Warby Parker is inching closer to profitability.
Dave Gilboa, Warby’s other cofounder and co-CEO, added: “Thanks to our team’s hard work and execution, Warby Parker delivered solid results in a quarter where inflationary concerns and weakening consumer demand continue to impact our industry. Our team took important steps to advance our mission and strategic growth initiatives, all while maintaining our focus on exceeding customer expectations and making it easier to choose Warby Parker.
In addition, Warby continues to invest in its eye exam business, with plans to expand the service to 150 stores, up from 139 right now, by the end of the year while hiring more optometrists. Warby Parker narrowed its losses to $23.8 million, compared with losses of more than $91 million during 2021’s third quarter.
In August, the retailer laid off 15 percent of its corporate workforce last quarter, as many companies were just beginning to implement staff reductions to curb costs. Recent layoffs have been heavily concentrated in tech, including the likes of Facebook’s Meta and Twitter, which is now owned by Elon Musk. Warby Parker is now expecting total company revenues for the full 2022 fiscal year to grow 9.1 percent to 10.2 percent, or between $590 million and $596 million, compared with 2021.
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