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March 17, 2022, 5:58 p.m. EDT

Warby Parker expects to open 40 new stores this year

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Charity L. Scott

Warby Parker Inc. which launched more than a decade ago selling eyewear directly to customers online, sees bricks-and-mortar retail as its biggest growth opportunity.

The New York-based company plans to open 40 new stores this year, which would bring the eyewear brand’s total to 201 locations, Co-Chief Executive Officer Neil Blumenthal said on a conference call Thursday. Warby Parker /zigman2/quotes/229389137/composite WRBY +2.30% derives most of its revenue from physical stores and expects that expanding its footprint will help it gain market share from larger chains as well as from independent shops.

“We expect most of our 2022 growth to be driven by our retail channel, as traffic and sales productivity rebound,” Blumenthal said.

Warby Parker projected net revenue would rise between 20% and 22% this year, compared with 37% growth in 2021. The company’s revenue forecast of $650 million to $660 million also came in below the $688.5 million expected from analysts polled by  FactSet .

An expanded version of this report appears on WSJ.com.

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/zigman2/quotes/229389137/composite
US : U.S.: NYSE
$ 13.81
+0.31 +2.30%
Volume: 11.22M
June 24, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.58 billion
Rev. per Employee
$183,001
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