Warby Parker (NYSE:WRBY) on Thursday joined the slew of retailers that have cut their financial forecasts for the year, even as it reported a narrower-than-expected loss in its fiscal second quarter and sales in-line with analysts’ estimates.
Chief Financial Officer Steve Miller said the eye glasses maker is facing an “uncertain macroeconomic environment.”
“We are taking a disciplined approach to managing costs to set us up for sustainable growth and profitability,” he said in a statement.
As part of its efforts to trim expenses, Warby has cut 63 jobs, representing about 2% of its total employee base and 15% of corporate positions.
At Warby, customer demand started to fall off in the second half of May, executives told analysts on a conference call Thursday morning.
Warby shares rose less than 1% extended trading. As of Wednesday’s market close, the stock had tumbled nearly 70% year to date.
Warby lost a penny per shares, compared to the two cents expected. Revenue proved to be $149.6 million vs. $149.5 million expected
Warby’s loss for the three-month period ended June 30 widened to $32.2 million, or 28 cents per share, from a loss of $18.8 million, or 35 cents a share, a year earlier. Excluding one-time items, it lost a penny a share.
Sales grew roughly 14% to $149.6 million from $131.6 million a year earlier, boosted in part by loyal customers spending more money on average.
WRBY shares popped $2.72, or 19.2%, to $16.90
