From CNBC: 2024-08-01 07:01:18

Wayfair will open its first physical store in Wilmette, Illinois on May 2, 2024. CEO Niraj Shah compares the current slowdown in home goods sales to the 2008 financial crisis. The company fell short of Wall Street’s expectations with a loss of $42 million and a drop in sales to $3.12 billion. Despite offering discounts, Wayfair doesn’t expect a resurgence until interest rates are cut and the housing market rebounds. Federal Reserve Chair Jerome Powell hints at potential interest rate cuts in September.$results were below Wall Street expectations. The company has seen a decline in sales due to sluggish demand for home goods. Despite challenges, Wayfair aims for profitability and growth in the future.



Read more at CNBC:: Wayfair (W) earnings Q2 2024