Warby Parker Announces Positive Third Quarter Earnings

Warby Parker Announces Positive Third Quarter Earnings

Warby Parker Inc. (NYSE: WRBY) shares rose 7% Friday after announcing financial results for its first earnings report since becoming a publicly-traded company in September. Nevertheless, the company experienced losses related to its recent IPO and stock-based compensation, which ultimately negatively impacted sales.

“Every day, we strive to design high-quality products, deliver remarkable customer experiences, and develop innovative technologies that help the world see. Our strong third-quarter results reflect our commitment to achieving these goals while delivering ambitious, long-term sustainable growth,” said Co-Founder and Co-CEO Dave Gilboa.

“We’re incredibly proud of the milestones we achieved in Q3, from opening our second optical lab to going public via a direct listing–and being the first public benefit corporation to do so,” added Co-Founder and Co-CEO Neil Blumenthal. “As we look ahead, we remain laser-focused on executing against our growth strategies by increasing our active customer base, expanding our retail footprint, and delivering innovative products and services that further our mission to inspire and impact the world with vision, purpose, and style.”

The company reported an earnings loss of USD1.45 per share, compared to the loss of USD0.78 a share it stipulated during the same time period the previous year. Revenue amounted to USD137.4 Million, a 32% increase from the previous year’s metrics.

According to Blumenthal, consumers have begun to steer back to pre-pandemic tendencies by opting to shop at Warby’s physical stores, versus online shopping.

“But we don’t care where that final transaction occurs,” Blumenthal said. “And we’ve still found more than 70% of our customers are browsing and shopping and interacting with us on our website and on our app before they transact with us.”

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