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Sep 30, 2021
Warby Parker Q3 2021 Earnings Report
Warby Parker's revenue increased and active customers grew, while the company experienced a net loss due to increased expenses.
Key Takeaways
Warby Parker reported a 32% increase in revenue to $137.4 million and a 23% increase in active customers to 2.15 million. However, the company experienced a net loss of $91.1 million primarily due to a significant increase in selling, general, and administrative expenses.
Revenue increased by 32.0% to $137.4 million.
Active customers increased by 23% to 2.15 million.
Gross profit increased by 24.5% to $79.7 million.
Net loss increased to $91.1 million due to higher SG&A expenses.
Warby Parker
Warby Parker
Forward Guidance
Warby Parker expects net revenue of $539.5 million to $542.0 million and an adjusted EBITDA margin of approximately 4% to 5% for the fiscal year 2021. They also plan to open 35 new stores.
Positive Outlook
- Net revenue of $539.5 million to $542.0 million, representing growth of 37% to 38% versus fiscal year 2020
- Net revenue growth of 46% versus fiscal year 2019
- Adjusted EBITDA margin of approximately 4% to 5%
- 35 new store openings
- Total store count to 161
Challenges Ahead
- Guidance does not incorporate future unknown direct or indirect impacts from further resurgences in COVID-19, including the Delta variant.
- Risks related to managing future growth effectively.
- Potential increases in component and shipping costs and changes in supply chain.
- Ability to compete successfully.
- Ability to manage inventory balances and shrinkage.