Emerging Vision total net revenue up 4% for Q1 2006 results
18 May '06
3 min read
Emerging Vision Inc announced financial results for its first quarter ended March 31, 2006.
Total net revenue for the quarter was $3.9 million compared to $3.7 million in the prior year. The 4.0 percent increase was primarily due to a better product mix in Company-owned stores as well as the promotion of a new advertising campaign.
Comparable same store sales for Company-owned stores increased 24.1 percent, or $181,000, over the comparable period last year. The Company's franchised stores recorded a same store sales increase of 4.9 percent from the comparable quarter in prior year. These increases were slightly offset by a 3.6 percent decrease in membership fee income generated by the Company's wholly-owned subsidiary, VisionCare of California.
Selling, general and administrative expenses totaled $3.1 million in the first quarter compared to $3.0 million in the same period last year. As a percent of sales, SG&A decreased 60 basis points to 80.9 percent versus 81.5 percent in 2005. Greater emphasis on overhead expense controls primarily attributed to the decrease in SG&A as a percent of sales, despite the Company incurring increased professional fees in the quarter relating to proactive litigation to enforce franchise agreements.
Christopher Payan, Chief Executive Officer of Emerging Vision, commented, “We are pleased with the solid results we generated in the first quarter. As anticipated, we began to benefit from the various investments we made in the Company in 2005. Specifically, we saw significant traction in our franchise productivity initiatives.”
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