Warby Parker (WRBY) Goldman Sachs 31st Annual Global Retailing Conference summary

Industry outlook and customer trends

• Strong secular tailwinds expected as over 50% of the global population will need glasses; category growth remains consistent despite recent volatility.

• Customer base is affluent, with median household income over $100,000 and stable retention across cohorts.

• Traditional replenishment behavior observed, with new price points well received and still significantly below market rates.

• No significant behavioral differences between e-commerce and store customers; back-to-school season shows robust activity.

• Macro outlook for the second half of the year expected to remain stable, with limited seasonality outside of back-to-school and FSA periods.

Marketing and growth strategies

• Media mix diversified beyond linear TV and search to include streaming, influencer, paid social, direct mail, and podcasts.

• Increased marketing spend is driving higher active customer growth and revenue acceleration.

• Marketing expected to remain in the low teens as a percent of revenue, with leverage from SG&A and customer service efficiencies.

• Continued focus on raising awareness of expanded offerings, including physical stores and eye exams.

E-commerce and retail expansion

• E-commerce growth supported by new features like AI-powered Virtual Try-On and increased awareness.

• Store expansion remains robust, with at least 40 new stores planned annually, focusing more on existing markets for efficiency.

• New stores in existing markets benefit from experienced teams, leading to faster ramp and higher profitability.

• Store build-outs remain capital efficient, with payback targets of 20 months.