National Vision Holdings Inc. (EYE) saw its stock price plummet by 11.95% in early trading on Wednesday, despite reporting better-than-expected third-quarter results and raising its full-year guidance. The sharp decline suggests that investors may have had even higher expectations or harbor concerns about the company's future growth trajectory.

The eyewear retailer reported Q3 revenue of $487.3 million, surpassing analysts' expectations of $473.7 million. Adjusted earnings per share came in at $0.13, meeting the consensus estimate. National Vision also raised its fiscal 2025 outlook, now projecting adjusted EPS of $0.63 to $0.71, up from the previous guidance of $0.62 to $0.70. The company increased its annual revenue guidance to $1.97 billion to $1.99 billion, from the earlier forecast of $1.93 billion to $1.97 billion.

Despite these positive results, the significant stock drop indicates that market participants may be focusing on other factors. Investors might be concerned about the sustainability of growth rates, potential margin pressures, or broader economic headwinds affecting the retail sector. The disconnect between the company's reported performance and the stock's reaction underscores the importance of looking beyond headline numbers when assessing a company's financial health and market perception.