Warby Parker, the eyeglasses retailer, reported a narrower loss in the second quarter as sales continued to climb. Here are the key details you need to know:
Loss
The company posted a loss of $15.9 million, or 14 cents a share, compared with a loss of $32.2 million, or 28 cents a share, in the same quarter last year.
Earnings
Adjusted earnings, excluding one-time items, were four cents a share. Analysts polled by FactSet had expected two cents a share.
Sales
Quarterly revenue increased to $166.1 million from $149.6 million last year, surpassing analyst projections of $162.6 million according to FactSet.
Active Customers
Warby Parker's active customer count grew by 1.2% to reach 2.28 million. Analysts had expected the figure to reach 2.32 million according to FactSet. The company saw a 9.2% increase in active revenue per customer, which now stands at $277.
Retail Footprint
To end the quarter, Warby Parker opened 13 new locations, bringing its total number of stores to 217. This is two more stores than analysts had projected according to FactSet. Co-Chief Executive Neil Blumenthal stated that the company is on track to open 40 new stores this year and has ambitions to reach at least 900 locations in the future.
Margins
Gross margins contracted compared to the previous year's quarter, primarily due to a higher penetration of lower-margin contact lenses, increased salary and benefit costs for optometrists, and higher store occupancy and depreciation costs associated with its expanding store count.
Outlook
Warby Parker has raised its revenue guidance for the year, now expecting sales between $655 million and $664 million, compared to the previous outlook of $645 million to $660 million.
In premarket trading, the company's stock rose 1.5% to $14.60.
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