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From Home Furnishing Business
Wayfair Q4 Sales Fall 11.4% As Retailer Swings to Net Loss of $202 Million
February 24,
2022 by HFBusiness Staff in Business Strategy, Industry 
Online retailer Wayfair said fourth-quarter revenues fell 11.4 percent to $3.3 billion, and the company swung to a net loss of $202 million.
The company blamed changing consumer behavior for the disappointing numbers but expressed confidence the situation was only temporary.
“While consumer behavior has changed repeatedly throughout the pandemic, the primary elements for success in our category have not - the home remains top of mind and secular trends favor a long and durable shift to e-commerce,” said CEO Niraj Shah. “Wayfair has only just begun to scratch the surface of this vast opportunity.”
“As we celebrate Wayfair’s 20th anniversary and the company’s rapid growth to a $14 billion household brand, we are proud of our accomplishments and even more excited about what’s ahead,” Shah added.
Revenue for the fourth quarter totaled $325 billion, down from $3.67 billion in the fourth quarter of 2020. The net loss, which equaled 92 cents per share, compared with net income of $24 million or $1.24 per share in the final quarter of 2020.
For the full year, revenues totaled $13.71 billion, down from $14.15 billion in 2020. The company recorded a net loss of $131 million for the year, compared with net income of $185 million in 2020.