DULUTH, Ga.—National Vision Holdings, Inc. (NASDAQ: EYE)  reported its financial results for the third quarter ended Oct. 1, 2022. Citing today's overall market "macroeconomic headwinds, constraints to exam capacity, and Omicron surge," the company reported that revenue decreased 3.6 percent to $499.2 million compared to the third quarter of 2021 and net income of $11.5 million, a decrease of 71.9 percent compared to the year-ago quarter. The company did reiterate its fiscal year guidance for 2022 for net revenues of $1.99 billion to $2.01 billion.

National Vision opened 18 new stores in the quarter, ending the period with 1,332 stores. Overall its store count grew 5.5 percent from Oct. 1, 2021 to Oct. 1, 2022. Stated Reade Fahs, CEO, “The National Vision team continues to progress our key growth initiatives while navigating the challenges of this dynamic consumer environment. We opened 18 stores this quarter, including a record seven Eyeglass World stores as we ramp up expansion of this brand. Our accelerated rollout of remote medicine is now enabled in approximately 300 stores and is adding incremental exam capacity.”
 
He added, “While the operational environment remains challenging, especially for our lower-income consumers, we are pleased to see more higher-income consumers attracted to our affordably priced eye exams, eyeglasses and contact lenses. As we look ahead, we are confident in our ability to deliver the consistent sustainable growth we have experienced for the past few decades.”
 
For the nine-month period, National Vision's net revenue decreased 4.1 percent to $1.5 billion compared to the same period of 2021, noting that the impact from the timing of unearned revenue on net revenue and profitability was immaterial. Comparable store sales growth was down 8.0 percent. The company opened 57 new stores, closed three stores, and ended the nine-month period with 1,332 stores.
 
The company's cash balance was $256.2 million as of Oct. 1, 2022 and NVI had no borrowings under its $300 million first lien revolving credit facility, exclusive of letters of credit of $6.4 million. Total debt was $568.2 million as of Oct.1, 2022, consisting of outstanding first lien term loans, convertible senior notes  and finance lease obligations, net of unamortized discounts.
 
Cash flows from operating activities for the first nine months of 2022 were $121.3 million compared to $233.8 million for the same period of 2021. Capital expenditures for the first nine months of 2022 totaled $86.1 million compared to $58.9 million for the same period of 2021.
 
In the third quarter, the company did not repurchase any shares of its common stock. The company has $50 million remaining under the current share repurchase authorization.
 
In reiterating its fiscal 2022 outlook the company said it expected macroeconomic factors including inflation, geopolitical instability and risks of recession, as well as constraints on exam capacity and the ongoing COVID-19 pandemic, "however, the ultimate impact of these factors on the company’s financial outlook remains uncertain with dynamic market conditions and the outlook shown below assumes no material deterioration to the company’s current business operations as a result of such factors," the company said.
 
National Vision Holdings, Inc. operates retail stores in 44 states and Puerto Rico. With a mission of helping people by making quality eye care and eyewear more affordable and accessible, the company operates five retail brands: America’s Best Contacts & Eyeglasses, Eyeglass World, Vision Centers inside select Walmart stores, and Vista Opticals inside select Fred Meyer stores and on select military bases, and several e-commerce websites, offering a variety of products and services. 
 
The company recently issued its 2021 Sustainability Report.