Wayfair announces executive changes, second quarter results look positive

Wayfair recently released its second quarter performance and announced changes in key executive positions. According to Wayfair, revenue is rising in the second quarter and is expected to turn losses into profits.

Wayfair released information showing that despite the difficult macro environment, its revenue is increasing, and the year-on-year decline is currently in the single digits. Wayfair said that the revenue improvement was due to the total order growth rate turning positive year-on-year, offsetting the impact of lower AOV and deflation.

Wayfair CEO Niraj Shah said Wayfair expects to achieve positive adjusted EBITDA by the end of June. Shah also promised that 2023 will be the year Wayfair breaks even on at least one metric.

Overall, Wayfair is trying to show investors that its sales boom between 2020 and 2021 was not just due to the pandemic, and its growth potential remains even after the pandemic disappears.

Wayfair also said it would continue to gain market share and rigorously implement cost-efficiency initiatives, which it has been implementing for at least a year, including multiple rounds of layoffs, as its financial situation deteriorated again.

Wayfair also announced that its chief commercial officer (COO) Steve Oblak will retire in the first quarter of 2024 after 14 years of leadership, and plans to appoint Jon Blotner to the position.

Wayfair said in a statement that Jon Blotner has played a vital role in the construction and development of the company's exclusive and specialty retail brands over the past seven years. Currently responsible for overseeing the company's exclusive and specialty retail brands, he will begin serving as chief commercial officer in July this year and officially take over the position in October this year.

Editor✎ Ashley/

Disclaimer: This article is copyrighted and may not be reproduced without permission.