Warby ParkerAfter the retailer of eyewear reported losses, shares fell in premarket trade Thursday. It said it suffered sales declines during the holiday quarter because of the Covid-19 omicron variation. People were not able to access stores.

The company also issued a weaker-than-anticipated forecast for 2022 sales. Warby Parker anticipates an annual revenue of between $650 million and $660 millions. According to data from Refinitiv, analysts were expecting $687.7 millions.

Recently, the stock fell by around 20%. The stock dropped further after the quarterly financial reports were released.

Warby Parker suffered a net loss for the period Dec. 31, of $45.9m, which is 41 cents per share. It had previously experienced a loss $4.3million, which was 8 cents per share. The company attributed these larger losses to an increase of $31.6 million in stock-based compensation expense, and related employer payroll taxes.

From $112.8million a year earlier, revenue climbed to $132.9 Million.

Warby Parker attributed the decline in sales to the spread of the Omicron variant. This coincided with peak demand for the optical industry, as customers use the last of their flexible spending money before the New Year.

According to data from Refinitiv, analysts expected Warby Parker’s fourth-quarter sales to be $133 Million. This would represent a 9c per share loss.

Warby Parker has released the complete earnings press release here.

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