Warby Parker is doubling down on its previous plans to have 200 physical stores with eye exam spaces open by the end of 2022 with a new strategy — launching hundreds of brick-and-mortar locations over the next few years. Despite the digitally native eyewear company’s net loss of $32.2 million during Q2 2022 — up from $21.9 million in Q2 2021 — Co-founder David Gilboa told CNBC that customer demand for physical destinations that offer eye examinations is driving the decision.
The company also has entered the telemedicine business with the recent launch of a virtual vision test that can provide a vision exam and prescriptions in less than 10 minutes.
“As we talk to our customers and ask them why they’re not shopping with Warby Parker, the dual highest responses are one, that there’s not a store near me, and the second is that I don’t have a current prescription,” Gilboa said during the interview. “And so we’re really working to solve those problems for customers by making our stores as accessible and convenient as possible.”
Warby Parker opened nine new stores during Q2 2022 and increased its store count to 190 locations. When reporting on its Q2 performance, the company updated its 2022 outlook to forecast 40 new store openings for the year, which would bring the total to 201.
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In August 2022, Warby Parker cut 63 corporate positions, reducing its executive workforce by 15% and total employee count by 2%. The cuts were made in response to economic challenges as inflation continued to increase.
The good news for Warby Parker lies in the growth it experienced during Q2 2022: net revenues of $149.6 million, a 13.7% increase over Q2 2021. Active customers also increased 8.7% to 2.26 million year over year, and average revenue per customer also grew 8.2% to $254. Warby Parker will release its Q3 earnings on Nov. 10, 2022.
