Warby Parker improves Q3 net revenues by 13.3 percent

Warby Parker’s net revenue increased 22.6 million dollars or 13.3 percent to 192.4 million dollars.

GAAP net loss for the quarter improved to 4.1 million dollars and adjusted EBITDA increased 6.3 million dollars to 17.3 million dollars with adjusted EBITDA margin increasing 2.5 points to 9 percent.

“Warby Parker’s Q3 performance is a direct result of our team’s commitment to making progress on our strategic initiatives, in particular expanding our marketing efforts, investing in store expansion, and enhancing our holistic vision care offering,” shared co-founder and co-CEO Neil Blumenthal.

The company’s active customers increased 5.6 percent to 2.43 million on a trailing 12-month basis, and average revenue per customer increased 7.5 percent to 305 dollars. Warby Parkers opened 13 net new stores during the quarter, ending with 269 stores.

For the full year, Warby Parker is raising its guidance and expects net revenue of 765 to 768 million dollars, growth of approximately 14 percent to 15 percent, adjusted EBITDA of approximately 73 million dollars at the midpoint of our revenue range, based on an adjusted EBITDA margin of 9.5 percent. The company is on track to open 40 new stores this year.

“We’re particularly encouraged by the momentum we’re seeing in early Q4. As we close out the year, we’re focused on continuing to capture market share, bring new customers to the brand, and deliver on our commitment to accelerate growth and improve profitability year over year,” added co-founder and co-CEO Dave Gilboa.