A general view of the atmosphere at Warby Parker’s store in The Standard, Hollywood
Michael Buckner | Warby Parker | Getty Images
Warby Parker on Thursday joined the slew of retailers that have cut their financial forecasts for the year, even as it reported a narrower-than-expected loss in its fiscal second quarter and sales in-line with analysts’ estimates.
Chief Financial Officer Steve Miller said the eye glasses maker is facing an “uncertain macroeconomic environment.”
“We are taking a disciplined approach to managing costs to set us up for sustainable growth and profitability,” he said in a statement.
Warby shares rose less than 1% extended trading. As of Wednesday’s market close, the stock had tumbled nearly 70% year to date.
Here’s how Warby did in its fiscal second quarter ended June 30 compared with what analysts were anticipating, based on Refinitiv estimates:
- Loss per share: 1 cent adjusted vs. 2 cents expected
- Revenue: $149.6 million vs. $149.5 million expected
Warby’s loss for the three-month period ended June 30 widened to $32.2 million, or 28 cents per share, from a loss of $18.8 million, or 35 cents a share, a year earlier. Excluding one-time items, it lost a penny a share.
Sales grew roughly 14% to $149.6 million from $131.6 million a year earlier, boosted in part by loyal customers spending more money on average.
The company said its count of active customers increased 8.7% to 2.26 million. It defines these customers as people who have made at least one purchase of any product or service from Warby in the previous 12-month period.
For fiscal 2022, Warby is now calling for sales to be within a range of $584 million to $595 million, down from a prior range of $650 million to $660 million.
It sees its adjusted EBITDA amounting to about $22 million to $26 million, including a $7.5 million hit related to pandemic-related disruptions to its business.
This story is developing. Please check back for updates.
