Earnings Summary: Everything you need to know about Warby Parker’s Q1 results

Warby Parker Inc. (NYSE: WRBY), a leading eyewear retailer that sells prescription glasses and accessories, has reported higher revenues for the first quarter of 2024.

• First-quarter net revenue increased 16.3% year-over-year to $200.0 million, compared to the prior year period
• Average revenue per customer increased 9.6% to $296; active customers increased 3.2% to 2.36 million
• The company reported a net loss of $2.7 million for the March quarter, compared to a loss of $10.8 million last year
• On a per-share basis, the first-quarter net loss was $0.02, compared to a loss of $0.09 a year earlier
• Gross margin increased 1.6 points annually to 56.7% during the three months
• EBITDA, on an adjusted basis, was $22.4 million in Q1; adjusted EBITDA margin came in at 11.2%
• The company generated $19.9 million of operating cash flow in Q1; free cash flow was $5.5 million
• During the first quarter, Warby opened eight net new stores and ended the period with 245 stores