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Warby Parker expects ‘strong’ growth; NYSE certifies listing

By Ernie Sadashige

17:04, 21 September 2021

Warby Parker store
Warby Parker Eyeglass store - Photo: Shutterstock

Warby Parker released Tuesday financial guidance for 2021 and 2022, which reflects "strong and consistent revenue," the direct-to-consumer eyewear brand said.

"As we look ahead to the remainder of the year and into 2022, we expect these trends to sustain, supported by continued strong customer economics, our expanding retail footprint, as well as continued steady increases in active customers and average order value as we evolve into a holistic vision care company," said CFO Steve Miller.

The New York-based company plans to add 30 to 35 new stores this year bringing the total to 155 to 160 locations. As of 30 June, Warby Parker had 145 shops open.

Financial guidance

The company expects net revenue for the third quarter ending 30 September to fall between $131m- $133m, representing 26% to 28% growth compared with the same period a year ago and up 38% to 40% from the third quarter of 2019.

The adjusted EBITDA margin is estimated to be approximately 4% to 5%.

Net revenue for 2021 is expected to be $532m-$537m, up 35% to 36% year on year and up 44% to 45% compared with 2019.

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The forecast for 2022 calls for revenue growth of at least 25% when compared with 2021 and an adjusted EBITDA margin one to two percentage points above 2021.

NYSE listing approved

Earlier this month, Warby Parker released a video promoting its upcoming listing on the New York Stock Exchange (NYSE).

The company disclosed Tuesday that the NYSE had certified the company’s listing and registration of Class A common shares.

Warby Parker had previously said it expects to begin trading on or about 29 September under the symbol “WRBY”.

Net revenue for the first half of 2021 was $270.5m, up 53% from the prior year. The net loss narrowed to $7.3m from $10.0m in the prior period. Adjusted EBITDA grew to $20.1m from $1.2m.

Read more: Warby Parker releases video hyping IPO

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