Warby Parker grew sales and gained market share last year — although it is still working out the profit side of its financial equation.
But in a reminder that profit is also not the be all, end all, the now publicly traded B Corp. also celebrated a charitable milestone, having donated 10 million glasses to people in need.
David Gilboa, cofounder, co-chief executive officer and co-chair, told analysts on a conference call Thursday: “That means more than 10 million people now have the glasses they need to see, to learn, to work and to provide for their families. We’re incredibly proud of the impact our team and partners are having, and we couldn’t be more grateful to our customers and shareholders for making it possible.
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“This impact is hugely motivating for our team and enables us to track and retain the most passionate, curious, driven employees,” Gilboa said. “We wake up every day obsessed with delighting customers and helping people see and who, in turn, enable us to deliver strong financial results.”
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Those strong results, however, are still centered on the top line as the company builds for the future, expanding last year with a net 35 new stores, making for a total of 161 doors.
The eyeglass maker’s fourth-quarter net losses widened to $45.9 million, or 41 cents a share, from $4.3 million, or 8 cents, a year earlier. Revenues for the three months ended Dec. 31 rose 17.8 percent to $132.9 million from $112.8 million.
For all of 2021, net losses expanded to $157.4 million, or $2.21 a share, from $55.9 million, or $1.05, in 2020. Sales for the year grew 37.4 percent to $540.8 million from $393.7 million in 2020. (The company was one of the few in fashion to grow sales through the pandemic with 2020 sales increasing 6.3 percent).
Investors stood behind the company and traded its shares up 3.1 percent to $27.65.
Gilboa said: “Twenty-twenty-one was a record year for Warby Parker, and we’re proud that our team delivered another year of sustainable growth.”
The company’s adjusted earnings before interest, taxes, depreciation and amortization margin grew to 4.6 percent, up from 1.9 percent in 2020.
Warby Parker added nearly 400,000 people to its active customer base, building its rolls to 2.2 million.
“Our average revenue per customer for the year was $246, up $28 or 13 percent versus 2020 and the largest increase we’ve ever seen in our 12 years since launch,” Gilboa said. “That increase hasn’t come from raising prices. It’s come from two factors: first, more of our customers buying multiple categories of products from us. For example, eye exams and contacts in addition to glasses. And second, an increase in the penetration of progressive lenses and higher price point frames.”
The co-CEO noted that, while the U.S. eyewear market grew by 5 percent over the past two years, Warby Parker gained by 46 percent.
And the company plans to keep outpacing the market.
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