Wayfair Revenue gains significantly owing to enhanced shipping facility
Wayfair’s Q1 revenue hits $1.4 billion beating the expert’s expectation of $1.36 billion which gave a big push to the retailers stock after the release of the news. The company booked a net loss of $108 million for the same period last year as against a value of $57 million for the last year. However, in international market, the company has performed well with a 97% rise in its revenue amounting to $203 million.
Now, Wayfair plans to invest in warehousing, shipping and more hiring of the resources to boost its earning. This was declared by the company’s people while announcing the 48% YoY revenue increase for the first quarter.
Canada has given the best example of how a business started and flourished in just two years’ time setting an example for others. Though, the figures are not declared by company’s spokesperson, it shows highly satisfying performance in Quebec stressing on the importance of logistics and how it can impact the success of a business.
Neeraj Shah, the founder and CEO said that “logistics has been a key enabler of our growth today in Canada, and we believe that the investments we’re making to scale the proprietary infrastructure we have in Canada will be central to our continued gains in the region”. He further said that the company has invested in a 800,000 sq feet area which will be launched in the second quarter. This site will serve multi-purpose as a storage facility, cross dock, consolidation centre and a last mile delivery agent. Not only this, Wayfair has recently opened two more warehouses in Pennsylvania and New Orleans making it to a total of 22 facilities across the country. These warehouses will not only enhance the delivery speed but will also reduce the shipping cost while relieving on the dependencies on third parties.
Wayfair is also focusing on fresh appointments that include engineers, data scientists, workers, and other company executives.