A boost in sales for Wayfair in April results in a surge in sales. Niraj Shah, the CEO, co-founder and co-chairman of Wayfair speaks of the shift in the sales landscape following the closure of their stores due to the COVID-19 restrictions.
Statement from Shah
In their conference call regarding the first quarter, the company is enjoying a 90% increase in sales across the US, the UK, Germany and Canada.
As the community is under shelter in-home instructions, a large number of shoppers have visited the online platform of Wayfair. Thus, the company is seeing a surge in new customers.
Shah remains optimistic of the company’s growth as well as that of Birch Lane and Joss & Main. The customers are heavily investing in online trends for their home. He has evidence to believe that this traffic will remain online rather than to revert back to the stores.
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Sales and numbers of the company
As the home furnishing brand’s first quarter came to an end on 31 March, their e-commerce stocks are up by 27%. Due to this the company has reached its goal of revenue growth by 19.8%.
In comparison with the loss of $200.3 million in the first quarter of last year, the company is seeing a loss of $285.9 million this first quarter. Wayfair rakes up a gross profit of $579.1 million, a drastic increase from the $470.5 million registered last first quarter.
The e-commerce company had an allotment of $275 million for the advertisement for the company. The Boston-based furniture brand has registered 21.1 million customers visiting their website to shop, a 28.6% increase since the past year.