National Vision Holdings, Inc. (NASDAQ:EYE) Q3 2022 Earnings Call Transcript

Molly Baum: Most of them have been asked already, but I just wanted to get clarification on 2, so I can ask them quickly in sequence here. The first one, are you able to size the benefit to comps from price in the quarter? And the second one is just a clarification on the capacity constraints. So you mentioned that you’re pleased with hiring retention levels. So are the exam capacity constraints are left to work through strictly a function of timing and ramping up of the new optometrists? Or is there more hiring that is needed? Or alternatively, is there an industry-wide shortage that presents as challenges?

Reade Fahs: Let me answer your second piece first. From the time we went public, we talked about that — I think the phrase we used was, “We’ve never had enough optometrists,” and you shouldn’t expect us ever to say that. So that was a constant refrain from 2017. But there has been an industry-wide tightening on optometrist capacity as more optometrists retired. Some of them scaled back the number of days. So there is an industry piece there. And so we will always, as we have been for 20 years, prior be in a very focused on making sure the optometrist who are with us now love being with us and that we are ever better at recruiting new ones, both our school initiatives, our ongoing initiatives and now this remote initiative. So we are seeing gradual improvements on all fronts since the last year on this, and we expect gradual improvements to continue. But it’s an ongoing part of being an optical retailing in America. And Patrick, do you want to handle that?

Patrick Moore: I’ll turn back to the first question, Molly. We haven’t disclosed what we think are the exact impact to comps on the quarter for the pricing increases. We do think that the stable higher-than-pre-pandemic average ticket is certainly aiding that. At the end of the day, we’re providing great value and that’s to both the middle and lower-income consumers, and now we’re seeing a little more trade down from the higher income households as well. So all helping to stabilize that average ticket and keep it at a rather healthy level for us.

Reade Fahs: And we’re all feeling real good about the decisions we’ve made earlier this year on this.

Operator: I’m showing no further questions at this time. I’d like to turn the call back over to Reade Fahs for any closing remarks.

Reade Fahs: Thank you very much, Valerie, and we’d like to thank all of you for joining us here today and to thank all of our stakeholders for your ongoing support, and we look forward to speaking to you again when we report our fourth quarter results. Thanks so much. Bye, bye.

Operator: Thank you. Ladies and gentlemen, this does conclude today’s conference. Thank you all for participating. You may now disconnect. Have a great day.