National Vision Holdings, Inc. (EYE) SEC Filing 10-Q Quarterly report for the period ending Saturday, September 30, 2017

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National Vision Holdings, Inc. Reports Third Quarter 2017 Financial Results


Net revenue increased 14.9% to $346.1 million
Comparable store sales growth was 8.3%; Adjusted comparable store sales growth was 7.0%
63rd consecutive quarter of positive comparable store sales growth
Net income of $1.5 million
Adjusted EBITDA increased 17.6% to $36.2 million


Duluth, Ga. -- Dec. 7, 2017 -- National Vision Holdings, Inc. (NASDAQ: EYE) (“National Vision” or the “Company”) today reported its financial results for the third quarter ended September 30, 2017.
Reade Fahs, chief executive officer, stated, “The third quarter was another strong period for us. Despite hurricanes in both Texas and Florida, the team managed to deliver its 63rd consecutive quarter of positive comparable store sales growth, once again driven by increases in customer transactions. We were especially proud of the way our 10,000 associates rallied to support the many optometrists, fellow associates, and customers whose lives were devastated by the storms.”
Mr. Fahs continued, “We successfully opened 19 stores this quarter and continue to see a long runway for store growth. Since quarter end, we are proud to have celebrated two milestones -- the opening of our 1,000th store and the successful completion of our IPO. We also enhanced our partnership with the Boys and Girls Club of America to help young people most in need have access to eye care and eyewear. All in all it was another healthy quarter -- emblematic of the health and consistent progress we have had over the past several years.”
Unless indicated otherwise, the information in this release has been adjusted to give effect to a 1.96627-for-one reverse stock split of the Company’s common stock effected on October 24, 2017.

Adjusted comparable store sales growth, adjusted EBITDA, adjusted EBITDA margin, adjusted net income and EBITDA are not measures recognized under generally accepted accounting principles (GAAP). Please see Non-GAAP Financial Measures and Reconciliation of GAAP to Non-GAAP Financial Measures below for more information.

Third Quarter 2017 Highlights
Net revenue increased 14.9% to $346.1 million from $301.2 million for the third quarter of 2016.
Comparable store sales growth of 8.3% and adjusted comparable store sales growth of 7.0% were driven by increases in customer transactions.
Within the owned & host segment, America’s Best comparable store sales growth was 10.2% and Eyeglass World comparable store sales growth was 2.4%. Legacy segment comparable store sales growth was 1.3%. Incremental eye exam revenue as a result of changes to the Company’s FirstSight operations required by changes in applicable California law resulted in a favorable impact of approximately 270 basis points on comparable store sales in the Legacy segment.
The Company opened 19 new stores, closed three stores and ended the quarter with 996 stores. Overall, store count grew 6.9% from October 1, 2016 to September 30, 2017.
In August and September, the Company temporarily closed stores due to Hurricanes Harvey and Irma. The Company estimates that these storms affected 203 stores and had an adverse impact of between 1.5% and 1.7% on each of its comparable store sales growth and adjusted comparable store sales growth, respectively. In addition, the Company estimates that these storms had an adverse impact of between $3.5 million and $4.1 million on its consolidated net revenue. One store in the Houston market remains closed due to hurricane-related damage.
Costs applicable to revenues increased 17.1% to $162.4 million from $138.7 million for the third quarter of 2016. As a percentage of net revenues, costs applicable to revenues increased 90 basis points to 46.9% from 46.0% for the third quarter of 2016. This increase, as a percentage of net revenues, was primarily driven by higher optometrist costs and higher wholesale fulfillment mix.



The following information was filed by National Vision Holdings, Inc. on Thursday, December 7, 2017 as an 8K 2.02 statement, which is a press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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  • Form Type: Quarterly
  • Number of times amended: 0
  • Accession Number: 0001710155-17-000009
  • Submitted to the SEC: Thursday, December 7, 2017
  • Accepted by the SEC: Thursday, December 7, 2017
  • Period Ending: September 2017
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