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Jun 30, 2023
Warby Parker Q2 2023 Earnings Report
Warby Parker reported double-digit revenue growth and adjusted EBITDA margin expansion.
Key Takeaways
Warby Parker's Q2 2023 results showed an 11.0% increase in net revenue to $166.1 million and an improvement in GAAP net loss by $16.2 million to $15.9 million. The company is raising its full year guidance due to better than anticipated results.
Net revenue increased 11.0% year over year to $166.1 million.
GAAP net loss improved $16.2 million to $15.9 million.
Adjusted EBITDA increased $8.2 million to $14.2 million; adjusted EBITDA margin improved 4.5 points to 8.5%.
Opened 13 new stores during the quarter, ending Q2 with 217 stores.
Warby Parker
Warby Parker
Forward Guidance
Warby Parker is revising full year 2023 guidance with net revenue of $655 to $664 million, representing growth of 9.5% to 11.0% versus full year 2022, and adjusted EBITDA of approximately $52 million, or adjusted EBITDA margin of 7.9%. They are on track for 40 new store openings this year.
Positive Outlook
- Net revenue of $655 to $664 million, representing growth of 9.5% to 11.0% versus full year 2022.
- Adjusted EBITDA of approximately $52 million.
- Adjusted EBITDA margin of 7.9%.
- On track for 40 new store openings this year.