Warby Parker Inc., under the stock ticker WRBY, reported a lower net loss of $2.7 million for the first quarter, a significant decrease from the previous year's loss of $10.8 million. The reduction in losses is primarily attributed to an increase in the company's revenue. Per share, the reported net loss stands at $0.02, down from $0.09 the previous year.
Seven analysts who were surveyed by Thomson Reuters had originally predicted the company would report a quarterly profit per share of $0.07. However, it's essential to note that these estimates typically do not consider special items. Nonetheless, Warby Parker's adjusted EBITDA improved, rising to $22.4 million from $17.7 million reported the previous year.
The company also recorded a 16.3% growth in net revenue, totaling $200.0 million as opposed to the preceding year's figures. Generally, analysts had anticipated a revenue figure in the area of $196.34 million. Moreover, the Average Revenue per Customer showed a positive trend as well, increasing by 9.6% compared with the prior year.
As for the outlook for the entire 2024, Warby Parker has revised its previous guidance upward. Net revenue, for instance, is now predicted to fall within $753 to $761 million. Consequently, the company is projecting an adjusted EBITDA of $70.0 million, which is considered the midpoint of the revenue bracket. Previously, Warby Parker had issued projections for a net revenue within $748 to $758 million and adjusted EBITDA of $67 million at the revenue range's midpoint.
Moreover, Warby Parker's shares exhibited positive performance, showing a 19% increase to $14.87 in Thursday's pre-market trading.
