National Vision Q1 Profit Down

(RTTNews) - National Vision Holdings Inc. (EYE) reported that its net income for the first quarter ended March 30, 2019 declined to $17.4 million or $0.21 per share from $24.5 million or $0.31 per share last year.

Adjusted net income increased 0.9% to $26.7 million from $26.4 million for the first quarter of 2018. Adjusted earnings per share was $0.33 per share compared to $0.34 per share for the first quarter of 2018. The net change in margin on unearned revenue negatively impacted year-over-year adjusted net income growth by 1,000 basis points.

Net revenue increased 13.0% to $461.2 million from $408.0 million for the first quarter of 2018. Net revenue was negatively impacted by approximately 120 basis points by the timing of unearned revenue. Comparable store sales growth was 6.2% and adjusted comparable store sales growth was 6.7% for the first quarter of 2019.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.31 per share and revenues of $455.83 million. Analysts' estimates typically exclude special items.

For the fiscal year ending December 28, 2019, the company still expects net revenue to be in the range of $1.675 billion - $1.705 billion. Analysts expect revenues of $1.7 billion for 2019. Analysts expect revenues of $1.7 billion.