Revenue Growth - Net revenue increased 13.3% year over year to $192.4 million, up $22.6 million from the prior year period[4] - For the full year 2024, the company raised its revenue guidance to $765 to $768 million, representing growth of approximately 14% to 15% versus full year 2023[12] - Total net revenue for the three months ended September 30, 2024, was $192,447,000, representing a 13.3% increase from $169,849,000 in the same period of 2023[34] Customer Metrics - Active Customers increased 5.6% to 2.43 million on a trailing 12-month basis, while Average Revenue per Customer increased 7.5% to $305[4] Profitability and Loss - GAAP net loss improved by $13.3 million to $4.1 million, primarily due to leveraging the expense base on higher revenue[9] - The company reported a net loss of $4,072,000 for the three months ended September 30, 2024, compared to a net loss of $17,413,000 for the same period in 2023, reflecting a significant improvement[34] EBITDA Performance - Adjusted EBITDA increased $6.3 million to $17.3 million, with an Adjusted EBITDA Margin of 9.0%, up 2.5 points[10] - Adjusted EBITDA for 2024 is projected to be approximately $73 million at the midpoint of the revenue range, based on an Adjusted EBITDA Margin of 9.5%[12] - Adjusted EBITDA for the three months ended September 30, 2024, was $17,308,000, with an adjusted EBITDA margin of 9.0%[38] Cash Flow - Free Cash Flow for the quarter was $13.1 million, with net cash provided by operating activities of $27.3 million[4] - The company experienced a net cash provided by operating activities of $78,832,000 for the nine months ended September 30, 2024, compared to $47,326,000 in the same period of 2023, an increase of 66.6%[36] - Net cash provided by operating activities for the three months ended September 30, 2024, was $27,282 thousand, an increase from $19,931 thousand in the same period last year[43] - Free cash flow for the three months ended September 30, 2024, was $13,059 thousand, compared to $4,443 thousand in the prior year[43] Expenses - Selling, general, and administrative expenses (SG&A) were $111.5 million, representing 57.9% of revenue, down from 66.2% in the prior year[8] - Selling, general, and administrative expenses for the three months ended September 30, 2024, were $111,480 thousand, accounting for 57.9% of revenue, compared to 66.2% in the same period last year[41] - Selling, general, and administrative expenses for the nine months ended September 30, 2024, were $344,404 thousand, which is 59.3% of revenue, down from 64.7% in the previous year[41] - The adjusted selling, general, and administrative expenses for the nine months ended September 30, 2024, were $302,166 thousand, reflecting a decrease from $267,261 thousand in the same period last year[43] Asset and Equity Growth - Cash and cash equivalents increased to $251,032,000 as of September 30, 2024, from $216,894,000 at the end of 2023, marking a growth of 15.7%[36] - Total assets rose to $637,990,000 as of September 30, 2024, compared to $580,312,000 at the end of 2023, an increase of 9.9%[32] - The company’s total stockholders' equity increased to $336,750,000 as of September 30, 2024, up from $301,787,000 at the end of 2023, representing an increase of 11.6%[32] Inventory and Cost of Goods Sold - Inventory decreased to $52,766,000 as of September 30, 2024, from $62,234,000 at the end of 2023, a reduction of 15.2%[34] - Cost of goods sold for the three months ended September 30, 2024, was $87,580 thousand, compared to $77,117 thousand for the same period in 2023, representing an increase of 6.4%[41] - The company reported a total of $256,964 thousand in cost of goods sold for the nine months ended September 30, 2024, compared to $229,752 thousand for the same period in 2023, indicating a year-over-year increase of 11.9%[41] Gross Profit and Margin - Gross margin was 54.5%, slightly down from 54.6% in the prior year, primarily due to sales growth of contact lenses and increased doctor headcount[7] - Gross profit for the three months ended September 30, 2024, was $104,867 thousand, with a gross margin of 54.5%, slightly down from 54.6% in the prior year[41] - Adjusted gross profit for the three months ended September 30, 2024, was $105,148 thousand, reflecting a gross margin of 54.6%[43] Store Expansion - Opened 13 net new stores during the quarter, ending Q3 with a total of 269 stores[5] Strategic Initiatives - The company has implemented new strategies including stock-based compensation adjustments and ERP system implementation costs, impacting overall expenses[43]

Core Insights - Goldman Sachs analyst Brooke Roach revised ratings on Warby Parker Inc. and Canada Goose Holdings Inc. ahead of their third-quarter earnings, noting fluctuating trends in the apparel sector as summer transitions to early fall [1][2] - Despite volatility expected for the remainder of 2024, early indicators such as falling gas prices and increased consumer discretionary cash flow suggest a more positive outlook for 2025 [1] Warby Parker Inc. (WRBY) - The stock rating was upgraded to Buy from Neutral, with the price target raised to $18 from $15, driven by promising tailwinds including expansion of insurance partnerships, growth in the vision care market, and increasing active customer numbers [2] - Improved gross profit rates from stronger glasses sales and cost-efficiency efforts in stores are expected to enhance fundamentals [2] Canada Goose Holdings Inc. (GOOS) - The stock rating was downgraded to Sell from Neutral, with the price target lowered to $9 from $11.5, reflecting a less appealing risk/reward profile compared to peers in the apparel sector [2][3] - The bearish outlook is attributed to heightened competition, normalizing brand momentum, a slowing global luxury market, and a volatile macroeconomic environment in China [3] - Despite the downgrade, there is optimism regarding strategic initiatives such as product capsules from the new creative director and improved retail execution [3] Market Context - Key factors to monitor include the upcoming U.S. elections and their implications for tariffs and geopolitical risks, a shortened holiday season, and challenges from early fall weather [2]

Eyewear stock Warby Parker Inc (NYSE:WRBY) is on the rise today, after an upgrade from Goldman Sachs to "buy" from "neutral," with a price-target hike to $18 from $15. The analyst in coverage cited strong margin growth and improving fundamentals in comparison to its competitors. At last glance, WRBY was up 3.5% to trade at $17.13, heading for its highest close since early June. Today's pop also has the equity jumping above recent pressure at $16.50. Year to date, the stock is up over 20%. Of the 15 analysts ...

The shares of eyeglasses retailer Warby Parker Inc (NYSE:WRBY) sport a 6.9% pre-market lead, after a bull note from JMP Securities. The analyst upgraded WRBY to "outperform" from "market perform" and set a $20 price target, citing management's constructive commentary as a catalyst for potential growth in upcoming quarters. In addition, Piper Sandler assumed coverage with an "overweigh" rating and $18 price objective. There's room for more bull notes to roll in, with eight of 13 covering brokerages still rec ...

Warby Parker Inc. (WRBY) reported $188.22 million in revenue for the quarter ended June 2024, representing a year-over-year increase of 13.3%. EPS of $0.06 for the same period compares to $0.04 a year ago. The reported revenue represents a surprise of +0.71% over the Zacks Consensus Estimate of $186.89 million. With the consensus EPS estimate being $0.05, the EPS surprise was +20.00%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to ...

Warby Parker Inc. (WRBY) came out with quarterly earnings of $0.06 per share, beating the Zacks Consensus Estimate of $0.05 per share. This compares to earnings of $0.04 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 20%. A quarter ago, it was expected that this company would post earnings of $0.07 per share when it actually produced earnings of $0.08, delivering a surprise of 14.29%. Over the last four quarters, the company ...

Revenue Growth - Net revenue increased 13.3% year over year to $188.2 million[1][2][3] - Net revenue for Q2 2024 increased to $188.2 million, up 13.3% from $166.1 million in Q2 2023[24] - Full-year 2024 net revenue guidance raised to $757 to $762 million, representing 13% to 14% growth[6] Customer Metrics - Active Customers increased 4.5% to 2.39 million, and Average Revenue per Customer increased 8.8% to $302[3] Profitability and Margins - Gross margin increased 1.4 points to 56.0%[2][3] - Gross profit for Q2 2024 rose to $105.4 million, a 16.3% increase from $90.6 million in Q2 2023[24] - Gross profit for Q2 2024 was $105.38 million, representing 56.0% of revenue, up from $90.64 million (54.6% of revenue) in Q2 2023[31] - Adjusted gross profit for Q2 2024 was $105.67 million, compared to $90.93 million in Q2 2023[33] - Adjusted EBITDA Margin increased 1.9 points to 10.4%[2][5] - Adjusted EBITDA for Q2 2024 reached $19.6 million, with an Adjusted EBITDA Margin of 10.4%, up from 8.5% in Q2 2023[28] - Adjusted EBITDA Margin for the first six months of 2024 improved to 10.8%, compared to 9.4% in the same period of 2023[28] - Adjusted EBITDA for 2024 is projected to be $72.5 million at the midpoint of the revenue range, with an Adjusted EBITDA Margin of 9.5%[6] Net Loss and Equity - GAAP net loss improved $9.2 million to $6.8 million[5] - Net loss for Q2 2024 improved to $6.8 million, compared to a net loss of $15.9 million in Q2 2023[24] - Total stockholders' equity increased to $329.4 million in Q2 2024, up from $301.8 million in the previous period[22] Cash Flow and Liquidity - Net cash provided by operating activities was $31.6 million, with Free Cash Flow of $14.0 million[2] - Net cash provided by operating activities for the first six months of 2024 was $51.6 million, compared to $27.4 million in the same period of 2023[26] - Cash and cash equivalents at the end of Q2 2024 stood at $238.0 million, up from $212.7 million at the end of Q2 2023[26] - Net cash provided by operating activities for Q2 2024 was $31.62 million, a 68.7% increase from $18.75 million in Q2 2023[33] - Free cash flow for Q2 2024 was $13.97 million, more than double the $6.53 million in Q2 2023[33] Store Expansion - Company opened 11 net new stores during the quarter, ending Q2 with 256 stores[2] - Company plans to open 40 new stores in 2024[6] Expenses and Costs - Cost of goods sold for Q2 2024 was $82.84 million, a 9.8% increase from $75.46 million in Q2 2023[31] - Selling, general, and administrative expenses for Q2 2024 were $114.34 million, a 5.0% increase from $108.87 million in Q2 2023[31] - Adjusted selling, general, and administrative expenses for Q2 2024 were $98.16 million, compared to $86.76 million in Q2 2023[33] - Stock-based compensation expense for Q2 2024 was $14.1 million, down from $18.2 million in Q2 2023[28] - Stock-based compensation expense for Q2 2024 was $285,000 for cost of goods sold and $13.81 million for selling, general, and administrative expenses[33] - Non-cash charitable donation expense for Q2 2024 was $2.20 million, compared to $600,000 in Q2 2023[33] - ERP implementation costs for Q2 2024 were $0, compared to $3.64 million in Q2 2023[33] Investments - The company invested $2.0 million in an optical equipment company during Q2 2024[26]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-40825 Warby Parker Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or ...

Warby Parker Inc. (NYSE:WRBY) Q1 2024 Earnings Conference Call May 9, 2024 8:00 AM ET Company Participants Jaclyn Berkley - Head of IR Neil Blumenthal - Co-Founders and Co-CEO Dave Gilboa - Co-Founders and Co-CEO Steve Miller - Senior Vice President and CFO Conference Call Participants Oliver Chen - TD Cowen Dana Telsey - Telsey Group Amy Teske - Baird Mark Mahaney - Evercore ISI Janine Stichter - BTIG Dylan Carden - William Blair Evan Dorschner - Goldman Sachs Operator Hello, and welcome to today's Warby ...

Warby Parker Announces First Quarter 2024 Results Net revenue increased 16.3% year over year to $200.0 million; Company raises outlook Average Revenue per Customer increased 9.6% year over year to $296 NEW YORK, May 9, 2024. Warby Parker Inc. (NYSE: WRBY) ("Warby Parker" or the "Company"), a direct-to- consumer lifestyle brand focused on vision for all, today announced financial results for the first quarter ended March 31, 2024. "We entered 2024 with higher ambitions for delivering on our key metrics and a ...