Additionally, Miller acquired 26,511 shares through the exercise of restricted stock units, though these acquisitions were at no cost. Following these transactions, Miller's direct ownership of Warby Parker (NYSE:WRBY) stock stands at 189,146 shares. These share sales were conducted to cover tax obligations associated with the vesting of restricted stock units, as per the company's equity compensation plan. Based on InvestingPro's Fair Value analysis, the stock appears to be trading above its Fair Value, with analyst price targets ranging from $17 to $26. Get access to 10+ additional exclusive ProTips and comprehensive analysis with an InvestingPro subscription. Based on InvestingPro's Fair Value analysis, the stock appears to be trading above its Fair Value, with analyst price targets ranging from $17 to $26. Get access to 10+ additional exclusive ProTips and comprehensive analysis with an InvestingPro subscription.
Additionally, Miller acquired 26,511 shares through the exercise of restricted stock units, though these acquisitions were at no cost. Following these transactions, Miller's direct ownership of Warby Parker stock stands at 189,146 shares. These share sales were conducted to cover tax obligations associated with the vesting of restricted stock units, as per the company's equity compensation plan.
In other recent news, Warby Parker reported strong Q3 2024 results, showcasing robust growth and expansion. The eyewear company's net revenue saw a significant year-over-year increase, reaching $192.4 million, marking a 13.3% growth compared to the previous year. This performance prompted Warby Parker to raise its full-year revenue growth guidance to 14-15% and set a target for approximately $73 million in adjusted EBITDA. The company's strategic expansion in physical stores and enhancements in its e-commerce platform were key growth drivers, along with the successful integration of in-network insurance partnerships.
The number of active customers increased to 2.4 million, up 5.6% year-over-year, and average revenue per customer rose by 7.5%. E-commerce revenue grew by 1% year-over-year, with a 35% surge in single vision glasses and contact lens sales. Warby Parker also reported a 40% increase in eye exam revenue, highlighting the company's focus on comprehensive vision care services.
Looking ahead, Warby Parker projects Q4 revenue between $184 million and $187 million, with an anticipated adjusted EBITDA margin of 7.3%. The company plans to continue opening at least 40 stores annually due to the low store density in major markets, expecting multi-year benefits from its partnership with Versant Health as more customers utilize in-network benefits.
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