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Business Updates

Warby Parker Reports 10 Percent Increase in Q1 Sales as ‘Active’ Customer Count Climbs 18 Percent, But Net Loss Also Widens

By Staff
Tuesday, May 17, 2022 12:27 AM NEW YORK—Against a backdrop of disruption due to the Omicron variant that was first felt in the last weeks of December and continuing through the first quarter, Warby Parker Inc. (NYSE: WRBY) on Monday reported that its Q1 revenue rose 10.3 percent to $153.2 million as both active customer count and average revenue per customer increased also in the quarter ended March 31. However, the retailer's net loss totaled $34.1 million in the quarter, primarily as a result of an increase in SG&A (selling, general and administrative) expenses, according to its announcement.

Carl Zeiss Meditec Reports Growth in First Half of 2021/22, Despite Strained Supply Chain

By Staff
Monday, May 16, 2022 12:24 AM JENA, Germany—Carl Zeiss Meditec generated revenue of €855.4 million in the first six months of the fiscal year ending March 31, 2022 versus €767.4 million the prior year, an 11.5 percent increase compared with the same period of the prior year (+10.7 percent adjusted for currency effects).

20/20 Magazine: Be a Good Sport

By Staff
Friday, May 13, 2022 5:02 PM Every independent retailer can be a good sport and an advocate for sport eyewear. 20/20 presents our annual Sport Eyewear MarketPulse Survey. Eighty-five percent of independent optical locations dispensing eyeglasses report dispensing some type of sport or protective eyewear, including ski and swim goggles. This is a decline from 93 percent in 2021—perhaps focus shifted during the pandemic to other specialty eyewear. However, for those 85 percent selling sport eyewear, it still makes up 10 percent of their revenues. Read on for more data on this category, and continue to recommend sport eyewear for your patients’ active and athleisure needs. Read More

Kits Reports Slight Sales Decline in First Quarter Total Revenue and Notes Large Growth in Eyeglasses Revenue

By Staff
Friday, May 13, 2022 12:24 AM VANCOUVER, Canada—Kits Eyecare Ltd. (TSX: KITS / OTCQX: KTYCF), a direct-to-consumer glasses manufacturer and digital eyecare provider, reported this week that its revenue in the first quarter dipped roughly 2 percent to $20.1 million.

Review of Ophthalmology: Vision Loss Study Breaks Down National Cost Burden

By Staff
Thursday, May 12, 2022 12:08 PM Vision loss and blindness pose a significant economic burden on the United States. Public health researchers at the National Opinion Research Center (NORC) at the University of Chicago confirmed the substantial economic hardship in a recently published cost estimate for the year 2017 and indicated that vision-loss resource allocation will likely differ by state due to the varied composition of per-person costs. Study participants included those who answered “yes” to the question, Are you blind or do you have serious difficulty seeing even with glasses? “Based on that, we estimated that the total burden was $134.2 billion,” said David B. Rein, PhD, a program area director overseeing public health analytics at NORC’s Public Health department. Read More

Alcon Reports Double-Digit Sales Growth in Vision Care, Surgical in First Quarter

By Staff
Thursday, May 12, 2022 12:24 AM GENEVA—Calling its performance “a strong start to the year,” Alcon (SIX/NYSE:ALC) reported that worldwide sales increased 14 percent on a reported basis to $2.2 billion in its first quarter ended March 31.

Hoya’s Reports Solid Growth for 4Q Fiscal Year 2022 and Full-Year

By Staff
Thursday, May 12, 2022 12:15 AM TOKYO—Hoya Group reported on May 6 that sales for the fourth quarter of the consolidated fiscal year ending March 31, 2022 amounted to 169,594 million yen, an increase of 12.0 percent from the same period of the previous fiscal year. Total revenue was 173,844 million yen, up 13.5 percent from year-ago. Hoya’s quarterly profit, before tax, amounted to 53,777 million yen, up 30.2 percent. After-tax quarterly profit amounted to 40,147 million yen, also a 30.2 percent increase. The quarterly profit margin before tax was 31.7 percent, representing a year-on-year increase of 4.4 points, the company said.

Layoffs Are Coming as Companies Focus on Profitability

By Staff
Wednesday, May 11, 2022 2:02 PM A wave of cost-cutting measures, including layoffs and job freezes, is hitting the retail sector, according to eMarketer analyst at Insider Intelligence Zak Stambor. The announcements are coming amid signs of softening consumer demand. April U.S. general merchandise unit sales were 7 percent lower than a year ago, creating a 1 percent decline in sales revenue, according to The NPD Group. The situation has driven retail companies—including GoPuff, Peloton, Thrasio, and Reef—and other tech companies to rethink their staffing levels as the changing economic conditions force them to shift focus to turning a profit.

With consumers flush with cash thanks to fewer ways to spend their money and an influx of stimulus cash, many retail and tech companies experienced a huge boom earlier in the pandemic that drove them to rapidly add staff to keep up with demand. 

When it comes to direct-to-consumer (D2C) e-commerce, where there’s a sharp dichotomy between established brands such as Nike and digitally native brands such as Peloton, Warby Parker, and the retail brands that Amazon aggregators like Thrasio purchase. While digitally native brands used cheap capital to build their businesses, they’re having trouble adapting to the new landscape. 

That helps explain why D2C e-commerce sales of established brands are now growing faster than those of digitally native vertical brands (DNVBs), per eMarketer’s estimate. Last year, established brands grew their D2C e-commerce sales 27.2 percent, significantly outpacing the DNVBs’ 19.8 percent growth rate despite larger baseline comparisons, and that trend is expected to continue in 2022.

Click here to read more about the changes in the workforce landscape for 2022 and beyond.

Amid Challenges of Pandemic, National Vision Reports Q1 Declines in Revenue and Same-Store Sales, With Move to Expand ‘Remote’ Exam Initiative

By Staff
Wednesday, May 11, 2022 12:27 AM DULUTH, Ga.—National Vision Holdings Inc. (NASDAQ: EYE) on Tuesday morning reported that its net revenue declined 1.2 percent to $527.7 million in the first quarter, as comparable-store sales fell 4.9 percent (down 6.8 percent on an adjusted basis). Net income decreased 30.6 percent to $30.1 million in the period ended April 2 as the challenges of the COVID-19 pandemic had an impact across the retailer’s more than 1,200-location store base. National Vision also noted that, in response to capacity challenges, it will accelerate the rollout of its remote medicine initiative, and now projects offering remote exams in 300 locations by year’s end, an increase from the at least 200 locations previously planned for 2022.

The De Rigo Group Reports Growth and Increased Profits in Year-End 2021 Report

By Staff
Wednesday, May 11, 2022 12:18 AM LONGARONE, Italy—The year 2021 closed on a positive note for global sales of the De Rigo Group, with net sales revenues of €421.6 million, as compared to €345.8 million in 2020, an increase of 21.9 percent.

CVS Looks to Other Health Care Offerings as Interest in COVID-Related Services Declines

By Staff
Wednesday, May 11, 2022 12:04 AM I think the biggest factor contributing to CVS’s growth is their continued shift to focusing on providing health services. This has been in the works for a number of years now.

Deadline Extended to May 15: Still Time to Nominate a Supportive Business Partner, for the 20/20 Magazine and Vision Monday 2022 'Ultimate Partners' Program

By Staff
Tuesday, May 10, 2022 12:18 AM NEW YORK—The readers of Vision Monday and 20/20 Magazine are being asked to share their choices for great business support partners in another challenging business year, via the new Ultimate Partners program.

STAAR Surgical Posts 1Q Net Sales $63.2 Million, Up 25 Percent Year-on-Year

By Staff
Monday, May 9, 2022 12:18 AM LAKE FOREST, Calif.—STAAR Surgical Company (NASDAQ: STAA), a leading developer, manufacturer and marketer of implantable lenses and companion delivery systems for the eye, reported record net sales of $63.2 million for the first quarter ended April 1, 2022, a 25 percent increase over the prior year quarter.

Mastercard: April U.S. Retail Sales Up 7.2 Percent YoY

By Staff
Monday, May 9, 2022 12:04 AM Whether for a family barbecue, returning to the office or senior prom, it seems like everyone is out shopping for something.

Italian Eyewear 2021 and This Year's Forecasts

By Staff
Thursday, May 5, 2022 12:02 AM The outbreak of the pandemic forcefully and immediately impacted the international exchange of goods. The resumption of manufacturing beginning in Q3 of 2020 provided new impetus to world trade, which achieved, by late 2021, pre-crisis levels in many production sectors, recouping previous trends.