• Home 1
  • Privacy Policy
LSD News
  • Home
  • Business
  • Crypto News
  • Finance
  • Health
  • Politics
  • Sports
  • Stock
  • Tech
  • Travel
No Result
View All Result
  • Home
  • Business
  • Crypto News
  • Finance
  • Health
  • Politics
  • Sports
  • Stock
  • Tech
  • Travel
No Result
View All Result
LSD News
No Result
View All Result
Home Business

Wayfair shares surge after furniture retailer cuts losses by more than $100 million

by
May 3, 2024
in Business
0
Wayfair shares surge after furniture retailer cuts losses by more than 0 million
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Wayfair’s sales slid during its first quarter, but the online furniture retailer reduced its losses after cutting 13% of its workforce at the start of the year, the company announced Thursday. 

Wayfair beat Wall Street’s expectations on the top and bottom lines and saw active customers grow nearly 3% compared with the year-ago period. 

Here’s how Wayfair did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:

  • Loss per share: 32 cents adjusted vs. a loss of 44 cents expected
  • Revenue: $2.73 billion vs. $2.64 billion expected

Wayfair shares closed more than 16% higher Thursday.

The company’s reported net loss for the three-month period that ended March 31 was $248 million, or $2.06 per share, compared with a loss of $355 million, or $3.22 per share, a year earlier. Excluding one-time items, the company lost 32 cents per share.  

Sales fell to $2.73 billion, down more than 1% from $2.77 billion a year earlier. The steepest drop-off came from Wayfair’s international segment, where sales declined nearly 6% to $338 million compared with the year-ago period.

Despite the sales drop, co-founder and CEO Niraj Shah struck a positive note in a news release, saying the quarter “ended on an upswing.” 

“Shoppers are increasingly choosing Wayfair, with year-over-year active customer growth once again positive and accelerating compared to last quarter,” Shah said. 

“For the first time since pre-pandemic, we’re seeing suppliers introducing large groups of new products into their catalogs as they look to build momentum for the next stage of growth,” he added.

Like some of its other digitally native peers, Wayfair implemented a series of layoffs after it saw sales boom during the pandemic and then shrink when consumers started trading new couches and shelves for dinners out and travel after the Covid-19 pandemic ended. 

In January, it announced plans to cut 13% of its global workforce, or around 1,650 employees, so it could trim its structure and reduce costs after it went “overboard” with corporate hiring during the pandemic, the company said previously. The restructuring – the third Wayfair implemented since summer 2022 – was expected to save the company about $280 million, it said previously. 

Wayfair is still charting its path to profitability, but it reduced its losses by $107 million during the first quarter after implementing the latest round of job cuts. It also grew its active customer count at a time when the home goods sector faces pressure as high interest rates and a sluggish housing market weigh on sales. 

During the quarter, Wayfair’s active customers grew 2.8% to 22.3 million, slightly ahead of the 22.1 million that analysts had expected, according to StreetAccount.

On average, orders were valued at $285 during the quarter, compared with the $275.07 that analysts had expected, according to StreetAccount. While average orders were higher than Wall Street’s expectations, they fell slightly from the year-ago period, when the average order value was $287. That’s because of changes in Wayfair’s unit prices, which were inflated in 2021 and 2022 and started to come down last year, the company said.

Read the full earnings release here.

Tags: Breaking News: BusinessBreaking News: EarningsBusinessbusiness newscutsearningsFurniturelossesMillionRetail industryRetailersharesSurgeWayfairWayfair Inc
Previous Post

Eating more avocados could lower risk of Type 2 diabetes in women, study says

Next Post

‘Trader justice’: Ex-SocGen trader fired for risky bets claims he was made a ‘scapegoat’

Next Post
‘Trader justice’: Ex-SocGen trader fired for risky bets claims he was made a ‘scapegoat’

'Trader justice': Ex-SocGen trader fired for risky bets claims he was made a 'scapegoat'

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • 139 Followers
  • 205k Subscribers
  • 23.9k Followers
  • 99 Subscribers
ADVERTISEMENT
  • Trending
  • Comments
  • Latest
Hawaii officials work to address mental health challenges facing wildfire survivors

Hawaii officials work to address mental health challenges facing wildfire survivors

August 17, 2023
Wegovy heart health data is promising — but insurers face long road, high cost to cover obesity drugs

Wegovy heart health data is promising — but insurers face long road, high cost to cover obesity drugs

August 10, 2023
Contact lens maker faces lawsuit after woman said the product resulted in her losing an eye

Contact lens maker faces lawsuit after woman said the product resulted in her losing an eye

July 16, 2023
Working-age Americans are struggling to pay for health care, even those with insurance, report finds

Working-age Americans are struggling to pay for health care, even those with insurance, report finds

October 28, 2023
Tech layoffs in Southeast Asia mount as unprofitable startups seek to extend their runways

Tech layoffs in Southeast Asia mount as unprofitable startups seek to extend their runways

5
Contact lens maker faces lawsuit after woman said the product resulted in her losing an eye

Contact lens maker faces lawsuit after woman said the product resulted in her losing an eye

5
Why Cristiano Ronaldo’s move to Saudi Arabia means so much for the Gulf monarchy’s sporting ambitions | CNN

Why Cristiano Ronaldo’s move to Saudi Arabia means so much for the Gulf monarchy’s sporting ambitions | CNN

3
Georgia realtor receives invitation to play the Masters by mistake | CNN

Georgia realtor receives invitation to play the Masters by mistake | CNN

1
Jane Street to contest SEBI’s manipulation charges: Reports

Jane Street to contest SEBI’s manipulation charges: Reports

July 7, 2025
Boston aesthetician helps clients with IVF injections, hoping to ease stress of infertility treatments

Boston aesthetician helps clients with IVF injections, hoping to ease stress of infertility treatments

July 7, 2025
CoreWeave to acquire Core Scientific in  billion all-stock deal

CoreWeave to acquire Core Scientific in $9 billion all-stock deal

July 7, 2025
Bitcoin First: Musk’s Political Party Pledge Shakes Up Washington

Bitcoin First: Musk’s Political Party Pledge Shakes Up Washington

July 7, 2025

Recent News

Jane Street to contest SEBI’s manipulation charges: Reports

Jane Street to contest SEBI’s manipulation charges: Reports

July 7, 2025
Boston aesthetician helps clients with IVF injections, hoping to ease stress of infertility treatments

Boston aesthetician helps clients with IVF injections, hoping to ease stress of infertility treatments

July 7, 2025
CoreWeave to acquire Core Scientific in  billion all-stock deal

CoreWeave to acquire Core Scientific in $9 billion all-stock deal

July 7, 2025
Bitcoin First: Musk’s Political Party Pledge Shakes Up Washington

Bitcoin First: Musk’s Political Party Pledge Shakes Up Washington

July 7, 2025

We bring the latest news from all over the world and get all time updated you

Follow Us

Browse by Category

  • Business
  • Crypto News
  • Finance
  • Health
  • Politics
  • Sports
  • Stock
  • Tech
  • Travel
  • Uncategorized

Recent News

Jane Street to contest SEBI’s manipulation charges: Reports

Jane Street to contest SEBI’s manipulation charges: Reports

July 7, 2025
Boston aesthetician helps clients with IVF injections, hoping to ease stress of infertility treatments

Boston aesthetician helps clients with IVF injections, hoping to ease stress of infertility treatments

July 7, 2025
No Result
View All Result
  • Home 1
  • Privacy Policy

© 2024 LSD News title="Jegtheme">Jegtheme.