美国眼镜零售行业和National Vision上市公司

专注消费研究的 2026-07-08 12:37

专注消费研究的 2026/07/08 12:37

邦小白快读

全文速览

本文清晰梳理了美国眼镜零售行业的发展现状、线下单店运营逻辑，以及头部连锁上市公司National Vision的运营情况，核心干货总结如下：

1. 行业整体是成熟饱和市场，整体年增速1.8%-2.5%，呈现量减价增特征，线下渠道占整体零售份额85%仍是核心，线上年复合增速6%远高于线下但完整配镜渗透率低，头部连锁集中度高，混合全渠道（线上种草+线下体验）是当前增速最快的模式。

2. 线下门店核心逻辑是验光为流量入口，镜框镜片为利润核心，法规要求必须配备持证视光医师，加上保险核销、现场服务等形成线上难以突破的壁垒。

3. 不同业态投入收益清晰：平价连锁单店投资16-30万美元，回本周期2.5-4年，独立视光诊所利润率可达12%-20%，回本更快，行业红线是租金不能超过总收入的8%，超出容易亏损。

本文对美国眼镜行业消费趋势、品牌渠道建设、业态定位都有清晰总结，可供品牌商参考，核心干货如下：

1. 消费趋势：市场成熟饱和，增长完全依靠产品高端化结构升级，量减价增是核心特征，需求端四大驱动：老龄化催生老视相关镜片刚需、屏幕依赖带动防蓝光抗疲劳等功能镜片溢价、视力保险普及支撑稳定复购、眼镜时尚化催生多副消费拉高单客消费。

2. 渠道建设：线下仍是核心占85%份额，混合全渠道是增速最快的赛道，头部品牌都采用线上平台+线下体验店的布局，打通保险核销、验光预约已经成为行业标准模式。

3. 业态定位可参考：分平价连锁、高端连锁、独立诊所三类，平价靠低价套餐引流，选址低租金郊区社区，高端靠品牌镜框、功能镜片提客单，选址核心商圈，不同定位匹配不同的产品和运营策略。

本文梳理了美国眼镜零售市场的机会、风险和运营实操要点，对切入该市场的卖家有较高参考价值，核心干货如下：

1. 市场机会：整体市场稳步微增，预计2030年增长到850亿美元，高端功能镜片、智能AR眼镜、儿童近视管控镜片、中老年老视产品都是明确的增长方向，混合全渠道是当前增速最快的细分赛道。

2. 运营实操要点：行业明确红线是租金不能超过总收入的8%，核心逻辑是验光做流量入口，85%的验光客户会在3个月内配镜，转化率决定门店生死，对接视力保险可获得40%-60%的稳定成交单，平滑宏观经济波动。

3. 风险提示：全美持证视光医师供给紧缺，人力成本持续上涨侵蚀利润，眼镜产品进口依赖度高，关税波动会推高成本，成熟市场新店扩张增量有限，需要主动淘汰低效门店优化布局维持利润率。

美国眼镜零售市场的需求变化和行业发展，给眼镜生产制造工厂提供了明确的方向和启示，核心干货如下：

1. 产品生产设计需求：美国市场呈现量减价增的趋势，消费者对高单价产品的需求持续提升，防蓝光、渐进多焦点、轻奢品牌镜框、智能AR眼镜、儿童近视管控镜片等高毛利产品需求增长快，工厂可针对性调整研发生产布局，契合市场需求。

2. 商业机会：美国线下眼镜零售头部集中度非常高，前十大连锁占据Top50总销售额的84.6%，头部连锁集团对稳定高品质的产品有大量需求，工厂可对接头部连锁品牌拓展B端订单，获得稳定增长。

3. 数字化转型启示：头部零售企业已经上线统一ERP系统，实现总部统一采购、库存优化，工厂可推进数字化供应链管理，契合头部品牌的供应链要求，同时降本提效，应对原材料和成本波动。

本文梳理了美国眼镜零售行业的发展趋势和核心痛点，可为相关服务商找准业务方向提供参考，核心干货如下：

1. 行业发展趋势：美国眼镜零售是成熟稳定的市场，线下门店占据核心份额，全渠道融合是主流方向，产品高端化、医疗化是核心增长逻辑，智能AR眼镜、儿童视光、中老年视光护理都是新兴增长赛道，市场空间稳定。

2. 客户核心痛点：一是持证视光医师供给紧缺，人力成本持续上涨，大幅吞噬门店利润；二是客流增长停滞，需要提升客单价和复购率；三是供应链成本波动，库存管理难度大，运营费用偏高。

3. 可落地解决方案方向：可以开发远程线上验光系统分流线下基础验光需求，降低门店人力成本；可以提供数字化ERP、CRM系统，帮助品牌优化库存、精准营销，降低运营费用；还可以开发视力保险对接核销系统，帮助门店提升保险客户的服务效率。

美国眼镜零售行业的发展特征和需求，可为平台的招商、运营和风险规避提供参考，核心干货如下：

1. 招商布局方向：不同业态对选址的需求差异明显，平价连锁偏好低租金的郊区社区商业，高端连锁偏好核心商圈购物中心，独立视光诊所偏好社区医疗街区，平台可分类匹配物业资源，针对性开展招商，吸引不同定位的门店入驻。

2. 平台运营服务方向：眼镜门店合规要求高，必须配备持证视光医师，且绝大多数保险仅支持线下核销，平台可配套合规咨询、保险对接等服务，降低门店的运营门槛，提升入驻吸引力。

3. 风险规避指引：行业明确要求租金不能超过门店总收入的8%，否则极易亏损，平台可引导入驻门店控制成本，同时顺应全渠道融合趋势，搭建线上引流线下体验的对接体系，赋能门店提升转化率和客单价，帮助门店提升盈利水平，降低入驻门店的淘汰率。

本文梳理了成熟饱和市场下美国眼镜零售产业的发展现状、新动向和现存问题，可供产业研究者参考，核心干货如下：

1. 产业整体特征：美国眼镜零售是成熟饱和市场，整体复合年增速仅1.8%-2.5%，无爆发式增长，增长完全依靠产品高端化结构升级，呈现明显的量减价增特征，线下渠道占85%份额，头部集中度极高，前十大连锁占据Top50总销售额的84.6%。

2. 产业新动向：混合全渠道模式（线上种草+线下试戴核销）已经成为行业标准模式，头部企业通过数字化系统降本提效，产品结构向功能化、医疗化、高端化升级，智能AR眼镜、儿童近视管控、中老年老视护理成为新的增长点。

3. 产业新问题：当前行业面临持证视光医师供给不足，人力成本持续上涨的问题，同时产品进口依赖度高，关税波动会影响行业毛利率，头部企业普遍存在有息负债偏高的问题，成熟市场下新店扩张增量有限，行业普遍通过优化门店结构提升利润率。

返回默认

声明：快读内容全程由AI生成，请注意甄别信息。如您发现问题，请发送邮件至 run@ebrun.com 。

我是品牌商卖家工厂服务商平台商研究者帮我再读一遍。

Quick Summary

This article clearly outlines the current development landscape, the operation logic of offline standalone stores, and the business performance of leading listed optical chain National Vision in the U.S. eyewear retail industry. Key takeaways are as follows:

1. The industry as a whole is a mature and saturated market with an annual growth rate of 1.8% to 2.5%, featuring declining sales volume but rising average prices. Offline channels remain the core, holding 85% of total retail share. While online sales have a 6% compound annual growth rate far outpacing offline, the penetration of complete prescription glasses fitting online remains low. The industry is highly concentrated among leading chain players, and the omni-channel hybrid model (online awareness building + offline体验) is currently the fastest-growing format.

2. The core logic of offline stores is that eye exams serve as the traffic entry point, while frames and lenses are the core profit driver. Regulatory requirements for licensed optometrists on site, plus insurance claim processing and in-person services, form hard barriers that are difficult for online players to overcome.

3. The input and return of different business formats are clear: value chain stores require $160,000 to $300,000 in investment per location, with a payback period of 2.5 to 4 years. Independent optometry clinics can achieve a 12% to 20% profit margin and a faster payback. A hard industry rule of thumb is that rent should not exceed 8% of total revenue—locations exceeding this threshold are highly likely to operate at a loss.

This article provides a clear summary of consumer trends, brand channel development and business format positioning in the U.S. eyewear industry, which can serve as a reference for brands. Key takeaways are as follows:

1. Consumer trends: The market is mature and saturated, with all growth driven by premiumization and product structure upgrades. "Declining volume, rising prices" is the core feature of the market. Demand is driven by four major factors: aging population boosting rigid demand for presbyopia-correcting lenses, growing screen time driving premium pricing for blue-light-blocking and anti-fatigue functional lenses, widespread vision insurance supporting stable repeat purchases, and the fashionization of eyewear driving multi-pair purchases that lift average customer spending.

2. Channel development: Offline channels still account for 85% of total market share, and hybrid omni-channel is the fastest-growing segment. All leading brands have adopted a layout of "online platforms + offline experience stores", and integrated insurance claim processing and eye exam appointment booking have become the industry standard.

3. Business format positioning reference: The market can be divided into three categories: value chains, premium chains, and independent clinics. Value chains attract customers with low-price bundled packages and locate in low-rent suburban communities. Premium chains boost average order value through branded frames and functional lenses, and locate in core commercial districts. Different positioning requires matching product and operation strategies.

This article sorts out the opportunities, risks and practical operation points of the U.S. eyewear retail market, which is highly valuable reference for sellers entering the market. Key takeaways are as follows:

1. Market opportunities: The overall market is growing steadily at a low single-digit rate, and is projected to reach $85 billion by 2030. Premium functional lenses, smart AR glasses, children's myopia management lenses, and presbyopia products for middle-aged and elderly consumers are clear growth areas, and the hybrid omni-channel model is currently the fastest-growing segment.

2. Practical operation takeaways: The industry's hard rule is that rent should not exceed 8% of total revenue. The core logic is that eye exams serve as the traffic entry point: 85% of customers who get an eye exam will purchase glasses within 3 months, so conversion rate directly determines a store's survival. Partnering with vision insurance providers can secure 40% to 60% of stable transactions, and smooth out the impact of macroeconomic fluctuations.

3. Risk warnings: The U.S. faces a persistent shortage of licensed optometrists, and rising labor costs continue to erode profits. Eyewear products are highly dependent on imports, so tariff fluctuations push up costs. In a mature market, new store expansion delivers limited incremental growth, so operators must actively phase out underperforming stores and optimize their network to maintain profit margins.

Changes in demand and industry development in the U.S. eyewear retail market provide clear direction and insights for eyewear manufacturing factories. Key takeaways are as follows:

1. Product design and production demand: The U.S. market features a trend of declining sales volume and rising average prices, with growing consumer demand for higher-priced products. High-margin products including blue-light-blocking lenses, progressive multifocal lenses, entry-luxury branded frames, smart AR glasses, and children's myopia management lenses are seeing fast demand growth. Factories can adjust their R&D and production layout accordingly to align with market demand.

2. Business opportunities: The U.S. offline eyewear retail market is highly concentrated, with the top 10 chains accounting for 84.6% of total revenue of the 50 largest industry players. Leading chain groups have large, stable demand for high-quality products. Factories can partner with leading chain brands to expand B2B orders and achieve stable growth.

3. Insights for digital transformation: Leading retail companies have rolled out unified ERP systems to enable centralized corporate procurement and inventory optimization. Factories can advance digital supply chain management to meet the supply chain requirements of leading brands, while cutting costs and improving efficiency to cope with raw material and cost fluctuations.

This article sorts out the development trends and core pain points of the U.S. eyewear retail industry, which can help relevant service providers identify business directions. Key takeaways are as follows:

1. Industry development trends: U.S. eyewear retail is a mature and stable market, with offline stores holding core market share. Omni-channel integration is the mainstream direction, and product premiumization and medicalization are the core growth drivers. Smart AR glasses, children's optometry, and senior optometry care are all emerging growth tracks with stable market space.

2. Core customer pain points: First, there is a shortage of licensed optometrists, and continuously rising labor costs significantly eat into store profits. Second, traffic growth has stalled, so operators need to boost average order value and repeat purchase rates. Third, supply chain cost volatility and high difficulty in inventory management push up operating expenses.

3. Actionable solution directions: Providers can develop remote online eye exam systems to offload basic exam demand from offline locations and reduce store labor costs. They can offer digital ERP and CRM systems to help brands optimize inventory, run targeted marketing, and cut operating expenses. They can also develop integrated vision insurance claim processing systems to help stores improve service efficiency for insurance customers.

The development characteristics and demand of the U.S. eyewear retail industry provide reference for commercial platforms in merchant recruitment, operation and risk prevention. Key takeaways are as follows:

1. Merchant recruitment and layout direction: Different business formats have distinct location preferences: value chains favor low-rent commercial space in suburban communities, premium chains favor core business district shopping malls, and independent optometry clinics prefer community medical blocks. Platforms can match property resources by category, carry out targeted recruitment, and attract stores of different positioning to settle.

2. Platform operation service direction: Eyewear stores have high compliance requirements, mandating on-site licensed optometrists, and the vast majority of vision insurance only supports in-store claim processing. Platforms can offer supporting services including compliance consulting and insurance对接 to lower stores' operating barriers and increase the attractiveness of moving in.

3. Risk prevention guidance: The industry rule of thumb clearly requires rent not to exceed 8% of a store's total revenue, otherwise the store is very likely to suffer losses. Platforms can guide settled stores to control costs, while adapting to the omni-channel integration trend by building an online-to-offline traffic connection system to empower stores to improve conversion rates and average order values, boost store profitability, and reduce the attrition rate of settled stores.

This article sorts out the current development status, new trends and existing problems of the U.S. eyewear retail industry in a mature and saturated market, which is a reference for industry researchers. Key takeaways are as follows:

1. Overall industry characteristics: U.S. eyewear retail is a mature and saturated market with a compound annual growth rate of only 1.8% to 2.5%, with no explosive growth expected. All growth is driven by product premiumization and structure upgrades, with a clear feature of declining sales volume and rising average prices. Offline channels account for 85% of total market share, and the industry is extremely concentrated: the top 10 chains account for 84.6% of total revenue of the 50 largest industry players.

2. New industry trends: The hybrid omni-channel model (online awareness building + offline fitting and claim processing) has become the industry standard. Leading players are cutting costs and improving efficiency through digital systems, and upgrading product structures toward functionalization, medicalization and premiumization. Smart AR glasses, children's myopia management, and senior presbyopia care have become new growth drivers.

3. Emerging industry issues: The industry currently faces insufficient supply of licensed optometrists and continuously rising labor costs. At the same time, the industry is highly dependent on imported products, so tariff fluctuations affect industry gross margins. Most leading players have relatively high interest-bearing debt. In a mature market, new store expansion delivers limited incremental growth, and players generally improve profit margins by optimizing their store network structure.

Disclaimer: The "Quick Summary" content is entirely generated by AI. Please exercise discretion when interpreting the information. For issues or corrections, please email run@ebrun.com .

I am a Brand Seller Factory Service Provider Marketplace Seller Researcher Read it again.

美国眼镜零售行业的发展现状

2025年整体市场达到695亿美元，同比小幅增长，销量下滑但客单价提升（高端镜片、高价镜框拉动均价上涨）。全美约2.5亿成年人（94%）长期使用眼镜/隐形产品，线上和线下零售规模都非常大。纯线下专业眼镜门店（IBISWorld细分零售口径，仅实体配镜门店，不含商超、眼科诊所）2026年门店赛道总营收约239亿美元，行业净利润率约5.5%，增速近乎持平，线下仍是核心渠道，占整体零售份额85%。美国眼镜线上渠道整体规模约62亿美元，占全行业15%销售额，其中隐形眼镜、太阳镜线上渗透率最高，完整处方配镜线上占比偏低。线上年复合增速约6%，远高于线下。全美前50大眼镜连锁门店2024年合计营收209.71亿美元，合计门店16471家，前十大连锁占据Top50总销售额84.6%，头部集中度高。

全美整体光学零售市场复合年增速CAGR约1.8%-2.5%，属于成熟饱和市场，无爆发式增长，增长完全依靠产品高端化、结构升级，而非新增购买人群。2026年线下门店总营收239亿美元，CAGR＜0.1%，近乎停滞；线下门店靠提升利润率（净利率从2021年4.5%升至2026年5.5%）维持收益，门店总量缓慢萎缩、单店客单价提升。混合全渠道（线上种草+线下试戴取镜）是增速最快的细分赛道之一，头部品牌同步拓展线上平台+线下体验店（Warby Parker线下门店已达313家，2025Q3），打通保险核销、线上预约验光，成为行业标准模式。

眼镜行业增长的驱动因素包括人口老龄化的刚性需求。

美国婴儿潮一代逐步迈入65岁+，老视、白内障、渐进镜片需求持续释放，高客单价刚需品类稳定托底市场。

此外，屏幕依赖催生功能镜片溢价，美国人日均屏幕使用超7小时，防蓝光、抗疲劳镜片成为标配，主动升级消费推高客单价。

第三是视力保险普及支撑复购。商业视力保险覆盖超60%就业人群，门店40%以上营收来自保险订单，稳定更换周期（平均2.3年换镜框）。

第四是眼镜时尚化，多副消费习惯。眼镜不再仅为医疗器具，消费者同时拥有多副镜框（通勤、户外、穿搭），拉高单用户年度消费总额。

市场呈现量减价增：2025年眼镜、隐形采购数量整体下滑，但消费者更愿意选购防蓝光、渐进多焦点、轻奢镜框等高单价产品，拉动整体销售额持续微增；商业视力保险（Managed Vision Care）贡献线下门店40%以上客流与收入，是行业核心支撑。

美国线下眼镜单店模型

美国眼镜门店模式分三大业态：平价连锁、高端连锁、独立验光诊所。验光服务是最好的获客方式，通过零售场景的高毛利镜框镜片变现，以美国视力保险为基本盘，验光不是增值服务，而是流量入口。线下门店强制配套持证视光医师（OD），无处方无法配镜，是线上不可替代的壁垒。

三大主流线下门店业态定位与面积。

平价大众连锁

National Vision：America's Best/Eyeglass World，选址主要是社区strip mall、平价商超旁、郊区，低租金地段。通常门店面积在1,200-1,800sq.ft（约110-165㎡）。功能分区为2间验光诊室+展示镜框区+店内小型加工实验室+接待收银。核心卖点：低价套餐（两副镜框$89起）、当天取镜、验光打包优惠。

高端连锁品牌

Luxottica：LensCrafters、Pearle Vision、Target Optical，高端品牌连锁的选址主要是购物中心、城市核心商圈、高端商超。这类面积主要在1,800-3,000sq.ft（165-280㎡）。这个模型的客单更高，销售品牌镜框（Ray-Ban、Oakley、Oliver Peoples）、高端渐进/防蓝光镜片。如美国高端品牌Luxottica零售2,185家门店，总营收26.2亿美元，单店年均总收入≈120万美元（购物中心店租金高拉低单店营收）

独立视光诊所

Private OD Practice，占线下门店40%，这个模型主要位于临街写字楼、社区医疗街区。视光中心的面积通常要达到2,000-3,500sq.ft，3-5个验光通道，完整眼科检查设备（OCT、眼底相机）。视光中心的业务不仅是配镜零售，也包括完整眼部诊疗（干眼、近视管理、眼病筛查）。视光中心单店年收入通常达到55万-120万美元，净利润显著高于连锁。

单店模型的总收入分三大板块，验光服务是流量引擎，镜框镜片是利润核心。眼镜镜框、处方镜片、太阳镜等可占门店总收入的70%，其毛利率可以达到58%-60%。镜框成本仅为售价20%-30%，而功能性镜片（渐进、防蓝光）毛利超70%。门店也会通过复购型品类来锁定年卡会员（Eyecare Club年费$39.99）。眼部验光检查服务占到门店12%的总收入，毛利率接近90%。医保可全额报销验光费，单次验光收费$60-140；美国眼镜行业的铁律是85%验光客户当场/3个月内配镜，验光转化率决定门店生死。视力保险（VSP/EyeMed）贡献门店40%-60%成交单，是稳定客流基本盘。

单店营收标杆（平价连锁单店年均155万美元）拆分为：配镜零售108.5万、隐形眼镜27.9万、验光诊疗服务18.6万。美国眼镜门店的平均客单价(含验光+配镜全套)达到$320-$380。

美国眼镜单店成本结构和开店投资测算

美国眼镜门店模型中的总体销货成本COGS一般在28%-33%，主要包括镜框、镜片、隐形、耗材等。Luxottica连锁品牌的自有供应链COGS在28%左右，独立门店采购成本32%-35%。门店的人力成本占比大致在22%-26%，一般的人员标配为1名全职持证视光医师OD（薪资+提成占人力45%）、2-3名配镜销售Dispenser（验光引导、镜框销售、售后调整）、1名兼职实验室加工员。门店的租金加物业水电占比达到5%-8%。美国眼镜行业标准红线是租金不能超过总收入的8%，否则门店端非常容易亏损。此外，门店相关设备折旧、软件、保险、杂项占比3%-5%。验光设备的折旧周期5-8年，新店设备投入8-20万美元一次性资本开支。独立视光诊所无总部抽成，通常的门店营业利润率可达12%-20%。

平价连锁新店的单店投资达到16-30万美元，其中装修改造费用4-8万、验光设备需要投入8-12万，镜框库存6-10万。高端商场连锁店投入需要达到35-60万美元（商场装修溢价、更多高端库存），而独立视光诊所的投资较大，需要55-120万美元，包括全套高端眼科设备OCT、眼底相机等高端设备。一般我们预计的单店回本周期预算，连锁新店需要2.5-4年；如果开在成熟社区，独立诊所大致在1.5-2.5年。

美国的眼镜线下门店具有一定的壁垒。

法规要求配镜必须持证医师开具处方，线上验光仅做补充，复杂视力问题必须线下检查；

门店服务实现闭环，如镜框调整、镜片适配、眼部疾病筛查、售后质保线上无法完成；

保险的核销也是线下的核心壁垒，绝大多数视力保险仅支持线下门店直接抵扣，线上报销流程繁琐；

视光中心的高毛利增值服务是核心价值，如干眼治疗、儿童近视管控、定制隐形等高利润诊疗项目，纯线上无法开展。

门店内置实验室支持当天取镜，DTC线上配送需5-10天。

美国眼镜连锁上市公司National Vision

National Vision公司是美国光学眼镜零售领域最大的连锁集团之一。它拥有美国最佳隐形眼镜和眼镜世界等领先品牌。还拥有某些品牌，最大的是Vista Optical。2025年美国眼镜零售市场总额约为700亿美元，预计到2030年市场总额将增长到850亿美元。这要归功于人口老龄化、人口基数大、屏幕使用量增加、远程护理的广泛应用、受管理的视力护理的采用和其他催化剂。美国快速发展的智能眼镜市场也为该行业创造了增长机会。

National Vision是全美门店数量第二的公司，仅次于Luxottica集团。核心对标竞争对手包LensCrafters（高端连锁）、Warby Parker（DTC线上线下）、Costco/Walmart平价配镜专柜。它拥有两大品牌系列，America’s Best Contacts&Eyeglasses是主力平价门店，低价套餐引流（两副镜框$89起），占门店总数的85%。Eyeglass World是集中在中高端社区店，客单价略高。National Vision合计门店达到1,274家，全美国48州完整布局，郊区社区Strip Mall低租金选址为主。总体上客流持平，但客单价有所提升，增长完全依靠高端镜片、高价镜框、保险客户占比提升，新店扩张贡献增量有限。公司毛利率稳定在58.5%-59%，产品结构升级对冲进货成本上涨。公司上线Oracle ERP，远程线上验光系统使得SG&A费用率下降300bp。公司净利润率一直偏低，仅1.5%左右。公司的总资产约20亿，但有息负债偏高，杠杆是核心风险点。经营现金流非常稳健，FY2025全年经营现金流1.46亿，可覆盖资本开支加债务利息。管理层主动调整商品结构：高价镜框占比翻倍、强推渐进多焦点镜片、全门店上架Ray-Ban Meta智能眼镜（单客价值最高品类）。即使客流不增长，仅靠客单价每年6%+提升，即可支撑营收稳健增长，同时持续抬升单店毛利贡献。

低收入现金客户受通胀影响消费收缩，但保险订单刚性极强。保险收入占比从35%→42%，平滑宏观经济波动，提升现金流稳定性。远程线上验光累计完成超100万次，分流线下基础验光客流，节省医师人力；ERP统一系统、CRM客户管理：总部统一采购、库存优化、营销精准投放，销售费用率持续下行。2026-2028每年可实现50-100bp营业利润率提升，盈利弹性持续释放。全美持证视光医师（OD）供给紧缺，医师薪资持续上行，人力占总收入22%-26%，大幅吞噬门店利润。镜框、镜片海外进口占比高，美国对华关税政策波动会抬升COGS，若终端无法同步涨价，毛利率承压。

管理层预计2026年收入将增长到20.3亿至20.9亿美元。去年产生的增长将来自30到35家新店以及3%至6%的可比销售额增长。值得注意的是，该公司打算关闭10到15个门店，因为它致力于优化其门店物流。这基本上意味着削减表现不佳的位置以保持利润率。在可比销售方面，管理层会继续推动优质产品以增加公司利润水平。调整后的每股收益应该在0.85美元到1.09美元。如果我们根据今年迄今为止的盈利能力预测财务业绩，调整后的营业现金流约为1.59亿美元，EBITDA总额为2.047亿美元。

数据来源：公司官网

National Vision未来有很好的产品升级和新兴业务增长点。特别是Ray-Ban Meta智能AR眼镜的业务增长，2026年4月全部1274家门店上架，高端属性带动镜片升级率大幅提升，拉高单店平均客单。此外，儿童近视管控镜片Stellest也是未来新增长来源，FDA认证延缓近视加深，高毛利医疗类镜片2026年全门店推广，开辟儿童视光高利润赛道。针对中老年老视人群，公司引入第四代高端渐进镜片，溢价空间显著，承接老龄化需求红利。

注：文/专注消费研究的，文章来源：弘章消费研习社(公众号ID：Charismapartner)，本文为作者独立观点，不代表亿邦动力立场。

文章来源：弘章消费研习社