Warby Parker shared its first-ever earnings report today. The trendy eyewear brand boosted revenue, but also boosted losses. 🤷
$WRBY reported net revenue of $137.4 million, an increase of $33 million (+32% YoY). Gross profit dollars increased to $79.7 million, +24.5%. The company’s active customers increased 23% YoY to 2.15 million.👌
In terms of its losses, Warby Parker’s net loss from the three-month period starting Sept. 30 soared to $91.1 million ($1.45/share.) A year ago, net losses totaled just $41.6 million ($0.78/share.)
The company’s earnings report also included $65 million in stock-based compensation expenses, $23.9 million in costs related to its direct listing, and a $7.8 million charge for its donation to the Warby Parker Impact Foundation. Warby Parker’s co-Founder and co-CEO, Neil Blumenthal, commented on consumer behavior as shoppers return to in-store shopping after the pandemic:
“But we don’t care where that final transaction occurs. And we’ve still found more than 70% of our customers are browsing and shopping and interacting with us on our website and on our app before they transact with us.”
$WRBY gained 9.03% today and is up 1.11% in AH. 👓