Warby Parker Reports Q2 2024 Financial Results Raises FY Outlook
Intellectia.AI Updated: 1970-01-01
Warby Parker Reports Q2 2024 Financial Results, Raises FY Outlook
Financial Overview
Warby Parker Inc. (NYSE: WRBY) announced its financial results for the second quarter ended June 30, 2024. The company reported significant growth and an optimistic outlook for the remaining fiscal year.
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimates | Beat/Miss |
|---|---|---|---|---|---|
| Total Revenue | $188.2 million | $166.1 million | +13.3% | $187.04 million | Beat by $1.16 million |
| Earnings Per Share (EPS) | $(0.05) | $(0.14) | N/A | $0.05 | Miss by $0.10 |
Interpretation: Warby Parker demonstrated impressive revenue growth, surpassing Wall Street expectations. However, the company reported a GAAP net loss, which wasn't aligned with the consensus earnings per share.
Operational Data
| Metric | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Active Customers | 2.39 million | 2.29 million | +4.5% |
| Average Revenue per Customer | $302 | $277 | +8.8% |
| Total Stores | 256 | 245 | +11 new stores |
Comments from Company Officers
Co-Founder and Co-CEO Dave Gilboa highlighted the company's fourth consecutive quarter of active customer growth and the highest e-commerce growth since Q1 2021. Co-Founder and Co-CEO Neil Blumenthal emphasized the strategic reinvestments in customer acquisition and store expansion, contributing to bottom-line growth.
Forward Guidance
For the full year 2024, Warby Parker has raised its guidance as follows:
- Net revenue between $757 million and $762 million, representing growth of approximately 13% to 14% versus full year 2023.
- Adjusted EBITDA of $72.5 million at the midpoint of the revenue range, equating to an Adjusted EBITDA Margin of 9.5%.
- Plans to open 40 new stores during the year.
CFO Steve Miller expressed optimism about the company's performance, citing growth and incremental profitability as key success factors.
Stock Price Movement
Following the earnings release, Warby Parker's stock price experienced a positive reflection of a 2.35% increase in the market.
In summary, Warby Parker's Q2 2024 earnings report reveals robust revenue growth and a raised full-year outlook, despite missing the consensus EPS estimates. The company continues to demonstrate strong operational performance and strategic investments, contributing to its growth trajectory.
