Global online furnishings retailer Wayfair has reported a decline in third quarter sales while net losses widen.
According to its latest trading update for the period ended 30 September 2022, total sales were down 9% to $2.8bn from $3.1bn against the comparative period.
US revenue fell 6%, or by $155m, to $2.4bn, while International sales were down 24%, or by $126m, to $0.4bn.
Net loss amounted to $283m, widening from a loss of $78m. Wayfair added that active customers totalled 22.6 million, a decrease of 22.6% year-on-year.
Niraj Shah, CEO, co-founder and co-chairman, Wayfair, commented: “We’re continuing the work we set out last quarter to control the controllables and orienting Wayfair in this environment around three key principles: driving cost efficiency, nailing the basics, and earning customer and supplier loyalty every day. We are all focused on taking the steps needed to reach adjusted EBITDA profitability and cash flow neutrality in short order.
“We have direct visibility to over half a billion dollars of savings, with work well underway to deliver this target in 2023. However, we are not stopping there and have identified meaningful incremental efficiency opportunities, which we are also actioning as we speak. Our execution against these initiatives is thoughtful and deliberate to ensure that we make progress toward our profitability targets without compromising the long-term growth potential in front of us.”