National Vision (NASDAQ: EYE) reported Q2 EPS of ($0.41), $0.12 better than the analyst estimate of ($0.53). Revenue for the quarter came in at $260 million versus the consensus estimate of $246.63 million.

• Net revenue decreased 39.5% to $260.0 million
• Negative comparable store sales growth of (44.7)%; Adjusted Comparable Store Sales Growth of (36.5)%
• For June, comparable store sales growth of 14.3% and Adjusted Comparable Stores Sales Growth of 19.3%
• Net loss of $(43.8) million; Diluted EPS of $(0.55)
• Adjusted EBITDA of $(14.4) million
• Adjusted Operating Income of $(34.4) million
• Adjusted Diluted EPS of $(0.41)
• Extended partnership with Walmart Inc. for three years

“The second quarter represented one of the most eventful periods in our Company's history and our respective careers,” stated Reade Fahs, chief executive officer. “Following our March closings, we are pleased to have safely reopened our stores by early June. With our many new protocols in place, we believe we have an effective, safety first approach to serve patients and customers in a COVID-19 environment. While we expect the macro environment will continue to evolve, we believe we are well positioned to continue operations throughout the remainder of the COVID-19 pandemic.”

Mr. Fahs further commented, “Since reopening, our stores have experienced consistently strong demand from our patients and customers. June comps increased over 19%, the best reported comp increase in my 18 years at National Vision, with similar momentum continuing throughout July. Results were likely helped by pent-up demand during the lock-down and benefits from government stimulus payments. But performance also reflects successful macro and micro navigation of this dynamic situation by our operations and product teams. As our stores provide essential healthcare services and products, and given the state of the economy, we believe ever more consumers are drawn to our affordably priced eye exams, eyeglasses, and contact lenses.”

Mr. Fahs continued, “In May, we took the financial steps to strengthen our balance sheet and are confident in our financial flexibility and liquidity to navigate the remainder of the pandemic. In July, we were pleased to extend our 30-year partnership with Walmart for another three years into 2024. This contract extension comes on the heels of the successful transition of the five additional Vision Centers that Walmart granted in January. We have been encouraged by the initial results at these stores to date and see tremendous future potential for them as well.”

Mr. Fahs concluded, “As matters of diversity and inclusion are ever more on the minds of both consumers and associates, especially relative to the Black community, they remain a priority at National Vision as we strive to be an ever more inclusive workplace. In the second quarter, we established a Diversity, Equity and Inclusion Council to give a stronger voice to our Black associates and other minorities within the National Vision family. And, as we continue to strive to provide a life-giving culture for our associates and doctors who practice alongside our stores, we made investments in our people including a one-time $250 ‘appreciation’ bonus to our front line associates and network of doctors for their exceptional work under difficult circumstances over the past several months. I derive constant inspiration by the work and determination of the extended National Vision team. While there remains uncertainty about the future, I am confident that we will emerge stronger and better from this extraordinary experience.”

For earnings history and earnings-related data on National Vision (EYE) click here.