NEW YORK—Warby Parker Inc. (NYSE: WRBY) has announced financial results for the second quarter ended June 30, 2024. The company reported that net revenue increased $22.1 million, or 13.3 percent, to $188.2 million, as compared with the prior year period. Gross profit increased 16.3 percent to $105.4 million during the second quarter, while the company reported active customers increased 4.5 percent to 2.39 million, with average revenue per customer increasing 8.8 percent to $302. “We’re proud of the progress we’re making on our core strategic initiatives to accelerate growth,” shared co-founder and co-CEO Dave Gilboa. “In Q2, we drove our fourth consecutive quarter of active customer growth and our highest ecommerce growth since the first quarter of 2021.”

“Our strong results demonstrate Team Warby’s ability to drive sustainable growth," said co-founder and co-CEO Neil Blumenthal. "Amidst strategic reinvestment in customer acquisition, store expansion, proprietary technology and more, we’re still expanding the bottom line and delivering value for our stakeholders.” 

The company reported GAAP net loss improved $9.2 million to $6.8 million during the quarter, primarily as a result of the increase in revenue. Gross margin increased 1.4 points to 56.0 percent, as compared with the prior year period. The increase in gross margin was primarily driven by faster growth in glasses, lower outbound customer shipping costs as a percent of revenue, and efficiencies in the company’s owned optical laboratories, partially offset by sales growth of contact lenses, and increased doctor salaries as the number of stores offering eye exams grew, the company stated.

Warby Parker ended the second quarter of 2024 with $238.0 million in cash and cash equivalents. The company also reported the opening of 11 net new stores during the quarter, ending Q2 with 256 stores. The company also announced that it has raised its 2024 full-year guidance with net revenue now in a range of $757 million to $762 million, representing growth of approximately 13 percent to 14 percent versus full year 2023, and that it's on track to open 40 new stores this year.

“We’re very encouraged by our year-to-date performance,” said chief financial officer Steve Miller. “We continue to demonstrate our ability to deliver on our twin pillars of growth and incremental profitability that underpin the success of the business.”