Tim Beyers

They had to come out and say, well, we came in lower than planned, and they forecast Q4 revenue growth of only 11% to 12% revenue growth for that quarter.

and that was apparently on macro weakness.

They also saw average selling prices come under pressure as people went for the lower-priced glasses, lower-priced contacts, lower-priced glasses.

This, by the way, is also a company that has been under serious pressure due to the tariffs, and tariffs particularly in its primary supply

Their primary supply chain is out of Vietnam and Vietnam has been absolutely crushed by tariffs.

And that has really hurt Warby Parker to a large degree.

We really did see it in this quarter.

Now, having said that, this is still the brand leader.

I mean, I have my Warby Parker classes.

I got them just about a year ago.

I love them.

I think they're great.

And I'm not the only one here.

Average customers grew 9.3%.

There are now 2.7 million.

These stores, and again, the four-wall EBITDA margins on a Warby Parker store are absolutely outrageous.

They are over 30%, they are close to 35%.

And even in this quarter where things didn't go quite right, overall adjusted EBITDA was up close to 50% to about $25.7 million.

That is significant.

So, this is still a highly efficient business, even though the macro factors are really crushing it a bit.