Wayfair business running strong amid retail shutdowns
Boston – Wayfair's home furnishings sales are on track to meet or exceed expectations during the first quarter.
“Wayfair continues to see strong demand across most home goods categories in both its US and international segments,” the e-commerce specialist announced this morning.
The company is targeting 15% to 17% growth for the quarter in consolidated net revenue and consolidated non-GAAP adjusted EBITDA margin in a negative 7.3% to 7.8% range.
“After entering the month of March with gross revenue growing at slightly below 20% year-over-year, consistent with January and February growth rates, Wayfair saw this rate of growth more than double towards the end of March. This run-rate has continued into early April,” the company said.
In response to the COVID-19 pandemic, Wayfair has introduced a no-contact delivery experience to keep drivers and customers safe. No signatures are required, delivery teams have been instructed to maintain a distance of six feet from customers and hand washing or sanitizer use is mandatory between all deliveries. Wayfair has also begun daily temperature checks at several its locations and plans to roll out the practice further in the coming days.
More broadly, the retailer has offered to support the Federal Emergency Management Agency (FEMA) in New York and Massachusetts by providing call center assistance, access to its logistics network for storing and moving critical supplies, and Wayfair's supply chain to provide much items such as mattresses, linens, sheets and pillows for field hospitals.
In addition, Wayfair is working with the Boston Medical Center to provide furnishings in a space slate for the homeless to self-quarantine should they become infected. The company is also making a $250,000 donation to a variety of employee-selected charities to help those impacted by COVID-19.
Wayfair will postpone its annual Way Day sales event to a later date. Instead, the company will host a special promotional event during its second quarter and will donate what it describes as “a meaningful portion” of the proceeds to benefit the broader community.
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