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- **Revenue Growth**: 7.7% adjusted comparable store sales growth, driven by premium frames and strategic pricing. 2026 guidance assumes similar ticket growth from pricing, assortment, and customer mix shifts.
- **AI and Tech Innovation**: Meta-enabled smart glasses rolling out to 250 stores by Q4; digital selling tools for associates to be live in all stores by year-end.
- **Financial Performance**: Non-GAAP EPS of $1.08, operating margin expansion of 120 basis points year-to-date. 2025 outlook includes $1.97-1.99B revenue and 5-6% comp store sales growth.
- **Customer Segmentation**: Managed care and progressive lens customers driving low-teens comp growth. Cash pay customers opting for premium products at higher rates than expected.
- **Risk Management**: Health care costs remain a headwind, but disciplined expense control and variable incentive programs are mitigating impact.

**【CEO Summary Section】**
- **Revenue Growth**: Adjusted comparable store sales grew 7.7% year-over-year, driven by a 90 basis point expansion in operating margin. Key contributors include higher average ticket from premium frames (e.g., Jimmy Choo, Hugo Boss) and strategic pricing actions on lenses and add-ons.
- **AI and Technology Integration**: Rolled out Meta-enabled smart glasses in 50 stores, with plans to expand to 250 locations by Q4. Digital selling tools for associates are being implemented in all stores by year-end.
- **Customer Segmentation**: Managed care, progressive lens, and outside Rx customers drove low-teens comp sales growth. Cash pay customers are increasingly opting for premium products, with frame sell-through exceeding expectations.
- **Pricing Strategy**: Q4 pricing actions include modernizing lens packages (e.g., $95 exam price) and phasing out decimal points to align with consumer feedback. 2026 guidance assumes similar ticket growth contributions from pricing, assortment, and customer mix shifts.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net income of $420 million, Non-GAAP EPS of $1.08 (vs. $0.95 prior year). Adjusted operating margin expanded 120 basis points year-to-date to 4.1%.
- **Cost Management**: SG&A leverage of 10 basis points despite $80-85 million in CapEx for new stores and IT investments. Health care costs remain a headwind, offset by disciplined expense control and variable incentive programs tied to performance.
- **2025 Outlook**: Revenue $1.97-1.99B, adjusted EPS $0.63-0.71, and 5-6% comp store sales growth. Gross margin expected to expand slightly, supported by pricing actions and assortment modernization.

**【Q&A Highlights】**
- **Pricing and Competition**: CEO emphasizes surgical lens pricing evolution (e.g., coatings, materials) to balance consumer value with category trends. National Vision is gaining share in both unit and dollar basis, outpacing industry exam growth rates.
- **Cash Pay Consumer Behavior**: Despite depressed purchase cycles, cash pay customers are trading up to premium frames and lenses at higher rates than expected, contributing to ticket growth.
- **Remote Exam Penetration**: Over 70% of stores enabled with remote capabilities, with state-by-state regulatory constraints limiting further expansion.
- **2026 Strategy**: Focus on modernizing CRM platforms, evolving pricing architecture (e.g., $95 exam price), and scaling smart glasses technology. Eyeglass World brand is seeing mid-single-digit comps, borrowing from America's Best playbook.

National Vision Holdings, Inc. (EYE) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

EYE

EYE fundamentals

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