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Warby Parker Sets Outlook Ahead of IPO

·2-min read

Warby Parker is still waiting on its IPO, but the direct-to-consumer eyewear pioneer is already settling into a life lived out loud — and in full view of investors.

The company, which is expected to make its New York Stock Exchange debut soon, offered up its financial guidance for the rest of this year and 2022 on Tuesday.

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Already, for the six months ended June 30, Warby Parker saw its revenues grow 53 percent to $270.5 million year-over-year with losses of $7.3 million — figures impacted by the first wave of COVID-19 lockdowns last year.

For the full year, the company is now expecting revenues to grow by 35 to 36 percent to a range of $532 to $537 million, with 30 to 35 new stores for a total of up to 160 locations.

And next year, the company’s looking for revenue growth of “at least 25 percent.”

Cofounders and co-chief executive officers Neil Blumenthal and Dave Gilboa said: “The outlook we’ve provided today underscores our belief that delivering remarkable customer experiences, making a positive impact on all stakeholders, and living our core values will lead to continued long-term sustainable growth.”

This quarter, the company is expecting to register stock-based compensation, including $28.6 million tied to service and performance-based restricted stock units for the co-CEOs.

This is all still pre-game for the closely watched company that helped pioneer a new, direct-to-consumer approach to retail, but will now be looking to grow and continue to evolve under a new kind of spotlight.

But Warby Parker has a plan for primetime.

Steve Miller, chief financial officer, said: “Throughout the first half of 2021 we’ve continued to observe strong and consistent revenue growth. As we look ahead to the remainder of the year and into 2022, we expect these trends to sustain, supported by continued strong customer economics, our expanding retail footprint, as well as continued steady increases in active customers and average order value as we evolve into a holistic vision care company.”

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