Warby Parker posts revenue rise of 32%

By

Robin Driver

Published
Nov 15, 2021

Following its IPO in August, digital-first eyewear retailer Warby Parker Inc. has reported net revenue of $137.4 million for the third quarter ended September 30, 2021, an increase of 32.0% compared to $104.1 million in the same period in the previous year. The company had 2.15 million active customers in the quarter, up 23% from the prior-year period.

 
Despite this progress, Warby Parker’s net loss widened from $41.6 million in Q3 2020 to $91.1 million in its latest third quarter. This was primarily due to an increase of $66.3 million in the company’s selling, general and administrative expenses, which totaled $171.6 million in the quarter, largely as a result of stock-based compensation and direct listing expenses.
 
Compared to the third quarter of 2019, before the company felt the negative impact of temporary Covid-19-related store closures, net revenue rose 45% from $94.7 million. Net income in Q3 2019 was $1.4 million.

“We’re incredibly proud of the milestones we achieved in Q3, from opening our second optical lab to going public via a direct listing–and being the first public benefit corporation to do so,” commented Warby Parker co-founder and co-CEO Neil Blumenthal in a release.
 
“As we look ahead, we remain laser focused on executing against our growth strategies by increasing our active customer base, expanding our retail footprint, and delivering innovative products and services that further our mission to inspire and impact the world with vision, purpose and style,” added the executive.
 
In line with its Q3 results, Warby Parker also announced that it has raised its full-year 2021 guidance. The company now expects its annual net revenue to total between $539.5 million and $542.0 million, representing growth in the range of 37% to 38% compared to fiscal 2020 and of 46% versus 2019.
 
Having opened nine new brick-and-mortar locations over the course of the third quarter, Warby Parker finished September with 154 stores. The company intends to complete the fiscal year with 161 locations.