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Prescription Eyewear: An Unsuspected Stimulus Beneficiary

Thomas Paulson
Aug 5, 2022
Prescription Eyewear: An Unsuspected Stimulus Beneficiary

  • EssilorLuxottica reported soft results in the U.S. due to pressure on the low-end segment of the lens market (LensCrafters, Target, and Pearle). Sunglass Hut and Oakley continue to perform well, as did its department store partners (including Macy’s). The company’s lens banners are seeing sales decrease in the low-single-digit range, versus an increase of +3% in 1Q22). Given positive ticket, comparable-store transactions are declining more than sales. The report has a negative read-through for America’s Best and Warby Parker.
  • Placer.ai data (below) shows that the corrective eyewear category really began to soften at the end of May, with the declines moderating in the second half of July. It would have been a challenge for Warby Parker to deliver positive comps in 2Q22. National Vision (America’s Best) plans called for negative double-digit comp as it is lapping a +23% comp last year that was fueled by fiscal stimulus.

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Thomas Paulson

Director of Research and Business Development, Placer.ai

Thomas Paulson spent 20 years as a Wall Street analyst and a member of asset management teams at AllianceBernstein and Cornerstone Capital, representing top-50 ownership positions including Target, Home Depot, Nike, Amazon, Google, and many more.

He brings consumer related expertise and knowledge of enterprises in retail, CPG, financial services, telecom, and entertainment.

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