National Vision(EYE) - 2023 Q1 - Earnings Call Presentation

Net Revenue ($M) 6.6% increase 7.1% (12.0)% decrease 8.6% Q1 2022 Q1 2023 • Adjusted SG&A Percent of Net Revenue1increased 140 bps to 43.7% compared to Q1 2022 primarily due to: $45.3 $39.9 ◦ Higher performance-based incentive compensation of 120 basis points and higher payroll of 60 basis points, partially offset by advertising leverage of 40 basis points • Net revenue increased 6.6% over Q1 2022 primarily due to: ◦ Growth from new store sales and recognition of unearned revenue ◦ Net revenue was positivel ...