Warby Parker (WRBY) Q2 2022 Earnings Results

By Amit Chowdhry ● Aug 11, 2022
  • Warby Parker (WRBY) has announced its Q2 2022 earnings results. These are the details.

Warby Parker (WRBY) has announced its Q2 2022 earnings results. Below are the highlights.

Q2 2022 Highlights

— Net revenue increased $18.1 million, or 13.7%, to $149.6 million compared to the second quarter of 2021 and increased 19.1% on a 3-year CAGR basis compared to the second quarter of 2019.

— Increased active customers 8.7% to 2.26 million year over year.

— Average revenue per customer increased 8.2% year over year to $254.

— Q2 2022 GAAP net loss of $32.2 million.

— Q2 2022 adjusted EBITDA of $5.9 million and an adjusted EBITDA margin of 4.0%.

— Opened 9 new stores during the quarter, ending the quarter with 178 stores.

— More than doubled revenue of our contact lens offering.

— Maintained a Net Promoter Score of 80.

Updated 2022 Outlook

For the full year 2022, Warby Parker is revising its outlook to the following:

— Net revenue of $584 to $595 million, representing growth of 8% to 10% versus full year 2021.

— Adjusted EBITDA margin of approximately 3.8% to 4.4%, or Adjusted EBITDA(1) of approximately $22 to $26 million, which includes an estimated impact of approximately $7.5 million related to the disruption caused by Omicron to the start of the year.

— 40 new store openings bringing the total store count to 201.

KEY QUOTES:

“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

“We offer products and services people need to see, and believe we offer unparalleled value and a superior customer experience that well position us over the long term. Our team remains focused on sustainable growth, expanding profitability, and providing vision for all.”

— Co-Founder and Co-CEO Dave Gilboa

“We are pleased that our second quarter top-line performance was in-line with our expectations and adjusted EBITDA was ahead, especially given the uncertain macroeconomic environment. In light of these challenges, we have rationalized our expense base and adopted a new outlook on the remainder of the year. As a leadership team, we are taking a disciplined approach to managing costs to set us up for sustainable growth and profitability.”

— Chief Financial Officer Steve Miller