For the first quarter, Warby Parker's net revenue increased 28 million dollars or 16.3 percent to 200 million dollars.
GAAP net loss for the quarter was 2.7 million dollars, gross margin increased 1.6 points to 56.7 percent, while adjusted EBITDA reached 22.4 million dollars and adjusted EBITDA margin was 11.2 percent.
The company opened eight net new stores during the quarter, ending with 245 stores.
“We entered 2024 with higher ambitions for delivering on our key metrics and are proud of what the team accomplished in Q1–we drove our highest revenue quarter growth since 2021, up 16.3 percent year over year, while making significant progress to improve profitability,” said the company’s co-founder and co-CEO Neil Blumenthal.
For the full year, Warby Parker has raised its guidance. The company expects net revenue of 753 dollars to 761 million dollars, representing growth of approximately 12.5 percent to 13.5 percent, adjusted EBITDA is expected at 70 million dollars, which equates to an adjusted EBITDA margin of 9.2 percent.
The company is on track to open 40 new stores this year.
“We are encouraged to see strength in single-vision glasses as well as efficiencies across media channels, driven by our team’s strong marketing execution. In Q2 and beyond, we’ll continue to invest in customer acquisition while scaling our holistic vision care offering to drive higher customer lifetime value,” added the company’s co-founder and co-CEO Dave Gilboa.
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