h3 Warby Parker Inc Reports Second Quarter Financial Results for 2024h3p Warby Parker Inc NYSE WRBY

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Warby Parker Inc. Reports Second Quarter Financial Results for 2024

Warby Parker Inc. (NYSE: WRBY), a leading direct-to-consumer lifestyle brand, has announced its financial results for the second quarter ending June 30, 2024.

Key Financial Metrics:

Metric	Q2 2024	Q2 2023	YoY Change	Q1 2024	QoQ Change	Consensus Estimates Q2 2024
Revenue	$188.2 million	$166.1 million	+13.3%	$180 million (est.)	+4.6%	$187.04 million
Earnings Per Share (EPS)	-$0.03	-$0.08	Improved	-$0.06	Improved	$0.05

Warby Parker demonstrated robust year-over-year and quarter-over-quarter revenue growth, outperforming the consensus revenue estimate. However, the company reported a GAAP net loss of $6.8 million, which shows an improvement from the previous year but is still below analyst expectations for positive EPS.

Operational Data:

Operational Metric	Q2 2024	Q2 2023	YoY Change
Active Customers	2.39 million	Not Provided	+4.5%
Average Revenue per Customer	$302	Not Provided	+8.8%
Net New Stores Opened	11 stores	Not Provided	Not Provided

Warby Parker's operational metrics indicate healthy growth in both active customers and average revenue per customer. The company also expanded its retail footprint by opening 11 new stores during the quarter, bringing the total to 256 stores.

Comments from Company Officers:

"We're proud of the progress we're making on our core strategic initiatives to accelerate growth," shared Co-Founder and Co-CEO Dave Gilboa. "In Q2, we drove our fourth consecutive quarter of active customer growth and our highest ecommerce growth since Q1‘21."

"Our strong results demonstrate Team Warby's ability to drive sustainable growth. Amidst strategic reinvestment in customer acquisition, store expansion, proprietary technology, and more, we're still expanding the bottom line and delivering value for our stakeholders," commented Co-Founder and Co-CEO Neil Blumenthal.

Chief Financial Officer Steve Miller added, "We continue to demonstrate our ability to deliver on our twin pillars of growth and incremental profitability that underpin the success of the business."

Dividends or Share Repurchase Program:

No information on dividends or share repurchase programs was provided in the earnings report.

Forward Guidance:

Warby Parker has raised its full-year 2024 outlook as follows:

Net revenue is expected to be between $757 to $762 million, representing approximately 13% to 14% growth over full-year 2023.
Adjusted EBITDA at the midpoint of the revenue range is anticipated to be $72.5 million, equating to an Adjusted EBITDA Margin of 9.5%.
The company plans to open 40 new stores this year.

Stock Price Movement:

Following the earnings release, Warby Parker's stock experienced a 2.59% increase, indicating positive market reception to the company's financial results and revised forward guidance.

Conclusion:

Warby Parker's second quarter of 2024 showcased solid revenue growth and improved operational metrics. The company’s strategic investments in customer acquisition and store expansions appear to be yielding positive outcomes. With raised guidance for the full year, Warby Parker is projecting continued growth and profitability improvements heading into the next quarters.