Warby Parker Inc. WRBY reported Tuesday a fourth-quarter net loss that narrowed from a year ago but was wider than expected, while revenue rose above forecasts. The eyeglass seller’s stock was still inactive in premarket trading. Net losses narrowed to $20.25 million, or 18 cents a share, from $45.90 million, or 41 cents a share, in the year-ago period. The FactSet net-loss consensus was loss of $19.6 million. Revenue grew 10.2% to $146.49 million, above the FactSet consensus of $142.6 million. Cost of sales rose more than sales, up 16.2% to $65.84 million, as gross margin contracted to 55.1% from 57.4%. For 2023, the company expects revenue of $645 million to $660 million, below the FactSet consensus of $666.7 million. The stock has tumbled 17.8% over the past three months while the S&P 500 SPX has gained 0.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.