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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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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