National Vision (NASDAQ:EYE) stock is dropping on Thursday on news that a deal it has with Walmart (NYSE:WMT) is coming to an end.
National Vision operates the chain of “Vision Centers” found in Walmart locations across the country. However, that’s going to change starting on Feb. 23, 2024. This is when Walmart’s contract with National Vision ends and the retailer isn’t renewing it.
Reade Fahs, CEO of National Vision, said the following about the Walmart news:
“While this decision was not expected, we look forward to beginning a new chapter as a more streamlined company ever more focused on delivering value to our stakeholders through our mission of making eyewear and eye care more affordable and accessible. We are grateful for and thank all our associates and associated optometrists who have been part of our Walmart journey.”
National Vision released estimates of the impact that the Walmart partnership ending will have on the company. That’s based on its 2022 results and would see revenue decrease by around $348 million. For comparison, the company’s total revenue in 2022 was about $2 billion.
How This Affects EYE Stock Today
Investors aren’t happy about the Walmart deal ending and that’s reflected in the price of EYE stock. Shares are down 12% as of Thursday morning as some 191,000 units change hands. The company’s daily average trading volume is about 1.2 million shares.
We’ve got even more of the most recent stock market news that traders need to know about on Thursday!
A few examples of that include what’s happening with shares of Yellow (NASDAQ:YELL) stock, Lipocine (NASDAQ:LPCN) stock and Celestica (NYSE:CLS) stock today. You can find out more on these matters at the links below!
More Stock Market News For Thursday
- Why Is Yellow (YELL) Stock Down 27% Today?
- Why Is Lipocine (LPCN) Stock Up 32% Today?
- Why Is Celestica (CLS) Stock Up 30% Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
