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Jun 30, 2024
Warby Parker Q2 2024 Earnings Report
Warby Parker's Q2 2024 earnings were announced, with revenue increasing and the company raising its full-year outlook.
Key Takeaways
Warby Parker reported a 13.3% increase in net revenue to $188.2 million for Q2 2024. The company raised its full-year outlook, driven by active customer growth and increased average revenue per customer. They also opened 11 net new stores, ending the quarter with 256 stores.
Net revenue increased by 13.3% year-over-year to $188.2 million.
Gross margin increased by 1.4 points to 56.0%.
GAAP net loss improved to $6.8 million.
Opened 11 net new stores, bringing the total to 256 stores.
Warby Parker
Warby Parker
Forward Guidance
Warby Parker is raising its guidance for the full year 2024.
Positive Outlook
- Net revenue of $757 to $762 million, representing growth of approximately 13% to 14% versus full year 2023.
- Adjusted EBITDA of $72.5 million at the midpoint of our revenue range, which equates to an Adjusted EBITDA Margin of 9.5%.
- On track to open 40 new stores this year.
- Demonstrates ability to deliver on growth.
- Demonstrates ability to deliver incremental profitability.
Challenges Ahead
- Based on management's expectations as of the date of the press release, which are subject to change.
- Subject to risks and uncertainties.
- Guidance is forward-looking.
- May not achieve profitability.
- Growth in e-commerce channel may not be achieved.