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Mar 31, 2024
Warby Parker Q1 2024 Earnings Report
Warby Parker reported Q1 2024 results, with revenue growth and improved profitability.
Key Takeaways
Warby Parker's Q1 2024 net revenue increased by 16.3% year-over-year to $200.0 million. The company's GAAP net loss improved to $2.7 million, and gross margin increased to 56.7%. They are raising their outlook for the full year.
Net revenue increased 16.3% year over year to $200.0 million.
GAAP net loss improved to $2.7 million.
Gross margin increased 1.6 points to 56.7%.
The company opened 8 net new stores, ending Q1 with 245 stores.
Forward Guidance
Warby Parker is raising its guidance for the full year 2024.
Positive Outlook
- Net revenue of $753 to $761 million, representing growth of approximately 12.5% to 13.5% versus full year 2023.
- Adjusted EBITDA of $70.0 million at the midpoint of our revenue range, which equates to an adjusted EBITDA margin of 9.2%.
- On track for 40 new store openings this year.
- Plan to maintain a balanced approach to delivering both efficient growth and incremental profitability.
- Q1 results are evidence of the returns we are starting to see from many of our recent investments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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