Those preliminary revenues for the quarter ending July 1 were $ 525.3 million, a 3 percent increase over the prior year's quarter. Such preliminary information should not be regarded as a representation by National Vision or its management as actual results for the quarter ended July 1, 2023, the announcement said. The company noted that these preliminary results have been prepared in good faith on a consistent basis with prior periods, however, National Vision has not yet completed its financial closing procedures for the quarter ended July 1, 2023, and its actual results are subject to change and could be materially different from this preliminary financial information. In its announcement today, National Vision also shared its preliminary unaudited financial results for the quarter ended July 1, 2023. In connection with the termination of these agreements, the company expects to record non cash goodwill and intangible asset impairment charges of approximately $60 million and $10 million, respectively, in the third quarter of fiscal 2023. The company expects EBITDA contribution from Walmart and its affiliate businesses in fiscal 2023 to be lower than in fiscal 2022. ![]() National Vision’s Legacy segment, which consists of the operations and supply of inventory and laboratory processing services to Vision Centers in select Walmart retail locations, combined with the company’s wholesale distribution and e-commerce portion of AC Lens tied to Walmart and its affiliate, which is included in its corporate/other segment, contributed $348.9 million in net revenue and $15.0 million in Total Consolidated Earnings Before Income Taxes (EBIT) in fiscal 2022. National Vision expects the AC Lens agreements will terminate on June 30, 2024. ![]() In connection with these non-renewals, Arlington Contacts Lens Service, Inc., National Vision’s wholly owned subsidiary, notified Walmart and its affiliate that it is not renewing its agreements for wholesale and e-commerce contact lenses distribution and related services. 23, 2024, it is ending the relationship whereby FirstSight arranges for the provision of optometric services at offices next to certain Walmart stores in California. Walmart also notified FirstSight Vision Services, Inc., a wholly owned subsidiary of National Vision licensed as a single-service health plan in California, that as of Feb. On July 20, 2023, Walmart notified National Vision that it is not renewing its agreement for the company to operate Vision Centers inside select Walmart locations as of Feb. In addition, we remain focused on returning to a mid-single digit adjusted operating margin.” ![]() We are grateful for and thank all our associates and associated optometrists who have been part of our Walmart journey," he said.įahs continued, “As we look ahead, we remain focused on executing our strategic initiatives and changes to our cost structure to best align with our go-forward operating model. While this decision was not expected, we look forward to beginning a new chapter as a more streamlined company ever more focused on delivering value to our stakeholders through our mission of making eyewear and eyecare more affordable and accessible. and a major force in providing low-cost eye exams, eyeglasses and contact lenses to budget-conscious American families. “With the progression of growth opportunities in our freestanding brands- America’s Best and Eyeglass World-we have become the second largest optical chain in the U.S. “We value and appreciate the contributions that our partnership with Walmart has had in helping us grow National Vision over the past three decades," said Reade Fahs CEO of National Vision. This includes supplying and operating Vision Centers in select Walmart stores, providing contact lens distribution and related services to Walmart and its affiliate, and arranging for the provision of optometric services at certain Walmart locations in California. ![]() (NASDAQ: EYE) announced that its partnership with Walmart Inc. DULUTH, Ga.- National Vision Holdings, Inc.
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