National Vision Holdings reported third-quarter net income of $19.2 million, surging from $3.4 million a year earlier as higher-value eyewear sales and a $4.7 million tariff refund boosted margins. Net revenue for the quarter ended October 3 rose 4.8% year-over-year to $510.5 million. Adjusted diluted earnings per share more than doubled to $0.30 from $0.13. Adjusted operating income climbed 87.4% to $37.1 million, lifting adjusted operating margin by 320 basis points to 7.3%; excluding the $4.7 million tariff refund, adjusted operating income reached $32.4 million.
Comparable store sales grew 3.6% while adjusted comparable sales rose 2.8%, driven by higher average transaction values and stronger traffic among managed-care insurance customers, offsetting weaker visits from self-pay shoppers. National Vision opened eight new America's Best stores and closed four locations during the quarter, ending October 3 with 1,285 retail stores nationwide.
CEO Alex Wilkes said the strategy continues to deliver profitable growth as the company executes the commercial transformation; Q3 adjusted operating margin expanded 320 basis points and adjusted diluted earnings per share more than doubled year over year. He noted lower-value transactions account for a high single-digit share of sales and an even smaller share of gross profit. Effective November 9, National Vision's board authorized a $100 million share repurchase program running through December 28, 2030.
During the third quarter, National Vision bought back roughly 1.1 million shares for $20.0 million, leaving $60.0 million in cash and $233.6 million in total debt. It narrowed fiscal 2026 revenue forecast to between $2.019 billion and $2.038 billion, down from prior guidance of $2.037 billion to $2.076 billion, and lowered its full-year adjusted comparable sales growth target to between 2.0% and 3.0% from 3.0% to 5.0%. Wilkes said strong cash generation allows National Vision to accelerate store openings in 2027 one year ahead of schedule.
