NEW YORK—Warby Parker Inc. (NYSE: WRBY) announced financial results for the second quarter ended June 30, 2023. Net revenue increased $16.5 million, or 11.0 percent, to $166.1 million. GAAP net loss decreased $16.2 million to $15.9 million, while gross profit increased 5.0 percent to $90.6 million. The company also raised its full-year revenue outlook. Adjusted EBITDA increased $8.2 million to $14.2 million and adjusted EBITDA margin improved 4.5 points from 4.0 percent to 8.5 percent, according to the announcement.

“We delivered another quarter of double-digit revenue growth and strong adjusted EBITDA margin expansion,” said co-founder and co-CEO Dave Gilboa. “The work we’ve done realigning our expense structure is enabling us to balance improving profitability with reinvesting in the business to drive sustained market share gains long term.”

“Our stores are playing an increasingly important role in attracting new consumers to our brand and extending the reach and availability of our holistic vision offering,” added co-founder and co-CEO Neil Blumenthal. “Equally important, our stores continue to generate strong margins and high returns on capital even as the optical industry has recently experienced demand headwinds. We opened 13 new stores in the second quarter, remain on track to open 40 new stores this year, and believe we have the potential to reach at least 900 locations over time.”

For the full year 2023, Warby Parker revised its guidance as follows: Net revenue of $655 million to $664 million, representing growth of 9.5 percent to 11.0 percent versus full year 2022; adjusted EBITDA of approximately $52 million, or adjusted EBITDA margin of 7.9 percent; and 40 new planned store openings.

“We are pleased to build upon our early success this year and deliver another quarter of outperformance, both from a topline and adjusted EBITDA perspective,” said chief financial officer Steve Miller. “Given our better than anticipated results in the first half of 2023, we are raising our full-year guidance. While growth for the broader optical industry remains slow, our proven ability to capture market share despite these difficult operating conditions gives us confidence.”