Wayfair said that when it entered March, gross revenue growth was just under 20%, similar to trends during January and February. But by the end of the month, it said growth more than doubled. Wayfair said the trend has persisted into April.
Wayfair said in a press release that when it entered March, gross revenue growth was just under 20%, similar to trends during January and February. But by the end of the month, growth more than doubled. Wayfair said the trend has persisted into April.
The company added that it is "accelerating" efforts to become profitable, without going into too much detail. It said it will provide an update on those strategies when it reports quarterly earnings on May 5. Prior to COVID-19 striking, only about 14% of total furniture sales in the U.S. were made online, McCarthy said. "Remove 86% of the supply ... [and] those who can still supply the market will see a pop.""Of course, to the extent that the pandemic is a short-lived phenomenon, when those stores reopen, that will bring that 86% of the supply back on the market," McCarthy cautioned.
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