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Warby Parker Gains on New Guidance as Sales Beat Estimates -Breaking

by Mike Robinson

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© Reuters.

By Dhirendra Tripathi

Investing.com – Warby Parker The stock market (NYSE) increased more than 6.6% on Friday, as eyeglass retailer Eyeglass Direct raised its outlook to the year. This was after September quarter sales were higher than expected and profits exceeded expectations.

According to the company, current year net revenue will be $539.5million to $542million. This is an increase of 37% to 38% over last year. With 161 total stores, it expects to end the year. After opening nine additional stores, it closed the third quarter at 154 stores.

Net revenue increased 32% to $137million due to a higher store count and active customers. The number of active customers grew by 395,000. That’s 23% to 2.15 Million.

After a loss of $41million in the last quarter, $91 million was the net loss for the September quarter. The September direct listing at the NYSE resulted in higher costs.

Additionally, revenue growth was partially offset by stock donations to Warby Parker Impact Foundation and equity-based pay.

 

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