NEW YORK - Warby Parker Inc. (NYSE: NYSE:WRBY) saw its stock climb 2.2% after the eyewear retailer reported better-than-expected third quarter revenue and raised its full-year outlook.
The company posted revenue of $192.4 million for Q3, surpassing analyst estimates of $190.2 million and representing a 13.3% increase year-over-year. However, Warby Parker reported an adjusted loss per share of $0.03, falling short of the $0.05 profit analysts were expecting.
"We're particularly encouraged by the momentum we're seeing in early Q4," said Co-Founder and Co-CEO Dave Gilboa. "As we close out the year, we're focused on continuing to capture market share, bring new customers to the brand, and deliver on our commitment to accelerate growth and improve profitability year over year."
For the full year 2024, Warby Parker raised its revenue guidance to a range of $765 million to $768 million, up from its previous forecast and above the consensus estimate of $761.6 million. The company also expects an adjusted EBITDA margin of 9.5% at the midpoint of its revenue range.
The eyewear retailer reported that active customers increased 5.6% year-over-year to 2.43 million, while average revenue per customer rose 7.5% to $305. Warby Parker opened 13 new stores during the quarter, ending Q3 with 269 locations.
"We're pleased that we delivered continued revenue growth and adjusted EBITDA margin expansion in the third quarter," said Chief Financial Officer Steve Miller. "Given outperformance year-to-date, we are raising our full year revenue and adjusted EBITDA guidance, which we anticipate will set the stage for a strong 2025."
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