Warby Parker Posts Narrower Loss In Q1, Net Revenue Up 16.3%; Increases 2024 Guidance

(RTTNews) - Warby Parker Inc. (WRBY) posted a first quarter GAAP net loss of $2.7 million compared to a loss of $10.8 million, last year. The company said loss narrowed primarily as a result of the increase in revenue. Net loss per share was $0.02 compared to a loss of $0.09. On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.07, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA increased to $22.4 million from $17.7 million, last year.

Net revenue increased 16.3%, to $200.0 million, as compared to the prior year period. Analysts on average had estimated $196.34 million in revenue. Average Revenue per Customer increased 9.6% year over year.

For full year 2024, Warby Parker increased its guidance. Net revenue is projected in a range of $753 to $761 million. The company now expects adjusted EBITDA of $70.0 million at the midpoint of revenue range. Previously, the company projected: net revenue of $748 to $758 million, and adjusted EBITDA of $67 million at the midpoint of revenue range.

Shares of Warby Parker are up 19% at $14.87 in pre-market trade on Thursday.

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