Wayfair is laying off 13% of its global workforce, or around 1,650 staff."I truly regret the impact this will have on you," CEO Niraj Shah told staff.Read the full email Shah sent to Wayfair employees. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. Email address By clicking “Sign Up”, you accept our Terms of S ...

Wayfair Inc. shares rose 15.9% in premarket trades Friday after the home goods retailer announced a workforce reduction involving approximately 1,650 employees. The cuts represent approximately 13% of the company’s global workforce and approximately 19% of its corporate team as of Dec. 31, 2023. In a statement released early Friday, Wayfair W, -0.91% said that its workforce-realignment plan is expected to deliver annualized cost savings of more than $280 million.Related: Macy’s to lay off 13% of corporate s ...

By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time.Access your favorite topics in a personalized feed while you're on the go. download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewWayfair said Friday it's cutting 1,650 jobs, with many corporate staff in the firing line.The online furniture and homeware retailer is laying off about 13% of its workforce, including almost a fi ...

Wayfair IPO on the floor of the New York Stock Exchange.Wayfair is cutting 13% of its global workforce as the digital home goods retailer looks to trim down its structure, cut out layers of management and reduce costs, it announced Friday. The company plans to lay off around 1,650 employees, including 19% of its corporate team, with a focus on people in management and leadership positions, the company said. The restructuring – the third Wayfair has implemented since summer 2022 – is expected to save the com ...

Proactive organizational redesign accelerates profitability goals BOSTON, Jan. 19, 2024 /PRNewswire/ -- Wayfair Inc. (NYSE: W), one of the world's largest destinations for the home, today announced details related to right-sizing its cost structure, following the series of actions originally initiated in August 2022. After a comprehensive, organization-wide analysis of the appropriate team size and structure, the company announced a workforce reduction involving approximately 1,650 employees, representing a ...

Wayfair Inc. (NYSE:W) Q3 2023 Earnings Conference Call November 1, 2023 8:00 AM ET Company Participants James Lamb - Head of Investor Relations Niraj Shah - CEO, Co-Founder and Co-Chairman Steve Conine - Co-Chairman and Co-Founder Kate Gulliver - Chief Financial Officer and Chief Administrative Officer Conference Call Participants Christopher Horvers - JPMorgan Maria Ripps - Canaccord Genuity Ygal Arounian - Citigroup Anna Andreeva - Needham & Company Simeon Gutman - Morgan Stanley Oliver Wintermantel - Eve ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36666 | | | (Exact name of registrant as specified in its charter) | Delaware | | | 36-4791999 | | --- | --- | --- | ...

Wayfair Inc. (NYSE:W) Q2 2023 Earnings Conference Call August 3, 2023 8:00 AM ET Company Participants James Lamb - Head of Investor Relations Niraj Shah - CEO, Co-Founder and Co-Chairman Steve Conine - Co-Chairman and Co-Founder Kate Gulliver - Chief Financial Officer and Chief Administrative Officer Conference Call Participants Christopher Horvers - JPMorgan Maria Ripps - Canaccord John Blackledge - TD Cowen Alexandra Steiger - Goldman Sachs Curtis Nagle - Bank of America Steven Forbes - Guggenheim Securit ...

Financial Performance - Net revenue for Q2 2023 was $3,171 million, a decrease of 3.4% compared to $3,284 million in Q2 2022[10] - The net loss for Q2 2023 was $46 million, significantly improved from a net loss of $378 million in Q2 2022[10] - For the six months ended June 30, 2023, Wayfair reported a net loss of $401 million, an improvement from a net loss of $697 million in the same period of 2022[19] - Adjusted EBITDA for the total reportable segments was $128 million for the three months ended June 30, 2023, compared to a loss of $108 million in the same period of 2022[78] - Adjusted EBITDA for Q2 2023 was $128 million, compared to a loss of $108 million in Q2 2022, indicating a significant improvement in operating performance[171] - Free Cash Flow for Q2 2023 was $128 million, a recovery from a negative $244 million in Q2 2022[177] Revenue Breakdown - The U.S. segment generated net revenue of $2,785 million, slightly down from $2,796 million year-over-year, while the International segment saw a decline from $488 million to $386 million[78] - U.S. net revenue for the same period decreased by 0.4% to $2,785 million, while International net revenue decreased by 20.9% to $386 million[99] - U.S. net revenue decreased by 2.6% to $5,200 million, while International net revenue decreased by 20.7% to $745 million for the six months ended June 30, 2023[122] Cost Management - Operating expenses decreased to $1,127 million in Q2 2023, down from $1,268 million in Q2 2022, reflecting cost management efforts[10] - Total operating expenses for the three months ended June 30, 2023, decreased by $141 million, or 11.1%, to $1,127 million compared to $1,268 million in the same period in 2022[104] - Cost of goods sold decreased by $202 million, or 8.5%, for the three months ended June 30, 2023, driven by operational cost savings initiatives[100] - As a percentage of net revenue, cost of goods sold improved to 68.9% in Q2 2023 from 72.7% in Q2 2022, reflecting operational efficiencies and decreased logistics costs[101] Assets and Liabilities - Total current assets decreased to $1,774 million as of June 30, 2023, down from $1,933 million at the end of 2022, primarily due to a reduction in accounts receivable and inventories[8] - Total liabilities decreased slightly to $6,080 million as of June 30, 2023, compared to $6,130 million at the end of 2022[8] - Cash and cash equivalents increased to $1,249 million as of June 30, 2023, compared to $1,050 million at the end of 2022[8] - The accumulated deficit increased to $3,681 million as of June 30, 2023, from $3,280 million at the end of 2022[8] Debt and Financing - The company reported a gain on debt extinguishment of $100 million in Q2 2023, contributing to the reduction in loss before income taxes[10] - Wayfair's total debt as of June 30, 2023, was $3,205 million, an increase from $3,137 million at the end of 2022[36] - The company had $678 million in proceeds from the issuance of convertible notes during the six months ended June 30, 2023[19] - Wayfair issued $690 million in aggregate principal amount of 3.50% Convertible Senior Notes due 2028, including a $90 million option exercised by initial purchasers[39] - The company recorded a $100 million gain on debt extinguishment during the six months ended June 30, 2023, from repurchasing $618 million aggregate principal amount of notes[144] Shareholder Information - The company repurchased 2,354,491 shares of Class A common stock for approximately $612 million under the share repurchase programs as of June 30, 2023[156] - No shares of Class A common stock were repurchased during the three and six months ended June 30, 2023, maintaining the same status as the previous year[64] - As of June 30, 2023, 17,636,121 shares of Class A common stock remained available for future grants under the 2023 Incentive Award Plan[67] - As of June 30, 2023, the approximate dollar value of shares that may yet be purchased under the authorized share repurchase programs is $1.1 billion[196] Employee and Operational Changes - The company incurred $65 million in restructuring charges due to a workforce reduction of approximately 1,750 employees[31] - The company continues to monitor macroeconomic impacts, including rising interest rates and inflation, which may affect consumer behavior and business operations[90] - The company adopted a 2023 Incentive Award Plan, which may impact future employee compensation and retention strategies[198] Legal and Compliance - Wayfair's legal matters are not expected to have a material adverse effect on its financial condition, although litigation can be costly and time-consuming[62] - The Company continues to maintain compliance with the Sarbanes-Oxley Act through required certifications by the Chief Executive Officer and Chief Financial Officer[199] Market and Economic Conditions - The company plans to continue focusing on cost reduction and operational efficiency to improve profitability in the upcoming quarters[10] - There is no indication of market expansion or acquisitions in the recent financial disclosures[194] - The Company has not reported any significant changes in its financial outlook or performance guidance for the upcoming quarters[194]

Wayfair, Inc. (NYSE:W) Q1 2023 Earnings Conference Call May 4, 2023 8:00 AM ET Company Participants James Lamb - IR Niraj Shah - Co-Founder, Co-Chairman, President & CEO Kate Gulliver - CFO & Chief Administrative Officer Conference Call Participants Alexandra Steiger - Goldman Sachs Group Christopher Horvers - JPMorgan Chase & Co. Brian Nagel - Oppenheimer Oliver Wintermantel - Evercore ISI John Blackledge - TD Cowen Anna Andreeva - Needham & Company Curtis Nagle - Bank of America Merrill Lynch Ygal Arounia ...