National Vision Holdings Reports $1.823 Billion Revenue with 3.8% Growth for Fiscal Year 2024

National Vision Holdings, Inc. reported a total net revenue of $1.823 billion for the fiscal year ending December 28, 2024, marking an increase of 3.8% from $1.756 billion in the previous year. The growth was primarily driven by new store openings and a 1.9% increase in comparable store sales. The company opened 69 new stores during the year, bringing the total number of retail locations to 1,240. However, the company also faced challenges, including a net loss of $28.5 million, compared to a loss of $65.9 million in the prior year, largely attributed to impairment charges and the impact of the termination of its partnership with Walmart.

In terms of operational metrics, National Vision's Owned & Host segment, which includes brands like America’s Best and Eyeglass World, generated $1.794 billion in revenue, up from $1.730 billion in 2023. The segment's comparable store sales growth was 1.9%, with America’s Best showing a 1.8% increase, while Eyeglass World experienced a decline of 2.2%. The company also reported a significant increase in eye exam revenues, which rose by 12.4% to $25.8 million, contributing to the overall growth in service sales.

Strategically, National Vision has undertaken a comprehensive review of its store portfolio, resulting in plans to close 39 underperforming stores by the end of fiscal 2026 and convert four Eyeglass World locations to America’s Best stores. The company is also focusing on enhancing its remote medicine capabilities, which have been implemented in over 730 locations, and investing in an electronic health record (EHR) platform to improve operational efficiency. These initiatives are part of a broader strategy to optimize costs and enhance customer experience.

The company’s workforce as of the end of fiscal 2024 included 13,411 associates, with 636 directly employed optometrists. National Vision's financial health is supported by a significant cash position of $73.9 million and $293.6 million available under its revolving credit facility. However, the company faces ongoing challenges related to inflation, wage pressures, and the competitive landscape of the optical retail industry, which could impact future profitability.

Looking ahead, National Vision anticipates continued growth driven by new store openings and improvements in customer engagement through enhanced digital and remote services. The company plans to moderate new store openings in 2025 to focus on optimizing existing operations and addressing the challenges posed by the current economic environment. The management remains committed to executing its transformation initiatives aimed at strengthening the core business and improving long-term shareholder value.