Wayfair CEO Says Declining Demand for Home Goods Reminiscent of Financial Crisis of 2008–09

Published on August 2, 2024

Demand for household goods is at the same level seen during the financial crisis of 2008–09, the CEO of furniture and home goods company Wayfair has said, as the firm continues to face challenges amid ongoing “macro headwinds.” Wayfair CEO Niraj Shah made the comments on Aug. 1 as the e-commerce company announced its second-quarter results. The Boston-headquartered company saw declines across the board in its fiscal second quarter, reporting a $42 million loss in the second quarter that ended June 30, or $0.34 per share. Earnings, adjusted for stock option expense and non-recurring costs, came to $0.47 per share. Meanwhile, total net revenue was $3.1 billion, marking a decrease of 1.7 percent year over year, and U.S. net revenue was $2.7 billion, which is a decline of 2 percent year over year....

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