![]() ![]() The estimated total impact does not include FirstSight impacts. **Reflects the estimated total impact of the termination of the Legacy segment and the Company’s wholesale distribution and e-commerce portion of AC Lens tied to Walmart and its affiliate. * Reflects the estimated total impact of the termination of the Company’s wholesale distribution and e-commerce portion of AC Lens tied to Walmart and its affiliate and does not include FirstSight impacts. Set forth in the table below is the estimated financial impact from the termination of these businesses based on fiscal 2022 total consolidated results and the Legacy and Corporate/Other segments.įiscal Year 2022 – Estimated Financial Impact 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. ("AC Lens"), 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. ![]() In connection with these non-renewals, Arlington Contacts Lens Service, Inc. ("FirstSight"), a wholly owned subsidiary of National Vision licensed as a single-service health plan in California, that as of February 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. 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 February 23, 2024. 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."įahs continued, "As we look ahead, we remain focused on executing our strategic initiatives and making 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 eye care more affordable and accessible. and a major force in providing low-cost eye exams, eyeglasses and contact lenses to budget-conscious American families," said Reade Fahs, chief executive officer of National Vision. 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. 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) ("National Vision" or the "Company"), the nation’s second largest optical retailer providing quality, affordable eye care and eyewear, today announced its partnership with Walmart Inc. Positions Company to Enhance Focus on Delivering Further Profitable Growth Across Its Remaining BusinessĪnnounces Preliminary Second Quarter 2023 Financial Results and Reaffirms Fiscal 2023 OutlookĭULUTH, Ga., July 26, 2023-( BUSINESS WIRE)-National Vision Holdings, Inc. ![]()
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