Keep pulling the thread on Kate Gulliver.
In Q1, Wayfair reported net revenue growth of 7.4%.
Wayfair's adjusted EBITDA margin in Q1 was its highest for a first quarter since 2021.
Wayfair has issued revenue growth guidance of mid-single digits for Q2.
Over 50% of the customers making purchases at Wayfair's Chicago store are new to the company.
Wayfair believes the home goods category declined by a low single-digit percentage in Q1.
According to Wayfair's CFO, the home goods category has been in consistent decline since 2021.
The home goods category is currently performing significantly below its pre-pandemic (2019) growth trend line.
Wayfair's Q2 revenue guidance assumes no improvement in the underlying home goods market dynamics.
Wayfair observed that the home goods category declined by a low to mid-single-digit percentage in April.
Wayfair's luxury brand Paragold and specialty retail brands Joss and Main, Birch Lane, and All Modern are performing well and growing nicely.
Wayfair's B2B business has been performing well and was previously reported to be an approximately $2 billion business.
Wayfair is using AI tools to improve its product merchandising with the goal of reducing product returns over time.