{"id":144507,"date":"2021-11-12T14:09:17","date_gmt":"2021-11-12T14:09:17","guid":{"rendered":"https:\/\/precoinnews.com\/?p=144507"},"modified":"2021-11-12T14:09:17","modified_gmt":"2021-11-12T14:09:17","slug":"warby-parker-shares-drop-as-eyeglass-retailers-losses-widen-in-third-quarter","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/warby-parker-shares-drop-as-eyeglass-retailers-losses-widen-in-third-quarter\/","title":{"rendered":"Warby Parker shares drop as eyeglass retailer&#x27;s losses widen in third quarter"},"content":{"rendered":"<ul>\n<li>Warby Parker reported Friday that its third-quarter revenue rose 32% from year-ago levels, but its losses widened.<\/li>\n<li>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. <\/li>\n<li>The eyeglasses maker said its active customers totaled 2.15 million, up 23% from 2020 levels. <\/li>\n<\/ul>\n<p>In this article<\/p>\n<ul>\n<li><span>WRBY<\/span><button class=\"AddToWatchlistButton-watchlistButton\"><span><\/span><\/button><\/li>\n<\/ul>\n<p>Warby Parker reported Friday that its third-quarter revenue rose 32% from year-ago levels, but its losses widened as costs associated with its recent direct listing and stock-based compensation ate into sales.<\/p>\n<p>The eyeglasses maker&#x27;s shares were down more than 9% premarket trading following Warby&#x27;s first financial report as a public company. It went public on the New York Stock Exchange via a direct listing on Sept. 29.<\/p>\n<p>Warby&#x27;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.<\/p>\n<p>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.<\/p>\n<p>Warby also said that as it growsni its contact lenses business, which is about 5% of sales today, those transactions are less profitable and therefore can be a drag on margins.<\/p>\n<p>Revenue grew 32% to $137.4 million from $104.1 million. Sales were up 45% on a two-year basis.<\/p>\n<p>Neil Blumenthal, co-founder and co-CEO, said in an interview that consumers&#x27; shopping habits are beginning to revert to pre-pandemic times, as more people come into Warby&#x27;s stores versus buying online.<\/p>\n<p>&quot;But we don&#x27;t care where that final transaction occurs,&quot; Blumenthal said. &quot;And we&#x27;ve still found more than 70% of our customers are browsing and shopping and interacting with us on our website and on our app before they transact with us.&quot;<\/p>\n<p>The company said active customers totaled 2.15 million, up 23% from 2020 levels.<\/p>\n<p>For the full year, Warby expects revenue to be between $539.5 million and $542 million, representing as much as a 38% jump from a year earlier, or 46% growth on a two-year basis.<\/p>\n<p>The company is still planning to open 35 stores by the end of the year, bringing its total count to 161 locations.<\/p>\n<p>Warby shares closed Thursday at $53.51, down almost 1% from its opening trade price of $54.05.<\/p>\n<p>Find the earnings press release from Warby Parker here.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/11\/12\/warby-parker-wrby-reports-q3-2021-earnings.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Warby Parker reported Friday that its third-quarter<\/p>\n","protected":false},"author":3,"featured_media":144506,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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