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    John Elias • BMO Capital Markets

    John Elias is a Consumer Equity Research Senior Associate at BMO Capital Markets, specializing in the research and analysis of consumer sector companies. He is responsible for generating equity research on multiple publicly traded firms in the consumer industry, leveraging a strong foundation in financial modeling and industry analysis to support the capital markets team. Elias began his career after earning relevant qualifications and has contributed to BMO’s research initiatives since joining, building a record of thorough and data-driven company coverage. He holds professional registrations as validated by FINRA, demonstrating his commitment to industry standards and compliance.

    John Elias's questions to National Vision Holdings Inc (EYE) leadership

    John Elias's questions to National Vision Holdings Inc (EYE) leadership • Q1 2025

    Question

    John Elias, representing Simeon Siegel from BMO Capital Markets, asked for more detail on the improved product margins, specifically the contribution from mix shift versus like-for-like pricing, and inquired about the advertising expense outlook.

    Answer

    Executive L. Fahs clarified that the margin improvement was driven by both pricing increases and an accretive product mix shift. He noted the full-year gross margin outlook remains flat because the company will be lapping a one-time benefit from Q4 of the prior year. Executive Alex Wilkes added that while overall advertising spending levels will remain consistent, the focus is on improving efficiency through a new agency, an evolving media mix, and the launch of a new CRM platform in the second half of the year.

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    John Elias's questions to National Vision Holdings Inc (EYE) leadership • Q1 2025

    Question

    John Elias, representing Simeon Siegel at BMO Capital Markets, requested more detail on the drivers of improved product margins, specifically the split between mix shift and like-for-like pricing. He also asked about the advertising expense plans for the remainder of the year.

    Answer

    Executive L. Fahs clarified that the ticket increase was driven by both pricing (about two-thirds) and favorable mix from new product introductions (about one-third). CEO Alex Wilkes explained that while total advertising investment is not planned to change, the company is focused on improving efficiency through a new agency, optimizing its media mix, and leveraging its new CRM platform, which is set to go live in the second half of the year.

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