The company has reported a challenging fourth quarter as the omicron variant slowed its in-store traffic.
The eyeglass company, which went public last fall, also disappointed analysts with weak guidance for 2022. It said fewer customers came in for eye exams and to try on new eyeglasses in early January, but that things had begun to pick up in recent weeks. It projects its stores will get back to 100 per cent productivity before the end of the year.
“We remain as confident as ever in our long-term growth plan in a reacceleration of our growth in the coming months,” Co-Founder and Co-CEO Dave Gilboa told analysts on the company’s earnings call. Warby Parker opened 40 new stores in 2021. It expects to open the same number this year, bringing its total store count to 201 locations.
The company reported a net loss of $45.9M, or $0.41 per share, for the quarter ended 31 December, compared with a loss of $4.3M, or $0.8 a share, in the year-ago period. It attributed the wider losses to a $31.6M increase in stock-based compensation expense and other related employer payroll taxes.
