Warby Parker’s revenue grew 13 percent year over year to $188 million in the second quarter of 2024, a slight drop in growth from its previous quarter’s 16 percent jump.
But the eyewear maker made significant inroads in growing its bottom line and improving two of its weaker spots: e-commerce sales and active customers.
The company’s net losses decreased 57 percent year over year to $7 million in the second quarter. Its adjusted earnings before interest, taxes, depreciation and amortisation rose 38 percent year over year to $20 million.
That bump in profits came even as Warby Parker’s operating costs rose 5 percent versus the same time last year to $114 million. The jump in costs was due in part to 11 new store openings and a ramp up in marketing spend.
But those efforts led to e-commerce sales rising 4 percent, Warby Parker’s highest increase in the channel since the first quarter of 2021. Its active customers — people who have shopped at least once in a 12-month period — also grew 5 percent year over year, a slight uptick from the previous quarter.
Warby Parker raised its full-year guidance, with sales now expected to reach as high as $762 million and adjusted EBITDA to come in at $73 million. Still, the brand’s stock dropped in pre-market trading following its earnings release.
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Warby Parker’s Sales and Profits Soar in 2024
The company’s main growth driver was its continued store openings, with eight new locations during the quarter and a total of 40 anticipated for 2024.
