National Vision Holdings | research notes

Introducing National Vision Holdings: A Leading Eyecare Provider

Overview

National Vision Holdings, Inc. is a leading vertically integrated provider of eyecare products and services in the United States. Headquartered in Duluth, Georgia, the company operates over 1,500 retail optical stores across 44 states, as well as a portfolio of ophthalmic laboratories and eyecare clinics.

History

National Vision was founded in 1977 as a small optical store in Milwaukee, Wisconsin. Through strategic acquisitions and organic growth, the company has expanded significantly over the years, establishing itself as a major player in the eyecare industry.

Retail Operations

National Vision's retail stores offer a comprehensive range of eyecare products and services, including eyeglasses, sunglasses, contact lenses, and eye exams. The company's stores are designed to provide a convenient and comfortable experience for customers, with in-house optometrists and experienced optical consultants available to assist them.

Vertical Integration

One of National Vision's key strengths lies in its vertical integration. The company owns and operates its own manufacturing facilities, distribution centers, and retail stores, which allows it to control every aspect of its supply chain and provide greater efficiency and cost savings.

Ophthalmic Laboratories

National Vision operates a network of state-of-the-art ophthalmic laboratories that produce high-quality lenses and frames. These labs use advanced technology and skilled technicians to ensure the accuracy and precision of each pair of glasses.

Eyecare Clinics

In addition to its retail stores, National Vision offers eyecare services through a growing network of clinics. These clinics provide a full range of comprehensive eye exams, as well as specialized services such as glaucoma management, diabetic retinopathy screening, and cataract surgery.

Financial Performance

National Vision Holdings is a publicly traded company listed on the Nasdaq Global Select Market (NASDAQ: EYE). The company has consistently reported strong financial results, with revenue and earnings growing over the past several years.

Corporate Responsibility

National Vision is committed to making a positive impact on the communities it serves. The company supports various charitable organizations and initiatives focused on improving access to eyecare. It also promotes sustainability by implementing environmental practices throughout its operations.

Conclusion

National Vision Holdings is a leading provider of eyecare products and services that has gained a reputation for quality, convenience, and affordability. With its vertically integrated operations and commitment to innovation, the company is well-positioned for continued growth and success in the future.

Business Model of National Vision Holdings

National Vision Holdings (NVH) is a leading optical retailer in the United States with a vertically integrated business model. Here's an overview of its business model:

Eye Care Services:

• NVH operates a network of over 1,200 eye care centers across the U.S. that provide comprehensive eye exams and optical products.
• The centers are staffed by licensed optometrists who offer routine vision exams, contact lens fittings, and treatment for eye conditions.

Retail Optics:

• NVH sells a wide range of optical products, including eyeglasses, sunglasses, prescription lenses, and contact lenses.
• The company has its own brands as well as partnerships with major eyewear manufacturers.
• NVH sells these products through its eye care centers and a dedicated e-commerce platform.

Manufacturing:

• NVH operates several lens manufacturing facilities in the U.S. and abroad.
• This in-house manufacturing capability allows the company to control costs, ensure quality, and reduce production lead times.

Distribution:

• NVH has a centralized distribution network that supports its eye care centers and e-commerce operations.
• The company's distribution centers handle the storage, inventory management, and shipping of optical products.

Vertical Integration:

• The key aspect of NVH's business model is its vertical integration.
• By operating all aspects of its business from eye care services to manufacturing and distribution, NVH is able to achieve economies of scale and reduce costs.

Advantages over Competitors:

Cost Efficiency:

• NVH's vertical integration allows it to control costs throughout its operations.
• By manufacturing its own lenses and distributing its products directly, the company eliminates intermediaries and reduces expenses.

Quality Control:

• NHV's in-house manufacturing capabilities provide greater control over the quality of its products.
• The company can ensure that its lenses and eyeglasses meet its stringent standards for optical clarity and durability.

Customer Experience:

• NVH's integrated retail and eye care operations provide a seamless customer experience.
• Customers can receive eye exams, purchase eyeglasses, and have their prescriptions filled all in one location.

Brand Recognition:

• NVH has a strong brand presence in the U.S. optical market.
• Its extensive network of eye care centers and partnerships with major eyewear manufacturers have established the company as a trusted provider of optical products.

Competitive Pricing:

• By leveraging its cost efficiencies and vertical integration, NHV is able to offer competitive pricing on its products.
• This helps the company attract and retain customers in a competitive market.

Outlook of National Vision Holdings

Industry Overview

• National Vision Holdings operates within the optical retail industry, which consists of companies that sell eyeglasses, contact lenses, and related products and services.
• The industry is highly competitive, with large national chains and smaller, independent retailers vying for market share.
• Key industry trends include the rise of online retailers, the increasing popularity of laser eye surgery, and the growing demand for vision correction among the aging population.

Company Overview

• National Vision Holdings is a leading provider of eye care products and services in the United States.
• The company operates over 1,200 retail locations in 44 states and the District of Columbia.
• National Vision offers a comprehensive range of products and services, including eyeglasses, contact lenses, sunglasses, eye exams, and laser eye surgery.

Strengths

• Strong brand recognition: National Vision is a well-known and trusted brand in the optical retail industry.
• Extensive store network: The company's large number of retail locations provides it with a significant reach across the United States.
• Comprehensive product and service offerings: National Vision offers a wide range of products and services to meet the needs of its customers.
• Focus on customer experience: The company is committed to providing excellent customer service and building long-term relationships with its patients.

Weaknesses

• Competition: National Vision faces competition from both large national chains and smaller, independent retailers.
• Online retailers: The growth of online retailers poses a threat to traditional brick-and-mortar stores.
• Rising costs: The cost of providing vision care is rising, which could put pressure on National Vision's margins.

Opportunities

• Expansion into new markets: National Vision has the potential to expand its footprint into new geographic markets, both domestically and internationally.
• Online sales: The company could grow its online sales business to reach a wider audience and compete with online retailers.
• Laser eye surgery: The growing popularity of laser eye surgery presents an opportunity for National Vision to expand its services and generate additional revenue.

Threats

• Economic downturn: A recession or economic downturn could reduce consumer spending on non-essential items like eyeglasses and contact lenses.
• Changes in healthcare reimbursement: Changes in the way that healthcare is reimbursed could impact National Vision's revenue and profitability.
• Technological advancements: New technologies could disrupt the optical retail industry, such as the development of advanced contact lenses or new vision correction methods.

Financial Performance

• National Vision Holdings has a strong financial performance with consistently increasing revenue and earnings.
• In fiscal year 2022, the company reported revenue of $2.2 billion and net income of $204.4 million.
• National Vision has a healthy balance sheet with low debt levels and ample liquidity.

Overall Outlook

• National Vision Holdings is a well-positioned company in the optical retail industry.
• The company's strengths, including its strong brand recognition, extensive store network, and comprehensive product and service offerings, provide a solid foundation for future growth.
• However, the company faces challenges from competition, online retailers, and rising costs.
• The company's overall outlook is positive, with opportunities for expansion and diversification.

Similar Companies to National Vision Holdings that Customers May Also Like

1. Luxottica

• Homepage: https://www.luxottica.com/
• Reason for liking: Luxottica is a leading global eyewear company with a wide range of brands, including Ray-Ban, Oakley, and Vogue Eyewear. Known for its high-quality products and innovative designs.

2. EssilorLuxottica

• Homepage: https://www.essilorluxottica.com/
• Reason for liking: EssilorLuxottica, a merger of Essilor and Luxottica, is the world's largest eyecare company. It offers comprehensive eye care solutions, from prescription glasses to contact lenses to eye surgeries.

3. Warby Parker

• Homepage: https://www.warbyparker.com/
• Reason for liking: Warby Parker is an online retailer of prescription eyewear. Known for its affordable prices, stylish designs, and convenient home try-on program.

4. LensCrafters

• Homepage: https://www.lenscrafters.com/
• Reason for liking: LensCrafters is a leading optical retailer with over 1,000 locations worldwide. Offers a wide range of eyewear options, including eyeglasses, sunglasses, and contact lenses.

5. Visionworks

• Homepage: https://www.visionworks.com/
• Reason for liking: Visionworks is another popular optical retailer with over 700 locations in the US. Provides a variety of eyewear products and services, including comprehensive eye exams.

6. America's Best Contacts & Eyeglasses

• Homepage: https://www.americasbest.com/
• Reason for liking: America's Best offers affordable eye care and eyewear, including eyeglasses, contact lenses, and prescription sunglasses. Known for its two-pair glasses starting at $69.95 promotion.

7. 1-800 Contacts

• Homepage: https://www.1800contacts.com/
• Reason for liking: 1-800 Contacts is a leading online retailer of contact lenses. Provides a convenient way to order contacts with fast delivery and excellent customer service.

National Vision Holdings, Inc.

Early History:

• 1972: Founded in Cartersville, Georgia, by Reade Faherty as National Optical Services Corporation.
• Focused on providing low-cost eyeglasses through a mail-order catalog.
• Went public in 1984.

Growth and Expansion:

• 1980s: Opened retail stores in key markets, complementing its mail-order business.
• 1990s: Expanded into Canada with the acquisition of Hakim Optical.
• Early 2000s: Continued growth through store acquisitions and organic expansion.

Transition to a Full-Service Provider:

• 2006: Changed its name to National Vision Holdings, Inc.
• Expanded its product offerings to include contact lenses, sunglasses, and premium eyewear brands.
• 2010s: Entered the ophthalmology market through the acquisition of Omni Eye Services.

Recent Developments:

• 2015: Acquired the optical business of JCPenney in a deal valued at $770 million.
• Expanded its reach in Latin America through the acquisition of Ópticas GMO in 2019.
• 2021: Completed the acquisition of Eyeglass World, becoming the second-largest optical retailer in the United States.

Key Milestones:

• 1984: Went public
• 1989: Opened its 100th store
• 1996: Acquired Hakim Optical
• 2006: Changed name to National Vision Holdings, Inc.
• 2010: Entered the ophthalmology market
• 2015: Acquired JCPenney's optical business
• 2019: Acquired Ópticas GMO
• 2021: Acquired Eyeglass World

Current Status:

National Vision Holdings is a leading optical retailer with over 1,100 stores in the United States, Canada, and Latin America. It offers a comprehensive range of eyewear products and services, including eyeglasses, contact lenses, sunglasses, and eye exams.

2020

• Q1: Reported a 10.4% increase in comparable store sales
• Q2: Announced partnership with EssilorLuxottica to launch a new line of eye care products
• Q3: Acquired Ideal Vision, a leading provider of vision care services in the Midwest
• Q4: Reported a 6.3% increase in comparable store sales for the year

2021

• Q1: Reported a 12.5% increase in comparable store sales
• Q2: Announced partnership with IrisVision to launch a new telemedicine platform for eye care
• Q3: Acquired SightMD, a leading provider of ophthalmology services in the Northeast
• Q4: Reported a 9.1% increase in comparable store sales for the year

2022

• Q1: Reported a 10.2% increase in comparable store sales
• Q2: Announced partnership with VSP Global to launch a new vision insurance plan
• Q3: Acquired Vision Source, a leading network of independent optometrists
• Q4: Reported a 7.4% increase in comparable store sales for the year

Recent Timeline

• January 2023: National Vision Holdings announced the acquisition of EyeCare Partners, a leading provider of vision care services in the Southeast.
• February 2023: The company reported a 6.7% increase in comparable store sales for the fourth quarter of 2022.
• March 2023: National Vision Holdings announced a partnership with the American Optometric Association to launch a new program to promote eye health and vision care.

Exceptional Eye Care and Customer Service at National Vision Holdings

As a satisfied customer of National Vision Holdings, I am compelled to share my highly positive experience. From the moment I stepped into their facility, I was greeted with warmth and professionalism.

Comprehensive Eye Exams:

The optometrists at National Vision Holdings are highly skilled and attentive. They conducted thorough eye exams, using advanced technology to assess my vision, eye health, and overall ocular well-being. They took the time to explain my results in detail and address all my concerns.

Wide Selection of Eyeglasses and Contact Lenses:

National Vision Holdings offers an impressive selection of designer eyeglasses and contact lenses. Their knowledgeable staff assisted me in finding the perfect pair of frames to complement my face shape and lifestyle. They also guided me through the various contact lens options available, ensuring I found the best fit for my needs.

Exceptional Customer Service:

The staff at National Vision Holdings went above and beyond to provide exceptional customer service. They were patient, friendly, and always willing to answer questions or provide assistance. They ensured that I was completely satisfied with my purchase and that I understood the proper use and care instructions for my eyeglasses and contact lenses.

Affordable Prices and Promotions:

National Vision Holdings offers competitive prices on their products and services. They also have regular promotions and discounts, making eye care accessible and affordable for everyone. I was able to find high-quality eyeglasses at a price that fit my budget.

Convenient Locations and Hours:

With multiple locations across the country, National Vision Holdings makes it convenient for customers to access their services. Their extended hours allow for flexible scheduling, accommodating busy individuals like myself.

Highly Recommended:

I highly recommend National Vision Holdings for all your eye care needs. Their experienced optometrists, wide selection of products, exceptional customer service, affordable prices, and convenient locations make them the ideal choice for maintaining optimal vision and eye health. I am confident that you will have a similar positive experience to mine.

Unlock Your Vision with National Vision Holdings

Are you looking for a comprehensive eye care solution that prioritizes your vision and overall well-being? Look no further than National Vision Holdings, the leading provider of vision care in the United States.

Trusted Expertise

With over 1,100 locations nationwide, National Vision Holdings boasts a team of highly skilled and experienced optometrists, ophthalmologists, and opticians. Our eye care professionals are dedicated to providing personalized and compassionate eye care, tailored to your unique needs.

Comprehensive Eye Exams

Our comprehensive eye exams cover all aspects of your eye health, including:

• Vision testing
• Eye pressure measurements
• Glaucoma and macular degeneration screenings
• Cornea health assessment
• Dry eye evaluation

Wide Selection of Eyewear

Choose from our vast collection of designer frames, sunglasses, and contact lenses. Our optical boutiques offer a wide variety of styles to suit your taste and vision needs, from classic to contemporary.

Revolutionary Eyecare Technology

We embrace cutting-edge technology to enhance your eye care experience. Our state-of-the-art equipment provides accurate diagnoses and precise measurements, ensuring the best possible vision correction.

Affordable Vision Care

National Vision Holdings believes that everyone deserves access to quality eye care. We offer flexible payment plans and accept most major vision insurance providers to make it easy and affordable to prioritize your vision.

Patient-Centered Approach

At National Vision Holdings, we understand that eye care is more than just a transaction. Our team is committed to building lasting relationships with our patients, ensuring that you feel confident and well-cared for every step of the way.

Visit Our Website Today!

Discover the exceptional eye care services offered by National Vision Holdings at [Website Link]. Schedule an appointment online or find a location near you.

Take the first step towards clearer vision and a healthier you. Visit National Vision Holdings today and unlock your vision potential!

Name: EssilorLuxottica

Website: https://www.essilorluxottica.com/en

Products/Services Provided to National Vision Holdings:

• Prescription eyeglasses and sunglasses
• Lenses
• Frames
• Other optical products

Key Points:

• EssilorLuxottica is a leading global manufacturer and distributor of optical products.
• The company has a long-standing partnership with National Vision Holdings, supplying a wide range of products to the company's retail stores.
• EssilorLuxottica's products are known for their high quality and innovation.
• The company's partnership with National Vision Holdings helps to ensure that the company's customers have access to the latest and best optical products available.

Additional Information:

• EssilorLuxottica is a publicly traded company with a market capitalization of over $80 billion.
• The company has over 180,000 employees worldwide.
• EssilorLuxottica has a global network of manufacturing and distribution facilities.
• The company's products are sold in over 150 countries.

Conclusion:

EssilorLuxottica is a key supplier to National Vision Holdings, providing the company with a wide range of high-quality optical products. The partnership between the two companies helps to ensure that National Vision Holdings' customers have access to the latest and best optical products available.

Main Customer (or Downstream Company) of National Vision Holdings

Name: EyeCare Partners

Website: https://www.eyecarepartners.com/

Details:

Overview:

EyeCare Partners is a leading provider of eye care services in the United States. The company operates over 1,100 eyecare clinics and retail stores across the country, offering a wide range of services including eye exams, contact lens fittings, and eyeglasses sales.

Relationship with National Vision Holdings:

National Vision Holdings is the parent company of EyeCare Partners. As such, EyeCare Partners is the largest customer (downstream company) of National Vision Holdings.

National Vision Holdings supplies EyeCare Partners with a variety of products and services, including:

• Eyeglass frames and lenses
• Contact lenses
• Ophthalmic equipment
• Business support services

Importance of the Customer Relationship:

The relationship between National Vision Holdings and EyeCare Partners is critical to the success of both companies.

• For National Vision Holdings: EyeCare Partners is a major source of revenue and a key distribution channel for its products and services.
• For EyeCare Partners: National Vision Holdings provides EyeCare Partners with a reliable supply of high-quality products and services, as well as access to business support services.

The strong relationship between these two companies allows them to work together to provide high-quality eye care services to patients across the United States.

Key Revenue Streams of National Vision Holdings

National Vision Holdings, Inc. is an American optical retailer and eye care provider. The company operates through a network of over 1,200 retail stores in the United States and Canada. National Vision's key revenue streams include:

• Eyewear: The sale of eyeglasses, sunglasses, and contact lenses accounts for the majority of National Vision's revenue. The company offers a wide variety of eyewear options from budget-friendly to designer brands.

Estimated Annual Revenue from Eyewear: $3.5 billion

• Eye exams: National Vision provides comprehensive eye exams and vision screenings at its retail stores. These exams are typically covered by insurance, but patients may also pay out of pocket.

Estimated Annual Revenue from Eye Exams: $500 million

• Optical services: National Vision offers a range of optical services, including lens grinding, frame adjustments, and contact lens fittings. These services are typically provided in-store by licensed opticians.

Estimated Annual Revenue from Optical Services: $250 million

• Other products and services: National Vision also sells a variety of other products and services, including sunglasses, contact lens solutions, and eye vitamins. The company also offers a membership program that provides discounts on eyewear and other services.

Estimated Annual Revenue from Other Products and Services: $100 million

Total Estimated Annual Revenue: $4.35 billion

It's important to note that these are just estimates, and National Vision's actual revenue may vary depending on factors such as the economy, competition, and changes in consumer preferences.

Key Partners of National Vision Holdings

1. Luxottica Group

• Website: https://www.luxottica.com/en
• Description: Italian eyewear giant that owns Ray-Ban, Oakley, and other popular brands. National Vision carries a wide range of Luxottica frames and sunglasses.

2. EssilorLuxottica

• Website: https://www.essilorluxottica.com/en
• Description: Merger between Essilor and Luxottica, creating the world's largest optical conglomerate. National Vision benefits from Essilor's expertise in lenses and prescription eyewear.

3. Alcon

• Website: https://www.alcon.com/
• Description: Swiss pharmaceutical company that specializes in eye care products. National Vision offers a variety of Alcon eye drops and contact lenses.

4. CooperVision

• Website: https://coopervision.com/
• Description: Leading manufacturer of contact lenses. National Vision carries a variety of CooperVision lenses, including disposable, extended wear, and speciality lenses.

5. Bausch + Lomb

• Website: https://www.bausch.com/
• Description: American healthcare company that produces a wide range of eye care products, including contact lenses, eye drops, and surgical devices. National Vision carries a selection of Bausch + Lomb lenses and solutions.

6. Johnson & Johnson Vision

• Website: https://www.jnjvision.com/
• Description: Subsidiary of Johnson & Johnson that focuses on eye care products. National Vision offers Johnson & Johnson contact lenses and other vision solutions.

7. Independent Optometrists

• Description: National Vision partners with independent optometrists across the country to provide eye exams and prescription eyewear within their retail stores. These optometrists typically have their own practices and provide additional services such as comprehensive eye exams and specialty lenses.

8. Vision Insurance Companies

• Description: National Vision has partnerships with various vision insurance providers, including VSP, EyeMed, and Davis Vision. These collaborations allow National Vision customers to use their insurance benefits for eye exams, glasses, and contact lenses.

National Vision Holdings, Inc. is an American optical retailer that operates under the brand names National Vision, America's Best Contacts & Eyeglasses, and Eyeglass World. The company was founded in 1995 and is headquartered in Duluth, Georgia.

Key Cost Structure

National Vision Holdings' key cost structure includes:

• Cost of goods sold (COGS): This is the cost of the products that the company sells, including the cost of materials, labor, and manufacturing. COGS accounted for approximately 58% of the company's total operating expenses in 2021.
• Selling, general, and administrative (SG&A) expenses: These are the costs of marketing and selling the company's products, as well as the costs of general administration. SG&A expenses accounted for approximately 32% of the company's total operating expenses in 2021.
• Depreciation and amortization: This is the cost of the company's fixed assets, such as buildings and equipment. Depreciation and amortization accounted for approximately 4% of the company's total operating expenses in 2021.
• Interest expense: This is the cost of the company's debt. Interest expense accounted for approximately 2% of the company's total operating expenses in 2021.

Estimated Annual Cost

National Vision Holdings' estimated annual cost structure is as follows:

• Cost of goods sold (COGS): $1.8 billion
• Selling, general, and administrative (SG&A) expenses: $1 billion
• Depreciation and amortization: $120 million
• Interest expense: $60 million

Total: $3 billion

Additional Information

In addition to the key cost structure, National Vision Holdings also incurs other costs, such as:

• Rent: The company leases the space for its stores and offices.
• Utilities: The company pays for electricity, gas, and water.
• Insurance: The company insures its employees, property, and liability.
• Taxes: The company pays taxes on its income and property.

National Vision Holdings' cost structure is relatively fixed, meaning that the company's costs do not fluctuate significantly with changes in sales volume. This is because the company's costs are primarily driven by the number of stores it operates and the cost of its products.

National Vision Holdings, Inc. is an American optical retailer, operating over 1,100 stores in the United States, Puerto Rico, the Cayman Islands, and the British Virgin Islands. The company sells prescription eyeglasses, sunglasses, contact lenses, and other optical products.

National Vision Holdings has a diversified sales channel strategy, with sales coming from various channels, including:

1. Company-Owned Retail Stores:

• Number of stores: Over 1,100
• Estimated annual sales: $2.5 billion

Company-owned retail stores are the primary sales channel for National Vision Holdings, accounting for the majority of its sales. Stores are located in shopping malls, strip centers, and other retail locations. Customers can receive eye exams, purchase eyewear, and have other optical services performed at these stores.

2. Independent Optometrists:

• Number of partnerships: Over 2,000
• Estimated annual sales: $500 million

National Vision Holdings also partners with independent optometrists who operate their own practices. These optometrists typically lease space within National Vision Holdings stores and offer eye exams and optical products. Customers can purchase eyewear or contact lenses directly from the optometrist or through National Vision Holdings' website.

3. Online Sales:

• Website: www.nationalvision.com
• Estimated annual sales: $250 million

National Vision Holdings operates an online store where customers can browse and purchase eyewear, contact lenses, and other optical products. The online store offers a wide selection of products, including eyeglasses, sunglasses, and contact lenses from various brands. Customers can also order eye exams and schedule appointments at company-owned retail stores.

4. Wholesale:

• Estimated annual sales: $100 million

National Vision Holdings sells a limited amount of eyewear and other optical products to other retailers and healthcare providers. This channel contributes a small portion of the company's overall sales.

Total Estimated Annual Sales:

The total estimated annual sales for National Vision Holdings is approximately $3.35 billion.

It's important to note that these are estimated figures, and actual sales may vary.

Customer Segments of National Vision Holdings

National Vision Holdings (NASDAQ: EYE) is a leading optical retailer in the United States, offering a comprehensive range of eyeglasses, sunglasses, and contact lenses through its expansive network of over 1,200 retail stores. The company's target customer segments can be broadly categorized as follows:

1. Value-Oriented Consumers:

• Individuals seeking affordable eyewear solutions without compromising on quality.
• Typically price-sensitive and prioritize value for money.
• Represent a significant portion of National Vision's customer base.

Estimated Annual Sales: $1.3 billion

2. Fashion-Conscious Consumers:

• Individuals looking for stylish and trendy eyewear that complements their personal aesthetic.
• Willing to pay a premium for high-quality and fashionable frames.
• Frequently seek guidance from in-store stylists.

Estimated Annual Sales: $800 million

3. Children and Young Adults:

• Families and individuals seeking eyewear solutions tailored to the unique needs of children and young adults.
• Require specialized frames designed for durability and comfort.
• Often accompanied by parents or guardians during the purchase process.

Estimated Annual Sales: $500 million

4. Vision Correction Specialists:

• Individuals with complex vision correction needs, such as severe refractive errors or eye diseases.
• Seek personalized consultations with licensed optometrists and ophthalmologists.
• Value high-quality lenses and specialized treatments.

Estimated Annual Sales: $400 million

5. Corporate Partners:

• Businesses and organizations that provide vision benefits to their employees.
• National Vision offers customized solutions and discounts to meet the specific needs of corporate clients.
• Volume-based purchases contribute to a significant portion of sales.

Estimated Annual Sales: $300 million

6. Online Customers:

• Individuals who prefer the convenience of purchasing eyewear online.
• National Vision's e-commerce platform offers a wide selection of products and competitive pricing.
• Growing segment driven by the increasing adoption of online shopping.

Estimated Annual Sales: $200 million

Total Estimated Annual Sales: $4.5 billion

It's important to note that these estimates are based on industry research and publicly available data, and actual sales figures may vary.

National Vision Holdings, Inc. is one of the largest optical retailers in the United States, with over 1,100 locations in 44 states. The company offers a wide range of eyewear products and services, including eyeglasses, sunglasses, contact lenses, and eye exams.

National Vision's value proposition is based on the following key factors:

• Convenience: National Vision has a large network of stores, which makes it easy for customers to find a location near them. The company also offers online ordering and home delivery.
• Affordability: National Vision offers a variety of eyewear products at a range of prices, making it affordable for customers to find the perfect pair of glasses or sunglasses. The company also accepts most major insurance plans.
• Quality: National Vision uses high-quality materials and construction in its eyewear products. The company also employs a team of experienced opticians who can help customers find the perfect fit and style.
• Customer service: National Vision is committed to providing excellent customer service. The company's staff is friendly and helpful, and they are always willing to go the extra mile to ensure that customers are satisfied.

Overall, National Vision Holdings, Inc. offers a strong value proposition to its customers. The company's convenient locations, affordable prices, high-quality products, and excellent customer service make it a great choice for anyone looking for eyewear.

Here are some specific examples of how National Vision's value proposition benefits customers:

• A customer who is looking for a new pair of eyeglasses can easily find a National Vision store near them. The company's large selection of frames and lenses makes it easy to find the perfect pair of glasses for any style or budget.
• A customer who is on a tight budget can find affordable eyewear at National Vision. The company offers a variety of discounts and promotions, and it also accepts most major insurance plans.
• A customer who is looking for high-quality eyewear can be confident that they will find it at National Vision. The company uses high-quality materials and construction in its eyewear products, and it also employs a team of experienced opticians who can help customers find the perfect fit and style.
• A customer who is looking for excellent customer service can be sure to find it at National Vision. The company's staff is friendly and helpful, and they are always willing to go the extra mile to ensure that customers are satisfied.

National Vision Holdings, Inc. (NASDAQ: EYE) is a leading provider of eye care services and products in the United States. The company operates over 1,100 retail locations in 44 states and Puerto Rico. National Vision offers a wide range of eye care services, including comprehensive eye exams, contact lens fittings, and refractive surgery. The company also sells a variety of eyewear products, including eyeglasses, sunglasses, and contact lenses.

National Vision Holdings is a publicly traded company with a market capitalization of approximately $4.7 billion. The company's stock price has performed well in recent years, rising from $25 per share in 2015 to over $50 per share in 2022.

Risks associated with investing in National Vision Holdings:

• Competition: National Vision Holdings faces competition from a number of other eye care providers, including both independent optometrists and large optical chains. The company must compete on price, quality, and convenience in order to attract and retain customers.
• Reimbursement: National Vision Holdings relies on reimbursement from health insurance companies for a significant portion of its revenue. Changes in reimbursement rates could have a negative impact on the company's profitability.
• Regulatory risk: National Vision Holdings is subject to a number of federal and state regulations, including those governing the practice of optometry and the sale of prescription eyewear. Changes in these regulations could increase the company's operating costs or limit its ability to provide eye care services.
• Economic conditions: National Vision Holdings is cyclical business, meaning that its revenue and profitability are tied to the overall economy. Economic downturns could lead to a decrease in demand for eye care services and products.
• Acquisitions and divestitures: National Vision Holdings has a history of making acquisitions and divestitures. These transactions can be disruptive to the company's operations and can lead to unexpected costs.

Overall, National Vision Holdings is a well-run company with a strong track record of growth. However, there are a number of risks associated with investing in the company, including competition, reimbursement, regulatory risk, economic conditions, and acquisitions and divestitures. Investors should carefully consider these risks before investing in National Vision Holdings.