Wayfair Expects to Meet or Exceed First Quarter 2020 Guidance | Financial Buzz

Wayfair Expects to Meet or Exceed First Quarter 2020 Guidance

Wayfair Inc. (NYSE: W) has mapped out its steps to meet strong consumer demand as it protects the health and safety of its employees, partners, customers and community during the coronavirus pandemic.  Wayfair expects to meet or exceed first quarter 2020 guidance on consolidated net revenue growth and non-GAAP adjusted EBITDA Margin.  “We are closely monitoring the current market as we all respond to the threat of COVID-19. Wayfair’s e-commerce model is uniquely suited to serving customers’ very real needs at this challenging time, and we are committed to doing so while taking all necessary steps and precautions to ensure the safety of our customers, employees, and communities. We are incredibly proud of our team of over 16,000 people and the way they have mobilized to both take care of our customers and to help our local communities,” noted Niraj Shah, CEO, co-founder and co-chairman, Wayfair. “We are encouraged by our increasing sales momentum, yet remain highly focused on our plan to rapidly reach profitability and positive free cash flow. The additional capital we are raising, though not strictly necessary, should only enhance our ability to successfully navigate through any market backdrop.”

 Majority of Wayfair employees have transitioned to working from home.  No contact delivery is able to delivery household necessities such as bedding, kitchenware, cookware, appliances, furniture, etc. 

Some steps the company has taken include, partnering with epidemiologists to maintain guidance that the CDC has outlined and increased sanitizing of equipment and employees.  The annual Way Day celebration will be postponed to a later date pending on the severity of the coronavirus pandemic lightening.  For its first quarter of 2020, Wayfair expects to meet or exceed its previously issued guidance of 15% to 17% consolidated net revenue growth year-over-year and consolidated Non-GAAP Adjusted EBITDA Margin in a negative 7.3% to 7.8% range.