Last week, Wayfair (NYSE:W) announced that 2024 first-quarter revenue fell 1.6% year-over-year to $2.7 billion. This makes it 10 out of the last 12 quarters that the online home furnishings retailer has recorded lower sales. Despite the dreadful performance, Wayfair shares jumped 16% on the day of the earnings release (May 2) and continued to rally into the new week. After rebounding 88% in 2023, the mid-cap is up approximately 13% year-to-date (see below) due to a mix of positive developments.
Wayfair is a Boston-based e-commerce company specializing in furniture and home goods. It sells millions of items from more than 20,000 suppliers under a half dozen brand names, including Wayfair, AllModern, and Birch Lane.
Nearly 90% of Wayfair’s first-quarter sales came from its core U.S. business, which posted a modest 1.0% sales decline. The international side of the business dragged the top-line result down, with a 5.8%…
