Shares of online eyeglass retailer Warby Parker ( NYSE: WRBY ) pushed over 20% higher on Thursday despite a cut to its full-year sales forecast.
For the reported quarter, the company notched narrow beats on top and bottom lines , overcoming inflationary pressures that prompted a 150 basis point contraction in gross margins. Alongside the lighter than expected loss, the company increased its active consumer base by 8.7% to 2.26M while increasing revenue per customer by 8.2%.
“Q2 was another quarter where Warby Parker made strong progress against our core strategic growth initiatives, gained market share, and delighted customers despite shifts in consumer spending,” Co-Founder and Co-CEO Neil Blumenthal commented.
However, the continuing shifts in consumer spending and uncertain economic environment caused the company to offer a far more conservative sales guide than previously promoted. For fiscal 2022, the company is now expecting sales to be within a range of $584M to $595M, down significantly from a range of $650M to $660M forecast in the first quarter. The new forecast also falls well short of the analyst consensus set at $640.84M.
Read more on the details of the second quarter and forecast for the quarters ahead .
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Warby Parker shares rocket higher despite trimmed sales forecast (update)