2023-05-09 07:01:03 ET
Warby Parker ( NYSE: WRBY ) reported revenue rose 12.2% in Q1 over last year's level to $172.0M.
Average revenue per customer increased 8.4% to $270. The number of active Customers increased 2.5% to 2.29M.
Gross margin was 55.1% vs. 58.5% a year ago. The decline in gross margin was primarily driven by the impact of the growth in store count driving higher store occupancy and depreciation costs, an increase in salary and benefit costs associated with optometrists as Warby Parker ( WRBY ) scaled its eye exam offering across the fleet to 155 exam locations and the increased penetration of contact lenses, which carry lower gross margins than eyeglasses.
Adjusted EBITDA came in at $17.7M vs. $0.7M a year ago.
Warby Parker ( WRBY ) opened 6 new stores during the quarter to end with a total store count of 204 units.
On the balance sheet, Warby Parker ( WRBY ) ended the quarter with $204.3M in cash and cash equivalents.
CEO outlook: "While we continue to be cautious about near-term trends given the uncertain macroeconomic outlook, we remain optimistic about Warby Parker’s future... We are still in the early stages of building our store footprint and developing our holistic vision offering and see a long runway for sustained, profitable growth in the years ahead."
For the full year, revenue is expected to grow 8% to 10% to $645M to $660M vs. $656M consensus.
Shares of Warby Parker ( WRBY ) were flat in premarket trading at $12.10.
More on Warby Parker:
- Warby Parker Progresses At A Consistent Pace
- Read more breakdowns on Warby Parker from Seeking Alpha analysts
- View the growth metrics
- Check out the financial and valuation comparisons to sector peers
- See into the Seeking Alpha Quant Rating
For further details see:
Warby Parker tops estimates in Q1 as it continues to scale up