Nov. 17, 2021
Warby Parker’s customer growth since 2020 is impressive, but its financial outlook since its debut on the New York Stock Exchange in October is mixed, according to a report by Lauren Thomas posted to the CNBC website last week.
According to Thomas, the company reported that its active customers totaled 2.15 million, up 23 percent from 2020 levels. “Third-quarter revenue rose 32 percent from year-ago levels, but its losses widened as costs associated with its recent direct listing and stock-based compensation ate into sales,” she writes.
Warby’s net loss for the three-month period ended Sept. 30 grew to $91.1 million, or $1.45 per share, compared with a loss of $41.6 million, or 78 cents a share, a year earlier, Thomas reported. The company reported $65 million in stock-based compensation expenses, $23.9 million of costs tied to its direct listing and $7.8 million in expenses from a stock donation to the Warby Parker Impact Foundation.
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The company reported $65 million in stock-based compensation expenses, $23.9 million of costs tied to its direct listing and $7.8 million in expenses from a stock donation to the Warby Parker Impact Foundation.
According to Thomas, Warby said that as it grows its contact lenses business, which is currently about 5 percent of sales, those transactions are less profitable, and therefore, can be a drag on margins.
