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Warby Parker Inc. (WRBY-2.02%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net revenue of $192.4 million, an increase from $169.8 million in the same quarter the previous year. This growth is attributed to an increase in Average Revenue per Customer and a rise in Active Customers.
Cost of goods sold for the quarter was $87.6 million, representing 45.5% of sales, compared to 45.4% in the same quarter of the previous year. The increase in cost is primarily due to higher product and fulfillment costs.
The company reported a gross profit of $104.9 million for the quarter, compared to $92.7 million in the previous year, with a gross margin of 54.5%.
Selling, general, and administrative expenses decreased to $111.5 million from $112.5 million, primarily due to lower stock-based compensation costs.
Net loss for the quarter was $4.1 million, compared to $17.4 million in the previous year. The improvement is attributed to increased revenue and lower administrative expenses.
Cash provided by operating activities was $78.8 million, while cash used in investing and financing activities was $48.3 million and $3.8 million, respectively.
Warby Parker had cash and cash equivalents of $251.0 million as of September 30, 2024. The company expects its existing cash and cash equivalents, along with funds available under its credit facility, to be sufficient to fund operations for at least the next 12 months.
The filing also details a new credit facility agreement with JPMorgan Chase Bank (JPM-0.55%), providing a $120.0 million revolving credit facility with options to increase up to $175.0 million.
The company identified material weaknesses in its internal controls over financial reporting, specifically related to IT general controls and certain financial reporting processes.
Warby Parker continues to focus on expanding its retail presence, reporting a total of 269 retail stores as of September 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Warby Parker Inc. Class A quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.