External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Equity Bottom-Up

<ul><li>Warby Parker disrupted the eyewear industry in 2010 with affordable prices and innovative styles, known for their commitment to social impact</li><li>The company has faced challenges with slowing growth and increased competition, leading to concerns about its uniqueness and disrupter status</li><li>Critics believe that Warby Parker's focus on technology and business model changes indicate a potential decline, making it a target for short selling.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Warby Parker disrupted the eyewear industry in 2010 with affordable prices and innovative styles, known for their commitment to social impactThe company has faced challenges with slowing growth and increased competition, leading to concerns about its uniqueness and disrupter statusCritics believe that Warby Parker's focus on technology and business model changes indicate a potential decline, making it a target for short selling.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Warby Parker Inc (WRBY) - Friday, Feb 23, 2024

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

National Vision Holdings / Equity Bottom-Up

<ul>
<li>Sales have fallen for four quarters. Comp store sales growth fell -8% last quarter due to customer weakness, the declining macro environment and constraints on exam capacity (optometrists).</li>
<li>Optometrists are supply constrained, which pressure margins from rising compensation. Investor-owned optometry service providers are at a disadvantage competing with professional practices that don’t share fees with investors.</li>
<li>National Vision is neither large and vertically integrated like Essilor Luxottica, nor niche focused like Warby Parker is on ecommerce. Their low-price strategy is easily replicable by competitors.</li>
</ul>


Sales have fallen for four quarters. Comp store sales growth fell -8% last quarter due to customer weakness, the declining macro environment and constraints on exam capacity (optometrists).
Optometrists are supply constrained, which pressure margins from rising compensation. Investor-owned optometry service providers are at a disadvantage competing with professional practices that don’t share fees with investors.
National Vision is neither large and vertically integrated like Essilor Luxottica, nor niche focused like Warby Parker is on ecommerce. Their low-price strategy is easily replicable by competitors.


National Vision Holdings, Inc. (EYE) Recommendation: Sell Short

United States

Warby Parker Inc. sells products through its website. The Company operates as online retailer of prescription glasses and sunglasses. Warby Parker serves customers in the United States and Canada.

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Warby Parker Inc (WRBY US)

Warby Parker Inc (WRBY) - Friday, Feb 23, 2024

Warby Parker disrupted the eyewear industry in 2010 with affordable prices and innovative styles, known for their commitment to social impact

Value Investors Club

National Vision Holdings, Inc. (EYE) Recommendation: Sell Short

National Vision Holdings, Inc. (EYE) Recommendation: Sell Short on weak sales, margin compression, and lack of sustainable differentiation.

Eric Fernandez, CFA

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