Warby Parker shares (WRBY) move higher into positive territory Thursday morning after the company raised its full-year guidance as its e-commerce sales grew. The eyeglass retailer posted mixed second quarter results of $188.2 million in revenue ($187.1 million expected) and an adjusted loss of $0.06 per share (a loss of $0.05 was expected).
Warby Parker Co-founder and co-CEO Dave Gilboa joins Wealth! to give insight into the company’s performance and the state of the consumer.
"There’s no question that many consumers are feeling pinched and are being more thoughtful around where they’re spending dollars," Gilboa says, who notes "massive growth" in consumer spending around contact lenses.
"We know that around 40% of our glasses customers wear contacts, and it was the most requested item before we offered it, people wanted to buy a glasses and contacts at the same time, and now we offer that. And we’re seeing really rapid growth, contacts growing around 40% year-over-year and are excited to continue to scale that business as more people are perhaps even trying to look or lean into their insurance," Gilboa highlights.
He comments on the growing acceptance of vision insurance from customers: "So we’ve been working on expanding our insurance coverage. We’re in network with UnitedHealth (UNH), and we announced earlier this year that we’re adding all Versant Health members will be able to use their in-network benefits at Warby Parker, and that integration is underway."
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