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Mar 31, 2022
Warby Parker Q1 2022 Earnings Report
Warby Parker's revenue increased, active customers grew, and several strategic initiatives were advanced.
Key Takeaways
Warby Parker reported a 10.3% increase in revenue to $153.2 million and an 18.0% increase in active customers to 2.23 million. The company opened eight new retail stores and saw an 11.2% increase in average revenue per customer. However, the company experienced a net loss of $34.1 million and an adjusted EBITDA of $0.8 million.
Revenue increased by 10.3% to $153.2 million compared to Q1 2021.
Active customers increased by 18.0% to 2.23 million year over year.
Average revenue per customer increased by 11.2% year over year to $249.
The company opened 8 new stores, bringing the total to 169 stores.
Warby Parker
Warby Parker
Forward Guidance
Warby Parker is reiterating its outlook for the full year 2022.
Positive Outlook
- Net revenue of $650 to $660 million, representing growth of 20% to 22% versus full year 2021.
- Includes the impact of approximately $15 million in lost sales related to Omicron.
- Adjusted EBITDA margin of approximately 5.6% to 6.6%.
- 40 new store openings bringing total store count to 201.
- Store fleet return to pre-pandemic productivity levels.
Challenges Ahead
- Guidance does not incorporate future unknown direct or indirect impacts from further resurgences in COVID-19.
- Challenging pandemic headwinds.
- Approximately $15 million in lost sales, or 3 percentage points of growth, related to the disruption caused by Omicron to the start of the year.
- The guidance and forward-looking statements are based on management's expectations as of the date of the press release.
- Potential variability of stock-based compensation and taxes