Wayfair on Thursday reported first quarter net revenue fell nearly 14% year over year to $3 billion. In the U.S., revenue fell about 10% from last year to $2.5 billion.
The home goods retailer posted a $319 million net loss from a profit of $18 million in the year-ago period. Wayfair’s operating loss was $310 million from a profit of $26 million last year. The retailer’s active customer base fell 23.4% year over year to 25.4 million, according to a company press release.
Wayfair on Thursday also announced the retirement of Michael Fleisher, who was appointed CFO in 2013. Kate Gulliver, who is currently the retailer’s chief people officer, will take over the chief financial officer and chief administrative officer roles in November.
Source: Retail Dive
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