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

The ODP Corporation is a holding company which operates in the USA. Its subsidiaries include The Office Depot Inc, which operates a chain of office product warehouse stores in North America, Europe, Asia, and Central America. The Company sells branded merchandise and provides business services primarily to small and medium-sized businesses and the home office market.

Upbound Group, Inc. operates lease-to-own stores. The Company offers products such as furniture and accessories, consumer electronics, appliances, computers, wheels and tires, and other accessories under flexible rental purchase agreements. Upbound Group serves customers in the United States, Puerto Rico, and Mexico.

Winmark Corporation develops, franchises, and operates value-oriented retail concepts for stores that buy, sell, trade, and consign used and new merchandise. The Company's stores operate under various names, including Play It Again Sports, Once Upon A Child, Music Go Round, and Plato's Closet.

The Buckle, Inc. retails medium to better priced casual apparel for young men and women.  The Company currently operates retail stores in the United States under the Brass Buckle and The Buckle names.  The Buckle markets a wide selection of mostly brand name casual apparel, including denims, tops, sportswear, outerwear, accessories, and shoes.

Sonic Automotive, Inc. is an automotive retailer.  The Company operates dealers and collision repair centers in the metropolitan southeastern, midwestern, and southwestern United States. The Company sells new and used cars and light trucks as well as replacement parts. Sonic also provides vehicle maintenance, warranty, paint, and repair services, and arranges financing.

Caleres Inc manufactures and distributes footwear. The Company offers shoes, sandals, and heel sandals for men, women, and children.

Shoe Carnival, Inc., a retailer of family footwear, operates primarily in the Midwest, South, and Southeastern regions of the United States. The Company seeks to create a carnival-like atmosphere in each of its stores by decorating with bright lights, colors, and neon signs.

Guess?, Inc. designs, markets, distributes, and licenses a collection of casual apparel, accessories, and related consumer products.  The Company's apparel for men, women, and girls are marketed under branded names.  Guess? provides full collections of denim and cotton clothing and has granted licenses to manufacture complementary products.

Sally Beauty Holdings, Inc. distributes and retails beauty products.  The Company distributes products directly to salons, and retails beauty products through a chain of cash and carry stores.

Franchise Group, Inc. is an owner and operator of franchised and franchisable businesses. The Company's business lines include pet supplies plus, american freight, the vitamin shoppe, badcock home furniture, buddy's home furnishings, and sylvan learning. Franchise Group serves customers in the United States and Canada.

Hotel Shilla Co.,Ltd operates and manages hotels in Seoul and Jeju. The Company also operates duty free shops, bakeries, restaurants, and catering and laundry service businesses.

YAMADA DENKI CO., LTD. operates consumer electronic mass sales stores throughout Japan.  The Company sells home appliances, audio & visual systems, office automation equipment, telecommunication equipment, software, and computers. The Company also provides repair services for its merchandises.

AP Eagers Limited sells new and used motor vehicles and distributes related parts and accessories.  The Company operates a wide range of vehicle franchises primarily in the Brisbane region and whose services include vehicle servicing and parts, financing, leasing and extended vehicle warranties.

Super Retail Group Ltd. operates a chain of retail stores throughout Australia. The Stores sells a wide range of automotive parts and accessories, tools, camping products, gardening and outdoor equipment and boating equipment throughout Australia and New Zealand.

WORKMAN CO., LTD. designs, produces, and retails work uniforms and related goods including work gloves and safety shoes.  The Company operates its own stores and franchise stores located throughout eastern Japan.

Suning.com Co., Ltd. operates retail chain stores to sell household appliances, electronic products, office equipment, and communication products. The Company also provides installation and maintenance services.

BIC CAMERA INC. operates electronic retail stores throughout Japan focusing on the Tokyo metropolitan area.  The Company sells audio and video equipments, electrical home appliances and telecommunication equipments.  Bic Camera also runs an Internet shopping site.

K'S HOLDINGS CORPORATION, based in Ibaraki prefecture, operates large scale electrical appliance store chain.  Franchise stores operates throughout Japan. The Company sells a variety of electrical appliances including refrigerators, washing machines, cooking appliances, computers, audio & visual systems, and air conditioners.

Siam Global House PCL is a retailer of home related products for construction, repair, decoration, and renovation. The Company sells construction materials, hand tools, furniture, and garden tools.

Hornbach Baumarkt Aktiengesellschaft owns and operates a large number of home improvement superstores throughout Germany.  The Company sells a full line of do-it-yourself tools, equipment and materials for plumbing, heating, electrical installation, kitchen and bathroom renovations, as well as for gardening and painting work.  Hornbach also operates in Austria and in the Netherlands.

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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