Charity L. Scott wrote a Wall Street Journal article titled Wayfair Gets a Coronavirus Sales Boost.
« Wayfair Inc.’s sales jumped 20% in the March-ended quarter, boosted by millions of Americans buying office furniture, cookware and other items to shelter in place as the coronavirus spread. »
« The company’s first-quarter revenue reached $2.3 billion, nearly as much as it pulled in during the holiday quarter. Its net loss was $286 million, or 43% deeper than the loss it notched in last year’s first quarter. »
« “Millions of new shoppers have discovered Wayfair while they shelter in place at home, and we are seeing strong acceleration in new and repeat customer orders,” Chief Executive Niraj Shah said. »
« Wayfair, which went public in 2014, has a long history of quarterly losses and rapid sales growth fueled by its heavy marketing spending. Before the virus outbreak, executives had promised to cut spending in 2020 and get the business on a path to delivering profits. »
« Executives said Tuesday they were hiring more than 1,000 additional front-line workers to help handle the surge in orders. In February, Wayfair cut roughly 550 jobs, amounting to about 3% of its workforce. The company had about 16,000 employees at the end of March, down from 17,000 in December. »
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