Q2 2026 National Vision Holdings Inc Earnings Call Transcript
Key Points
- Adjusted operating margin expanded 140 basis points to 6.3%, with adjusted EPS rising to $0.25 from $0.18 year-over-year.
- Adjusted comparable store sales grew 2.2%, with America's Best estimated to have delivered over 4% growth excluding the replatform impact.
- Strong momentum in higher-value customer segments, with managed care comps growing in both traffic and ticket.
- Premium product categories (AR coatings, Transitions, polycarbonate, premium progressives) each grew meaningfully, driving ticket expansion.
- Raised full-year adjusted operating income outlook to $119M-$139M, reflecting improved profitability and cost execution.
- Overall customer traffic declined 4.9% in Q2, with lower-value transactions deferred, particularly at the entry-level bundle price point.
- E-commerce replatform caused a temporary 150 basis point headwind to adjusted comp sales, impacting new customer acquisition for about six weeks.
- Narrowed full-year comp sales guidance to 3%-5% due to uncertainty around when value-seeking consumers will re-engage.
- Gross margin rate diluted due to mix shift toward higher-value products, with costs applicable to revenue up 4%.
- Inventory increased 37% year-over-year to support segmentation, posing potential obsolescence risk if traffic remains pressured.
Good day, and thank you for standing by. Welcome to the Q2 2026 National Vision Holdings earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Tamara Gonzalez, Head of Investor Relations. Please go ahead.
Thank you, and good morning, everyone. Welcome to National Vision's second quarter 2026 earnings call. Joining me on the call today are Alex Wilkes, CEO, and Chris Laden, CFO. Our earnings release issued this morning and the presentation accompanying our call are both available in the Investors section of our website, ir.nationalvision.com. A replay of the audio webcast will be archived in the Investors section after the call.
Before we begin, let me remind you that our earnings materials and today's presentation include forward-looking statements as defined in the Private Securities Litigation Reform
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