Warby Parker Inc. (WRBY) stock plummeted 5.45% in the current-market trading session at the price of $25.49 after reporting its financial results for Q4 and the year 2021.
WRBY, located in New York, is on the mission to motivate and influence the world with purpose, vision, and style. The lifestyle brand fosters ideas, develops products, and invents technologies to enable people to see. Its products include designer prescription glasses, eye exams, contact lenses, and vision tests.
WRBY Q4 2021 Earnings Report
On 17th March 2022, WRBY published its financial results for the quarter and year ended 31st December 2021. Revenue totaled US$132.9M for Q4 of 2021, representing a surge of US$20.1M, or 17.8 percent, from Q4 of 2020. The number of active clients grew by 21.5 percent to 2.20M in the quarter.
For Q4 of 2021, WRBY calculated a gross profit of US$76.3M, a gain of 17.0 percent from the same quarter of 2020. The gross margin in Q4 of 2021 was 57.4 percent compared to 57.8 percent in Q4 of 2020. The company had US$45.9M in net loss for Q4 of 2021. Net loss was US$41.6M for Q4 of the previous year.
WRBY Year 2021 Financial Summary
WRBY reported revenue of US$540.8M for the year 2021. It represents a gain of US$147.1M, or 37.4 percent, from the year 2020. For 2021, gross profit was US$317.7M, an increment of 37.0 percent. For 2021, the gross margin totaled 58.8 percent compared to 58.9 percent in the last year. The company has a net loss of $144.3M for 2021, representing an increment of $88.4M.
Co-CEO of WRBY, Dave Gilboa, commented that during 2021 their business grew incredibly, extended profitability, and acquired shares. 2021 was an exciting year for them as they enhanced focus to creating impact and driving scale. They look ahead to cracking more problems, satisfying more clients, and creating more value for the stakeholders. Moving towards 2022, they are motivated by the opportunities in front of them.