Global home furnishings online retailer Wayfair Inc. has reported a decline in second quarter sales and a loss of almost $400m.
According to its Q2 update ended 30 June 2022, total sales fell 14.9% to $3.3bn from $3.8bn against the same period in 2021, representing a decline of $573m.
US sales were down 9.7% to $2.8bn, while International sales decreased $271m, down 35.7% to $0.5bn.
Gross profit was $896m, or 27.3% of total net revenue, while net losses stood at $378m compared to its profit of $131m last year.
Wayfair said active customer numbers dropped 24.1% year-on-year to 23.6m.
Niraj Shah, CEO, co-founder and co-chairman, Wayfair, said: “During a difficult macroeconomic environment, we remain squarely focused on our customers and our suppliers, and on making sure Wayfair is their preferred platform for the Home. We are tightly controlling our many levers and steering Wayfair in a financially responsible manner through this period.
“Consumers remain engaged and responsive to the right combination of wide selection, great deals, and satisfying service, while suppliers are leaning in with Wayfair, extending us more product and better wholesale costs, while using more of our service offerings.
“Simultaneously, we are actively maneuvering Wayfair to generate cash consistently and to control our own destiny. Underpinning this plan is a broad prioritization exercise intended to balance continued investment in long-term growth while ensuring tight day-to-day execution across a range of macro scenarios.”