DULUTH, Ga.—National Vision Holdings (NASDAQ: EYE) announced this week that its board of directors has authorized an increase by $50 million to $100 million in the company’s share repurchase program. Since the original $50 million program was authorized on Nov. 8, 2021, approximately 1.0 million shares have been repurchased for a total consideration of $48.4 million, the announcement noted. Reade Fahs, chief executive officer, said, “The share repurchase authorization was initially established with the principal intent of offsetting share dilution related to equity grants."

"Although that objective remains, we also believe that the current share price offers the company the ability to purchase shares at an attractive price, which will benefit our long-term stockholders. We remain confident in our business model, and our ability to continue to generate strong cash flows and deliver sustainable growth," he said.
The board’s authorization permits the company to make purchases of its common stock from time to time in the open market or privately negotiated transactions, and pursuant to pre-set trading plans meeting the requirements of all applicable securities laws and regulations.
Shares may be repurchased under the program through Dec. 30, 2023. The company said it expects to fund the share repurchases using cash on hand.
National Vision Holdings is the second-largest optical retail company in the U.S. (by sales) with more than 1,200 stores in 44 states and Puerto Rico. It operates five retail brands: America’s Best Contacts & Eyeglasses, Eyeglass World, Vision Centers inside select Walmart stores, and Vista Opticals inside select Fred Meyer stores and on select military bases, and several e-commerce websites.