Warby Parker Inc. continues to expand with new stores amid rising revenue and reduced costs and is on course to hit its 2023 goals.
The eyewear brand opened 13 new stores in its recently completed second quarter and remains on track to open 40 new stores this year. In a statement, Co-Founder and Co-CEO Neil Blumenthal said the company has the potential to reach at least 900 locations over time.
“Our stores are playing an increasingly important role in attracting new consumers to our brand and extending the reach and availability of our holistic vision offering,” added Blumenthal. “Equally important, our stores continue to generate strong margins and high returns on capital even as the optical industry has recently experienced demand headwinds.”
Warby Parker’s reported a net loss of $15.9M for the quarter ended 30 June, down from $32.2M in the year-ago period. Adjusted earnings before interest, taxes, depreciation and amortization increased to $14.2M from $6M.
