NEW YORK — Warby Parker Inc. (NYSE: WRBY) shares jumped 3.7% after the eyewear retailer reported better-than-expected second-quarter revenue and raised its full-year outlook.
The company reported second-quarter revenue of $188.2 million, beating analysts’ estimates of $187.04 million and up 13.3% year over year. However, Warby Parker reported a loss of $0.06 per share, which was below the $0.05 profit analysts were expecting.
“We are proud of the progress we are making on our core strategic initiatives to accelerate growth,” said Dave Gilboa, co-founder and co-CEO, highlighting a fourth consecutive quarter of active customer growth and the strongest e-commerce growth since Q1 2021.
For the full fiscal year 2024, Warby Parker raised its revenue outlook to a range of $757 million to $762 million, slightly above its previous forecast and slightly above the consensus estimate of $760.1 million. The company also expects adjusted EBITDA of $72.5 million at the midpoint, which equates to a 9.5% margin.
Chief Financial Officer Steve Miller expressed optimism about our performance so far this year, saying, “We continue to demonstrate our ability to deliver on our two core pillars of growth and increased profitability that underpin business success.”
The eyewear retailer saw its active customers grow 4.5% to 2.39 million in the second quarter, while average revenue per customer rose 8.8% to $302. Gross margin improved to 56.0% from 54.6% a year earlier.
Warby Parker opened 11 new stores during the quarter, bringing its total to 256. The company remains on track to open 40 new stores this year.
This article was created with the support of AI and reviewed by an editor. For more information, see our Terms and Conditions.