Discover the latest triumph of eyewear innovator Warby Parker, as the New York-based brand reports an impressive 14% surge in third-quarter revenues. Closing the quarter on September 30, 2023, Warby Parker’s net revenues soared by $21.1 million, reaching an outstanding $169.8 million. The company notched up a 1.8% increase in active customers, now boasting a formidable 2.30 million-strong customer base, while the average revenue per customer surged by a robust 10% to an impressive $284.
Fueling this success, Warby Parker strategically opened 11 new stores during the quarter, amassing a total of 227 stores by Q3 end—a testament to the brand’s unwavering commitment to expanding its retail footprint.
Co-founder and co-CEO Neil Blumenthal expressed pride in the Q3 performance, stating, “In Q3, we achieved our strongest revenue growth year-to-date at 14.2%. This success is attributed to 11 new store openings, four collection launches, contacts outperformance, and more. Our customers continue to find exceptional value in our products, and we are dedicated to serving them through our expanding retail footprint, innovative products, and comprehensive vision care services.”
Despite robust revenue growth and an expanding customer base, the company reported a GAAP net loss of $17.4 million. The gross profit saw a commendable increase of 9.8%, totaling $92.7 million. However, the gross margin experienced a slight dip from 56.7% in the prior year period to 54.6%, primarily due to the accelerated growth of contact lenses, which carry lower gross margins compared to other eyewear products.
Looking ahead, Warby Parker projects a 2023 net revenue range of $666 to $669 million, indicating an 11.5% growth at the midpoint compared to the full year of 2022. The company remains committed to opening 40 new stores by the end of the year.
Chief Financial Officer Steve Miller acknowledged prevailing macroeconomic challenges, stating, “While our top and bottom lines exceeded our previous outlook for Q3, we remain mindful of consumer headwinds in the current macro environment. Given our outperformance year-to-date, we are revising our full-year revenue guidance and maintaining a disciplined approach to spending.” Experience the visionaries at Warby Parker and their commitment to innovation, growth, and unparalleled customer satisfaction.
