Warby Parker Shares Fell During Premarket Trading Thursday

Mar 17, 2022 By MarketDepth

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Warby Parker (NYSE: WRBY) shares fell during premarket trading Thursday after the company reported mixed fourth quarter and full year 2021 results. The dip comes after the company struggled throughout the holiday quarter as the omicron variant steered people away from stores. Furthermore, the retailer disclosed a disappointing sales outlook for 2022.

Lower Than Anticipated Earnings

The online prescription glasses retailer reported an earnings loss of USD0.08 per share, compared to the expected loss of USD0.09 a share. Revenue amounted to USD132.89 Million, lower than analysts anticipated USD133.35 Million.

“2021 was a milestone year for Warby Parker, and one filled with moments that reinforce our commitment to driving scale and creating impact. Despite the ongoing impacts of the pandemic, our 2021 performance reflects the strength of our brand, our unique value proposition, and the resilience of our highly engaged team as we continue to deliver long-term sustainable growth. As we turn the page to 2022, we’ve never been more energized by the possibilities in front of us.”

Co-Founder and Co-CEO Neil Blumenthal

Full year net revenue rose to USD540.8 Million, a 37.6% increase from 2020’s full year and a 46% rise compared to full year 2019. Net loss also increased to USD144.3 Million as a result of the rise in SG&A.

“We operate in a large and growing category and are emerging from the pandemic in a position of strength. During 2021, our business grew significantly, expanded profitability, and gained share. From broadening our glasses, contacts, and exam offerings to opening 40 new stores and introducing first-to-market digital tools, this year we look forward to solving more problems, delighting more customers, and creating even more value and impact for our stakeholders.”

Co-Founder and Co-CEO Dave Gilboa