusted diluted earnings per share (EPS) for Q2 2025 was $0.18[13] - Year-to-date (YTD) net revenues reached $996.7 million, a 6.7% increase[16, 38] - YTD adjusted operating income was $65.1 million, a 35.7% increase compared to the same period in 2024[16, 41] - YTD adjusted diluted EPS was $0.52, compared to $0.44 in the same period of 2024[16, 39] Store Network - The company ended Q2 2025 with 1,240 stores, reflecting a 2.0% store count growth[29] - During Q2, 8 new America's Best stores were opened, and 5 America's Best stores were closed[29] Fiscal 2025 Outlook - The company updated its fiscal 2025 outlook, projecting net revenue between $1.934 billion and $1.970 billion[52] - Adjusted comparable store sales growth is expected to be between 3.0% and 5.0%[52] - Adjusted operating income is projected to be between $85 million and $95 million[52] - Adjusted diluted EPS is expected to be between $0.62 and $0.70, assuming approximately 80 million shares[52]

Core Insights - National Vision is undergoing a significant brand transformation to better align with the evolving needs of consumers and the healthcare landscape, reflecting its purpose and momentum as it enters a new chapter [1][2][3] Company Overview - National Vision Holdings, Inc. operates over 1,200 stores across 38 states and Puerto Rico, focusing on making quality eye care and eyewear more affordable and accessible [5] Brand Transformation - The new brand identity includes a design system that emphasizes simplicity and accessibility, featuring a new symbol inspired by the eye's iris and a refined color palette that reflects natural hues [2][3] - The rebranding is part of a broader strategy to modernize the company's presence both in-store and online, starting with the visual identities of its retail brands, including America's Best [3] Strategic Goals - The company aims to build a more dynamic and responsive organization that connects deeply with consumers, doctors, and associates, enhancing its mission through innovative approaches [2][3]

Core Insights - National Vision Holdings, Inc.'s America's Best brand is driving revenue growth, supported by the strength of managed care and favorable optical retail industry trends [1][3][7] - The company has experienced a significant stock price increase of 75.6% year-to-date, outperforming the industry and the S&P 500 [2] - National Vision's strategic transformation focuses on addressing optometrist shortages and enhancing customer experience through segmentation and digitization [5][7] Financial Performance - National Vision has a market capitalization of $1.81 billion and has consistently beaten earnings expectations, with an average surprise of 81.81% over the last four quarters [2] - The Zacks Consensus Estimate for 2025 earnings per share is 62 cents, with projected revenues of $1.94 billion, indicating a 2.9% year-over-year improvement [9] Growth Drivers - The America's Best brand is enhancing its value offerings through promotions and exclusive partnerships, contributing to revenue growth [3][7] - The company has implemented remote examining capabilities, allowing for increased examination capacity and a 3.1% growth in comparable store sales in Q1 2025 [4][5] Challenges - National Vision faces a weak solvency position, with cash and cash equivalents of $80 million against short-term debt of $101.5 million, raising concerns amid macroeconomic pressures [6][8] - Rising expenses, particularly a 6.4% year-over-year increase in SG&A expenditures, are impacting profitability in a challenging economic environment [8]