Warby Parker Inc., a leader in the ophthalmic goods industry, announced the results of its annual shareholder meeting held on June 7, 2024. The meeting included the election of directors and the confirmation of the company’s independent auditor.
Shareholders elected three Class III directors for terms expiring at the 2027 annual meeting. Neil Blumenthal, Andrew Hunt, and Gabrielle Sulzberger were re-elected by a significant majority. The voting results were as follows: Blumenthal received 273,008,570 votes, Hunt received 255,818,660 votes, and Sulzberger received 256,094,319 votes.
In addition to the director elections, shareholders confirmed Ernst & Young LLP as Warby Parker's independent registered public accounting firm for fiscal year 2024. This decision was nearly unanimous, receiving 284,203,798 votes in favor.
Furthermore, shareholders approved on an advisory basis the company's executive compensation plan, with 274,202,643 votes in favor.
The meeting saw a high attendance rate, with approximately 95.91% of the combined voting power of Class A and Class B common stock present in person or by proxy. As of the record date of April 12, 2024, each Class A share had one vote, while each Class B share had ten votes.
In other recent news, Warby Parker Inc. has attracted attention due to strong financial performance and reassessed stock targets. The company’s net revenue for the first quarter of 2024 increased significantly to $200 million, up 16.3% year-over-year, driven primarily by retail channels and eyewear sales. Adjusted EBITDA also saw a notable rise to $22.4 million, reflecting an 11.2% profit margin. Consequently, Warby Parker has raised its full-year net revenue and adjusted EBITDA guidance, attributing this growth to strategic investments in store expansion and product innovation.
In light of these developments, Loop Capital raised Warby Parker's target stock price from $14 to $15, maintaining a hold rating. Similarly, UBS raised its target price from $13 to $15, keeping a neutral rating. Both firms acknowledged Warby Parker's strong start to the year and impressive performance but advised caution given the current market valuations.
