Warby Parker (WRBY, $16.90) joined a slew of other retailers in announcing a disappointing earnings call. The D2C eyewear brand slashed its guidance and is reining in costs after its Q2 net loss widened by $21.9 million to $32.2 million, mostly due to a 420 basis point bump in SG&A expenses, including labor at more stores, corporate overhead, costs from going public and tech investments.
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. Active customers increased 8.7% to 2.26 million. Beyond its glasses, Warby has a contact lens business (where revenue doubled in Q2) and offers services in its stores for eye exams.