Categories Consumer, Earnings

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

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