National Vision (NASDAQ: EYE) reported Q1 EPS of $0.48, $0.17 better than the analyst estimate of $0.31. Revenue for the quarter came in at $534.2 million versus the consensus estimate of $522.14 million.

• Net revenue increased 13.7% to $534.2 million
• Comparable store sales growth of 18.2%; Adjusted Comparable Store Sales Growth of 35.8%
• Net income increased 346% to $43.4 million; Diluted EPS increased 302% to $0.48
• Adjusted Operating Income increased 77.8% to $67.7 million
• Adjusted Diluted EPS increased 72.8% to $0.48

Reade Fahs, chief executive officer, stated,“It was a truly remarkable start to the year, as patients and customers chose us at record levels. Our first quarter results were likely helped by the interplay of the continued hastening of industry trends that favor our low price offerings and pent-up demand, aided by government stimulus. Our National Vision team executed superbly with a safety first approach while handling the increased level of consumer demand. We opened 25 stores during the quarter, as we continue to grow market share. We are fortunate to have two attractive growth engines with America’s Best and Eyeglass World. The especially robust performance at Eyeglass World for the past ten months gives us the confidence to modestly accelerate opening plans for this brand in 2022.”

Mr. Fahs concluded, “As we enter the second quarter, sales momentum has continued throughout April. My sincere thanks and appreciation go out to the entire National Vision team and optometrist network for their continued commitment and extraordinary efforts to serve patients and customers in this complicated and ever evolving retail landscape. Overall, while the environment remains uncertain, we believe we remain well positioned to navigate the rest of the pandemic and beyond.”

GUIDANCE:

National Vision sees FY2021 EPS of $1.07-$1.12, versus the consensus of $0.89. National Vision sees FY2021 revenue of $1.975-2.025 billion, versus the consensus of $1.96 billion.

The Company’s updated fiscal 2021 outlook reflects the currently expected impacts related to COVID-19, however, the ultimate impacts of COVID-19 on the Company’s financial outlook remain uncertain. The outlook shown below assumes no material deterioration to the Company’s current business operations as a result of COVID-19, governmental actions and regulations. Given the uncertainties, dynamic nature, resurgence, and unknown duration of the pandemic, the Company is continuing to evaluate additional measures that may be taken to respond to the impact of COVID-19 on its business.

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