Neil Blumenthal, co-CEO of the company Warby Parker Inch. (NYSE:), recently sold 36,163 shares of the company’s Class A common stock. The shares were sold at an average price of $22.61, for a total of approximately $817,645. The transaction comes after Warby Parker shares have returned an impressive 109% over the past year, and the company’s market capitalization now stands at $2.85 billion. This transaction was part of a routine sale required under the equity compensation plan to cover taxes on vested restricted stock units. Following the sale, Blumenthal retains direct ownership of 12,177 shares of Class A Common Stock. In addition, he has indirect ownership through various foundations, totaling a significant stake in the company. According to InvestingPro analysis, WRBY is currently trading above its fair value, with 13 additional exclusive ProTips available to subscribers, including detailed insights into profitability trends and growth prospects.
In other recent news, Warby Parker reported strong earnings growth for the third quarter of 2024, with net income reaching $192.4 million, up 13.3% year-over-year. The company subsequently raised its full-year revenue growth guidance to 14-15% and set an adjusted EBITDA target of approximately $73 million. Key drivers of this growth include the expansion of physical stores, improvements to the e-commerce platform and the successful integration of insurance partnerships within the network. The company also reported a 5.6% year-over-year increase in active customers to 2.4 million, and a 7.5% increase in average revenue per customer. Additionally, Warby Parker saw a 20% increase in retail revenue and 1% growth in e-commerce revenue, with a 40% increase in vision exam revenue. These developments reflect the company’s ongoing commitment to growth and improved customer service. The company expects fourth-quarter revenue of between $184 million and $187 million and plans to continue opening at least 40 stores a year.
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