Q1 2024 National Vision Holdings Inc Earnings Call Transcript
Key Points
- Net revenue increased by 4.2% compared to the prior year, driven primarily by growth from new store sales.
- Adjusted comparable store sales growth for the quarter was 0.4%, supported by an increase in average ticket due to pricing actions taken at the end of the previous year.
- Remote exam technology has been successfully implemented in over 550 locations, enhancing exam capacity and flexibility in doctor recruitment.
- Managed care continues to show strength, representing about 35% of the business, and contributing positively to the revenue mix.
- The company reaffirmed its earnings outlook for the year, indicating confidence in its strategic initiatives and financial discipline.
- Comparable store sales growth of 0.4% remains below the target of mid-single digit growth, indicating potential challenges in market demand.
- The macroeconomic environment continues to pressure the core uninsured consumer base, reflecting in cautious consumer spending and impacting sales.
- Eyeglass World segment underperformed, necessitating strategic adjustments and increased marketing efforts to improve brand performance.
- The company faces inflationary pressures, although it has been offsetting these through pricing actions and increased doctor productivity.
- The rollout of remote exam technology is still dependent on state-by-state regulatory environments, which can limit expansion pace and scope.
Good day and thank you for standing by. Welcome to the Q1 2024 National Vision earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Tamara Gonzalez, Head of Investor Relations. Please go ahead.
Thank you, and good morning, everyone. Welcome to National Vision's first-quarter 2024 earnings call. Joining me on the call today are Reade Fahs, CEO; and Melissa Rasmussen, CFO. Patrick Moore, COO, is also with us and will be available during the Q&A portion of the call.
Our earnings release issued this morning and the presentation accompanying our call are both available in the Investors section of our website, nationalvision.com. A replay of the audio webcast will be archived in the Investors section after the call.
Before we begin, let me remind you that our earnings materials and today's presentation includes forward-looking statements as
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