Wayfair CEO sees growth potential post-pandemic : comparemel

Wayfair CEO sees growth potential post-pandemic


Dive Brief:
Pandemic-fueled categorical demand continued to propel Wayfair into the first quarter of 2021. The online home retailer on Thursday reported net revenues grew 49.2% from last year to reach $3.5 billion.
Wayfair added 2 million customers from the fourth quarter, reaching a total of 33.2 million — a 57% increase from last year, according to a company press release. But its existing customers helped fuel sales growth in Q1: Repeat customers placed 74.5% of total orders, or 10.9 million orders.
The retailer reported net income grew 106.4% to $18.2 million from a loss of $285.9 million in the year-ago period.
Dive Insight:
For much of the past year, consumers' lives have revolved around the home. Many employees and students shifted to remote work and virtual learning. Instead of dining out at restaurants, many cooked meals at home. Most recreational activities were also limited to people's personal spaces.

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