Warby Parker posts 12 percent revenue growth in 2023

Warby Parker’s full year net revenue increased 71.7 million dollars or 12 percent to 669.8 million dollars compared to 2022.

The company’s fourth quarter net revenue increased 15.4 million dollars or 10.5 percent to 161.9 million dollars.

“2023 marked our second full year as a public company and one in which we executed on our commitment to growing sustainably, delivering double-digit revenue growth each quarter while improving margins and creating exceptional customer experiences,” said the company’s co-founder and co-CEO Neil Blumenthal.

The company’s average revenue per customer increased 9.3 percent to 287 dollars.

Full year GAAP net loss reached 63.2 million dollars and fourth quarter GAAP net loss was 19 million dollars. Full year adjusted EBITDA was 52.4 million dollars and adjusted EBITDA margin was 7.8 percent, and fourth quarter adjusted EBITDA reached 9.4 million dollars and adjusted EBITDA margin was 5.8 percent.

Warby Parker opened 40 new stores during the year, ending 2023 with 237 stores and the company distributed over 15 million pairs of glasses to people in need through our Buy a Pair, Give a Pair program.

“Looking to 2024, we’re excited to meet millions of customers where and how they want to shop as we expand our retail presence, deploy disciplined marketing spend to support growth across our omnichannel experiences, and nearly double the number of insured lives who can use their in-network vision benefits with Warby Parker to over 34 million individuals,” added the company’s co-founder and co-CEO Dave Gilboa.

For the full year 2024, Warby Parker expects net revenue of 748 to 758 million dollars, representing approximately 12 percent to 13 percent growth adjusted EBITDA of 67 million dollars at the midpoint of its revenue range, which equates to an adjusted EBITDA margin of 8.9 percent. The company plans to open 40 new stores.