Warby Parker posts double-digit revenue growth, narrows losses
Warby Parker announced on Tuesday revenues for the first quarter grew 12.2%, to $172 million, on the back of an increase in active customer numbers and average revenue per customer.
The New York-based company said average revenue per customer increased 8.4% to $270, while active customers increased 2.5%, to 2.29 million during the three months ending March 31.
Moreover, the eyewear firm said it managed to narrow losses during the quarter to $10.8 million.
“Our first quarter performance represents a solid start to 2023,” said co-founder and co-CEO Dave Gilboa. “We achieved double-digit revenue growth, ahead of expectations and well above the current industry forecasted growth rate. We are particularly pleased to be driving strong market share gains while expanding adjusted EBITDA margin. Our teams are doing an excellent job of capturing demand in the current environment through our compelling value proposition, expanding portfolio of products and services, and delivering world class customer service.”
Looking ahead for the full year 2023, Warby Parker said it expects net revenue of $645 to $660 million, representing growth of 8% to 10% versus full year 2022.
"While we continue to be cautious about near-term trends given the uncertain macroeconomic outlook, we remain optimistic about Warby Parker’s future,” added co-founder and co-CEO Neil Blumenthal.
“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.”
Copyright © 2023 FashionNetwork.com All rights reserved.