Warby Parker posts Q3 sales growth

Warby Parker Inc. net revenue increased 21.1 million dollars or 14.2 percent to 169.8 million dollars.

The company said, average revenue per customer increased 10 percent to 284 dollars and active customers increased 1.8 percent to 2.30 million.

“In Q3, we were proud to deliver our strongest revenue growth year-to-date at 14.2 percent. “Fueling topline results were 11 new store openings, four collection launches, contacts outperformance, and more,” said the company’s co-founder and co-CEO Neil Blumenthal in a statement.

Warby PArker’s gross profit increased 9.8 percent to 92.7 million dollars, while gross margin dropped to 54.6 percent. GAAP net loss improved 6.4 million dollars to 17.4 million dollars, while adjusted EBITDA decreased 0.9 million dollars to 11 million dollars and adjusted EBITDA margin decreased 1.5 points to 6.5 percent.

The company opened 11 new stores during the quarter, ending the third quarter with 227 stores.

“We are confident in our strategic direction and continue to believe we are in the early innings of delivering long-term, profitable growth,” added Warby Parker co-founder and co-CEO Dave Gilboa.

For the full year 2023, Warby Parker’s revised guidance estimates net revenue of 666 to 669 million dollars, representing growth of approximately 11.5 percent at the midpoint versus full year 2022 and adjusted EBITDA of approximately 52.7 million dollars or adjusted EBITDA margin of 7.9 percent.

The company added that it is on track for 40 new store openings this year.