Warby Parker Reports Strong Growth and Optimistic Outlook for 2024
Warby Parker has kicked off 2024 with significant growth, reporting a 16.3 percent increase in net revenue for the first quarter, amounting to $200 million, reported by Business Wire. This marks the company’s highest quarterly revenue growth since 2021. Despite a GAAP net loss of $2.7 million, the company has seen an improvement in profitability metrics, with gross margin climbing 1.6 points to 56.7 percent and adjusted EBITDA reaching $22.4 million.
The adjusted EBITDA margin stood firm at 11.2 percent as the company continued to expand its physical presence. Over the quarter, Warby Parker opened eight new stores, bringing its total to 245 stores nationwide. These openings are part of a broader strategy to increase customer access to its products and services.
Neil Blumenthal, co-founder and co-CEO of Warby Parker, expressed pride in the company’s performance, stating, “We entered 2024 with higher ambitions for delivering on our key metrics and are proud of what the team accomplished in Q1—we drove our highest revenue quarter growth since 2021, up 16.3 percent year over year, while making significant progress to improve profitability”, via Vision Monday.
Looking ahead, Warby Parker has adjusted its full-year expectations, now forecasting net revenue to be between $753 million and $761 million. This represents an anticipated growth of approximately 12.5 percent to 13.5 percent. The company also expects to achieve an adjusted EBITDA of $70 million, corresponding to an adjusted EBITDA margin of 9.2 percent.
The company remains committed to expanding its store network, with plans to open 40 new stores throughout the year. This expansion is aimed at enhancing Warby Parker’s market presence and accessibility, further driving revenue growth.
Dave Gilboa, co-founder and co-CEO, highlighted the company’s strategy moving forward: “We are encouraged to see strength in single-vision glasses as well as efficiencies across media channels, driven by our team’s strong marketing execution. In Q2 and beyond, we’ll continue to invest in customer acquisition while scaling our holistic vision care offering to drive higher customer lifetime value.”
Warby Parker’s focus on strategic marketing and customer acquisition, coupled with its expansion into comprehensive vision care services, positions the company for continued success in the competitive eyewear market. As Warby Parker adapts to changing consumer demands and market dynamics, it remains optimistic about its growth trajectory and its ability to deliver value to its stakeholders.