National Vision Q4 Earnings Top Estimates, Provides Dim FY22 Outlook

  • National Vision Holdings Inc EYE reported a fourth-quarter FY21 sales decline of 3.8% year-on-year, to $477.85 million, beating the consensus of $459.56 million. Net revenue increased 18.9% versus Q4 2019.
  • Comparable store sales grew 1.7% versus last year and increased 13.8% versus Q4 2019. The company opened 16 new stores in the quarter, bringing the total units to 1,278 at quarter-end.
  • Selling, General, and administration expenses increased 12.5% Y/Y and 26.2% compared to Q4 2019.
  • Adjusted operating margin contracted 910 basis points Y/Y to 3.5%, and adjusted operating income for the quarter fell 73.3% to $16.8 million.
  • The company held $306.9 million in cash and equivalents as of January 1, 2022. Cash provided by operating activities for twelve months totaled $258.9 million.
  • Adjusted EPS of $0.13 beat the consensus of $(0.02).
  • "While our start to 2022 has been challenged by short-term macro headwinds related to the Omicron variant and severe weather impacting store operations and customer traffic, we remain excited about our ability to continue to grow market share," said CEO Reade Fahs.
  • In February 2022, the company's board authorized another $100 million increase in the repurchase program, which now has $130 million remaining.
  • Outlook: National Vision sees FY22 sales of $2.12 billion - $2.17 billion, below the consensus of $2.22 billion.
  • The company expects FY22 adjusted EPS of $1.03 - $1.10, below the Street view of $1.32.
  • Price Action: EYE shares closed higher by 4.39% at $38.25 on Friday.

Posted In: BriefsEarningsNewsGuidanceBuybacksGeneral

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