Comparable store sales declined 11%. The company opened 22 new stores in the quarter, bringing the total units to 1,314 at quarter-end.
Selling, General, and administration expenses decreased 2.7% Y/Y to $227.8 million.
Adjusted operating margin contracted 640 basis points Y/Y to 5.5%, and adjusted operating income for the quarter fell 57.6% to $27.8 million.
The company held $255.6 million in cash and equivalents as of July 2, 2022. Cash provided by operating activities for six months totaled $88 million.
Adjusted EPS of $0.21 beat the consensus of $0.06.
Adjusted EBITDA of $51.2 million declined 41.7% Y/Y.
Outlook: National Vision lowered FY22 sales guidance to $1.99 billion - $2.02 billion from $2.01 billion - $2.07 billion, versus the consensus of $2.05 billion.
The company sees an FY22 adjusted EPS outlook of $0.65 - $0.77 (prior view $0.65 - $0.80) versus the Street view of $0.73.
Price Action: EYE shares closed higher by 3.98% at $32.65 on Wednesday.
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