National Vision (NASDAQ: EYE) reported Q4 EPS of $0.32, $0.19 better than the analyst estimate of $0.13. Revenue for the quarter came in at $496.7 million versus the consensus estimate of $472.7 million.

Fourth Quarter 2020 Summary:

• Net revenue increased 23.6% to $496.7 million
• Comparable store sales growth of 14.3%; Adjusted Comparable Store Sales Growth of 10.6%
• Net income increased 795% to $35.1 million; Diluted EPS increased 779% to $0.42
• Adjusted EBITDA increased 118% to $83.5 million; Adjusted Operating Income increased 281% to $62.8 million
• Adjusted Diluted EPS increased 372% to $0.45
• Cash balance of $374 million
• Increases America's Best and Eyeglass World whitespace to at least 2,150 stores

Reade Fahs, chief executive officer, stated, “As I reflect on 2020 in general and the fourth quarter in particular, I could not be more pleased with how the National Vision team rallied to serve our patients and customer’s needs while maintaining a core focus on “safety first.” In the fourth quarter, we once again posted double digit comps. Our low cost eye care and eyewear offerings seem to be even more in demand during this pandemic economy.”

Mr. Fahs continued, “We are excited to announce that, based on independent research, we have raised our long-term projected whitespace opportunity by 300 stores to at least 2,150 locations, allowing us to further increase penetration in both existing and new markets. As a result, we believe America’s Best can grow to at least 1,300 locations - up from our previous estimate of 1,000 - and continue to believe that Eyeglass World can grow to at least 850 stores. With the hastening of industry trends that seem to favor our value-oriented free-standing models, we believe that the optical category in a post-COVID environment remains ripe for our expansion.”

Mr. Fahs concluded, “Entering 2021, we are off to a solid start despite severe weather disruptions in February. I want to thank the 2,000-plus affiliated optometrists and over 12,000 associates for their tireless hard work and continued commitment to serve our patients and customers. While significant uncertainty remains, I am confident that we have what it takes to navigate the rest of this pandemic and beyond.”

GUIDANCE:

National Vision sees FY2021 EPS of $0.88-$0.93, versus the consensus of $0.88. National Vision sees FY2021 revenue of $1.93-1.98 million, versus the consensus of $1.95 million.

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