Warby Parker, the online eyewear retailer known for its stylish and affordable prescription glasses and sunglasses, has reported a 14% increase in revenue for the third quarter of 2023, signaling a continued strong demand for its products despite economic uncertainties..
According to the company’s financial results released on Thursday, Warby Parker generated $134.9 million in revenue during the three-month period ending September 30, up from $118.3 million in the same period last year. The company attributed this growth to a combination of factors, including increased customer acquisition, higher average order value, and expanded product offerings..
Warby Parker’s gross profit margin also saw a slight improvement, rising from 58.9% in Q3 2022 to 59.3% in Q3 2023. This improvement was primarily driven by a decrease in product costs, partially offset by an increase in fulfillment expenses..
The company’s net loss narrowed significantly, from $11.1 million in Q3 2022 to $4.2 million in Q3 2023. This improvement in profitability was attributed to increased revenue, coupled with cost control measures and improved operational efficiency..
