BUSINESS National Vision Posts 3.1 Percent Net Revenue Gain for 2Q 2023 By Staff Friday, August 11, 2023 12:24 AM DULUTH, Ga.—National Vision Holdings (NASDAQ: EYE) yesterday posted net revenue of $525.3 million for the second quarter ended July 1, 2023, up 3.1 percent from Q2 2022. The retailer attributed the increase to growth from new store sales and an increase in adjusted comparable store sales growth, which was partially offset by the effect of unearned revenue in the second quarter of 2023 compared with the prior-year quarter, according to an announcement from the company.National Vision reported net income of $5.6 million compared with $9.7 million in Q2 2022, and adjusted operating income of $16.4 million compared with $27.8 million in Q2 2022.“We delivered second quarter 2023 results generally in line with our expectations, reflecting continued strength in our managed care business and progress on our strategic initiatives, including expanding exam capacity through enhanced optometrist retention and recruitment efforts,” said Reade Fahs, National Vision's CEO. “As we look ahead, we remain focused on better serving our customers, enhancing our market position and driving long-term growth of our America’s Best and Eyeglass World brands. While we continue to navigate near-term headwinds, we believe National Vision remains well positioned to achieve our full-year 2023 guidance and deliver sustainable profitable growth over the long term,” Fahs said.National Vision’s comparable store sales growth slipped 0.1 percent compared with adjusted comparable store sales growth of 1.0 percent versus year-ago, reflecting higher average ticket and an increase in customer transactions. Comparable store sales growth was negatively impacted by the effects of unearned and deferred revenue in the current-year quarter compared with the prior-year quarter, National Vision said in a statement.The company opened 24 new stores, closed one store, and ended the quarter with 1,381 stores. Overall, store count grew 5.1 percent from July 2, 2022 to July 1, 2023.National Vision’s net revenue for the first half of 2023 increased 4.9 percent to $1,087.7 million compared with the same period of 2022 and was primarily driven by growth from new store sales, an increase in adjusted comparable store sales growth, higher revenue from the company's AC Lens online contact lens business and the effect of unearned revenue in the current period compared with the prior-year period.Comparable store sales growth for the six-month period was 1.5 percent and adjusted comparable store sales growth was 0.9 percent, reflecting higher average ticket and an increase in customer transactions. The company opened 32 new stores, closed six stores and ended the period with 1,381 stores.Based on its financial results for the six months ended July 1, 2023, and outlook for the remainder of this fiscal year, National Vision reaffirmed its fiscal-2023 guidance as provided on May 11, 2023 for all metrics except for depreciation and amortization, which the company now expects to be in a range of $99 million to $101 million from the previous range of $104 million to $106 million.