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Sep 30, 2023
Warby Parker Q3 2023 Earnings Report
Warby Parker's revenue increased and exceeded prior outlook, while raising full-year revenue guidance.
Key Takeaways
Warby Parker reported a 14.2% increase in net revenue to $169.8 million for Q3 2023. The company raised its full-year revenue guidance, reflecting confidence in its strategic direction.
Net revenue increased by 14.2% to $169.8 million.
Average Revenue per Customer increased 10.0% to $284.
GAAP net loss improved $6.4 million to $17.4 million.
Opened 11 new stores during the quarter, ending Q3 with 227 stores.
Warby Parker
Warby Parker
Forward Guidance
Warby Parker is revising guidance for the full year 2023 with net revenue of $666 to $669 million, representing growth of approximately 11.5% at the midpoint versus full year 2022 and Adjusted EBITDA of approximately $52.7 million, or adjusted EBITDA margin of 7.9%. Company is on track for 40 new store openings this year.
Positive Outlook
- Net revenue of $666 to $669 million, representing growth of approximately 11.5% at the midpoint versus full year 2022.
- Adjusted EBITDA of approximately $52.7 million.
- Adjusted EBITDA margin of 7.9%.
- On track for 40 new store openings this year.
- Maintaining a disciplined approach to spend.
Challenges Ahead
- Headwinds facing the consumer in the current macro environment.
- Uncertainty and potential variability of stock-based compensation.
- Uncertainty and potential variability of taxes.
- Impacts from the rapidly evolving global tax environment.
- Significant changes in our geographic mix, merger and acquisition activity, or changes in our business outlook.