Q3 2024 National Vision Holdings Inc Earnings Call Transcript
Key Points
- Revenues increased by 2.9% to $451.5 million, driven by strong managed care results.
- Adjusted operating income rose by 22.2% to $14.3 million, indicating improved profitability.
- The company plans to close underperforming stores, which is expected to deliver approximately $4 million in adjusted EBITDA improvement by the end of 2026.
- New strategic initiatives include traffic-driving promotions and expanding optometric capacity, with over 730 locations now enabled with remote technology.
- The introduction of new product lines, such as the Florence by Mills Eyewear Collection and Pair Eyewear, aims to attract younger audiences and enhance fashion credibility.
- Softness in cash pay and lower e-commerce revenue partially offset the revenue growth.
- Eyeglass World experienced a decline in comparable store sales by 0.9%, impacted by Hurricane Helene.
- The company plans to temporarily moderate new store growth in 2025, which may slow expansion.
- E-commerce performance was negatively impacted by the transition of the discount contact dotcom website.
- The company recorded $14 million in noncash impairment charges related to the Fred Meyer intangible asset and other tangible long-lived assets.
Good day. And thank you for standing by. Welcome to the National Vision third quarter, 2024 earnings conference call. At this time, all participants are in a listen-only mode after the speaker's presentation, there will be a question and answer session to ask a question during the session. You will need to press star one on your telephone. You will then hear an automated message advising your hand is raised to withdraw your question. Please press star 11 again.
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, Vice President of Investor Relations. Please go ahead.
Thank you and good morning, everyone. Welcome to National Vision's third quarter, 2024 earnings call. Joining me on the call today are Reade Fahs CEO, Alex Wilkes, President and Melissa Rasmussen CFO.
Our earnings release issued this morning and the presentation accompanying our call are
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