National Vision Holdings, Inc. [EYE], a leading provider of optical retail services, has announced its financial results for the third quarter of 2023. The company reported a net loss of $49.9 million for the quarter, with quarterly revenue reaching $532.4 million.
Despite the net loss, National Vision Holdings, Inc. managed to generate strong revenue growth during the quarter. The company reported a year-over-year increase of 6% in total net revenue, reaching $532.4 million compared to $499.2 million in the same period last year. This growth was primarily driven by the company's products segment, which saw a 6% increase in revenue compared to the previous year.
National Vision Holdings, Inc. achieved solid revenue growth across its products and services segments. Products revenue for the quarter reached $435.6 million, a 6% increase from $410.7 million in the third quarter of 2022. The services and plans segment also performed well, with revenue of $96.8 million, up 9% from $88.5 million in the same period last year.
The company's balance sheet remains stable, with total assets of $2.3 billion as of September 30, 2023. National Vision Holdings, Inc. has a strong asset base, including property and equipment, goodwill, as well as trademarks and trade names. These noncurrent assets provide a solid foundation for future growth and expansion.
National Vision Holdings, Inc. reported a loss per share of $0.94 for the third quarter of 2023. This represents a significant decrease compared to earnings per share of $0.15 in the same period last year. The decrease in earnings per share can be attributed to various factors, including higher operating expenses and asset impairment charges.
Looking ahead, National Vision Holdings, Inc. remains focused on driving revenue growth and improving profitability. The company continues to innovate and expand its product offerings, while also investing in its stores and technology infrastructure. National Vision Holdings, Inc. aims to capitalize on the growing demand for eyewear and optical services, leveraging its strong brand and nationwide presence.
Despite reporting a net loss for the third quarter of 2023, National Vision Holdings, Inc. achieved solid revenue growth and remains committed to its long-term growth strategy. The company's financial stability, strong asset base, and focus on innovation position it well for future success in the optical retail industry.