Amid the turbulence in the consumer and retail sector, Wayfair Inc. W has been making headlines for its recent dip in stock performance.However, JPMorgan analyst Christopher Horvers is urging investors not to panic but instead “Buy the Dip,” as he emphasizes that the issues facing Wayfair are macroeconomic rather than company-specific.Horvers maintains an Overweight rating on the stock, albeit with a revised price target of $63 by December 2024, down from the previous $80. Here’s why he believes Wayfair’s l ...

Key Takeaways"Customers remain cautious in their spending on the home," according to Wayfair CEO Niraj Shah. The furniture retailer's third-quarter guidance, to a decline in the low single digits, was lower than analysts expected. Second-quarter revenue fell 1.7% year-over-year. People aren’t buying furniture to a degree that hasn’t been felt since the Great Recession of 2008, according to Wayfair's (W) CEO. Shares of the online home furnishings retailer dropped after the company’s second-quarter results we ...

财务业绩 - 净收入同比下降1.7%，主要由于订单量下降导致[122] - 美国市场净收入同比下降2.0%,国际市场净收入同比增长0.3%[132][133] - 成本管控措施和订单量下降导致成本下降0.5%,但占收入比重上升至69.8%[135][136][137] - 公司三个月期间的总运营费用下降13.4%[138] - 公司六个月期间的总运营费用下降11.5%[167] - 公司六个月期间的净收入下降1.7%[160,161] - 公司六个月期间的商品销售成本下降1.3%[163,164,165] 客户情况 - 活跃客户数为2200万，其中81.7%来自重复购买客户[122] 成本管控 - 客户服务和商户费用占净收入的比例从4.5%下降至3.9%[143] - 销售、运营、技术、一般及管理费用占净收入的比例从19.9%下降至15.7%[146] - 客户服务和商户费用占净收入的比例从4.8%下降至4.1%[172] - 销售、运营、技术、一般及管理费用占净收入的比例从21.1%下降至17.5%[171] - 销售、运营、技术、一般及管理费用减少14.8%，占净收入比例降至17.5%[175,176] - 减值及其他相关费用减少92.9%，占净收入比例降至0.0%[177] - 重组费用增加21.5%，占净收入比例增加至1.4%[178] 广告投放 - 广告投放根据投资回报率进行管理，以维持适当的回报目标[122] - 广告费用占净收入的比例从11.1%上升至11.7%[144,145] - 广告费用增加1.5%，占净收入比例增加至11.8%[173,174] 宏观经济环境 - 受宏观经济环境影响,包括地缘政治事件、利率上升和通胀等,可能会继续对业务和经营业绩产生不利影响[123][124] 非公认会计准则财务指标 - 公司披露了调整后息税折旧摊销前利润(Adjusted EBITDA)、自由现金流(Free Cash Flow)、调整后每股收益(Adjusted Diluted Earnings or Loss per Share)和同比不变汇率下的收入增长(Net Revenue Constant Currency Growth)等非公认会计准则财务指标[204] - 调整后息税折旧摊销前利润(Adjusted EBITDA)剔除了折旧摊销、股权激励费用及相关税费、利息收支、其他收支、所得税、非经常性项目等因素的影响[205,206] - 自由现金流(Free Cash Flow)为经营活动产生的现金流量净额减去资本支出[210,211] - 调整后每股收益(Adjusted Diluted Earnings or Loss per Share)在计算每股收益时剔除了股权激励费用及相关税费、所得税、非经常性项目等因素的影响[212,213,214,215] - 同比不变汇率下的收入增长(Net Revenue Constant Currency Growth)剔除了汇率波动的影响[218,219] 其他 - 利息费用净额保持不变[179] - 其他收支净额增加350.0%[180,181] - 债务清偿收益减少100.0%[182,183,184] - 所得税费用增加25.0%[185,186] - 截至2024年6月30日，现金及现金等价物和短期投资总额为13.43亿美元[187] - 公司有600百万美元的有抵押循环信贷额度[187] - 公司披露了关键会计政策和估计以及最新会计准则的采用情况[220,221] - 公司市场风险敞口未发生重大变化[222] - 公司评估了内部控制的有效性,认为目前的内部控制是有效的[223] - 公司内部财务报告控制没有发生重大变化[224] - 公司目前正面临一些诉讼和法律纠纷，但预计不会对经营业绩和财务状况产生重大不利影响[225,226] - 公司风险因素与上一年度年报披露的内容无重大变化[227] - 公司在2024年6月30日前未进行股票回购[228] - 公司部分高管在2024年第二季度采取了10b5-1交易计划[229,230,231,232,233] - 公司披露了相关的财务报告认证[235,236,237,238,239,240,241,242,243]

Wayfair’s shares are plunging after its chief executive said on an earnings call that demand for household goods is at the level of the “financial crisis.”The struggling online furnishings giant reported second quarter earnings on Thursday that missed Wall Street’s expectations on both the top and bottom, sending its shares down by more than 11%. 3 Home furnishings giant Wayfair is trying to lure customers back with discounts. Wayfair.com“Our credit card data suggests that the category correction now mirr ...

财务数据和关键指标变化 - 第二季度收入同比下降1.7%,主要受到宏观环境疲软和6月份广告投放减少的影响 [34][35][47] - 毛利率为30.3%,其中供应商广告收入占比超过1%,但被价格投资和物流网络成本上升所抵消 [42] - 销售、运营、技术和管理费用连续8个季度收缩,体现了公司严格的成本控制 [43] - 第二季度创下3年来最佳的调整后EBITDA和自由现金流 [44][45] 各条业务线数据和关键指标变化 - 公司在促销期间的表现强劲,但非促销期间客户消费意愿下降,促销和非促销期间的表现差距较大 [35][36][37] - 公司通过价格实验和数据分析,发现客户对价格更加敏感,因此将适度降低毛利率以提高订单转化率 [37][38][39][40] 各个市场数据和关键指标变化 - 公司在第二季度继续获得市场份额,但6月份表现相对较弱,7月份表现有所改善 [10][59][62] - 整个家居行业正经历超过35%的前高点到低点的调整,创下历史罕见的下滑幅度 [11][12] 公司战略和发展方向及行业竞争 - 公司正在推进3大战略举措:品牌升级、首家大型实体店开业、即将推出会员计划 [15][16][30] - 实体店方面,公司将采取谨慎、务实的方式稳步扩张,目前已开设9家专卖店并计划明年开设首家Perigold实体店 [21][22][30][31] - 公司认为实体零售是未来10年的重要增长动力,但会确保门店自身盈利能力 [31][32] 管理层对经营环境和未来前景的评论 - 宏观经济和房地产市场疲软,加上2020-2021年的需求拉动导致的周期性调整,造成家居行业出现前所未有的下滑 [11][12][13][14] - 但公司有信心在当前环境下持续获得市场份额增长和盈利能力提升,并做好准备在行业复苏时充分受益 [14][53][60] 其他重要信息 - 公司第三季度收入预计同比小幅下降,毛利率将维持在30%-31%的较低区间 [47][48][49][50] - 公司将继续优化成本结构,预计第三季度调整后EBITDA率将达到中单位数水平 [50][51] - 公司已实现连续7个季度市场份额增长,并在第二季度创下3年来最佳的自由现金流表现 [53][54] 问答环节重要的提问和回答 问题1 **Christopher Horvers 提问** 询问公司如何应对消费者对促销活动更加敏感的趋势 [56][57][58] **Niraj Shah 回答** 公司将根据消费者行为调整广告投放策略,在促销期间加大投放力度,非促销期间适当减少,以最大化利润 [57][58][59] 问题2 **Peter Keith 提问** 询问公司如何应对供应商对跨境直发产品的担忧 [68][69] **Niraj Shah 回答** 公司与各类供应商保持良好合作,包括美国进口商、制造商以及亚洲供应商,根据产品质量和价格优化供应链 [69][70][71][72][73] 问题3 **Simeon Gutman 提问** 询问公司是否有信心在收入下滑的情况下实现全年EBITDA大幅增长 [87][88][89][90] **Kate Gulliver 回答** 公司有信心全年EBITDA同比增长超过50%,这得益于持续优化的成本结构 [91][92][93]

文章核心观点 - 家居消费者谨慎消费,Wayfair第二季度销售额下降1.7%,美国销售额下降2% [1][2][3] - 尽管消费者支出仍然强劲,但信用卡违约率已升至12年来最高水平,表明消费者正努力偿还信用卡债务 [4][7] - 消费者更倾向于在实体店购买家居用品,Wayfair最近开设了首家大型实体店以满足这一需求 [8][9][10] 根据相关目录分别进行总结 公司经营情况 - Wayfair第二季度总收入下降1.7%,美国收入下降2% [3] - 交付订单数量下降2.9%,重复客户订单下降2.4% [3] - 平均订单价值从去年同期的307美元上升至313美元 [3] 行业趋势 - 消费者在家居消费方面保持谨慎态度,与金融危机期间家居行业的下滑幅度相当 [2] - 尽管整体消费支出强劲,但信用卡违约率已升至12年来最高水平 [4][7] - 消费者更倾向于在实体店购买家居用品,Wayfair开设首家大型实体店以满足这一需求 [8][9][10]

Wayfair (W) reported $3.12 billion in revenue for the quarter ended June 2024, representing a year-over-year decline of 1.7%. EPS of $0.47 for the same period compares to $0.21 a year ago.The reported revenue represents a surprise of -1.99% over the Zacks Consensus Estimate of $3.18 billion. With the consensus EPS estimate being $0.50, the EPS surprise was -6.00%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next ...

Wayfair (W) came out with quarterly earnings of $0.47 per share, missing the Zacks Consensus Estimate of $0.50 per share. This compares to earnings of $0.21 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -6%. A quarter ago, it was expected that this online home goods retailer would post a loss of $0.45 per share when it actually produced a loss of $0.32, delivering a surprise of 28.89%.Over the last four quarters, the company ...

Exhibit 99.1 Wayfair Announces Second Quarter 2024 Results, Reports Best Quarter of Profitability and Cash Flow in Three Years Q2 Net Revenue of $3.1 billion with 22.0 million Active Customers BOSTON, MA — August 1, 2024 — Wayfair Inc. ("Wayfair," "we," or "our") (NYSE: W), one of the world's largest destinations for the home, today reported financial results for its second quarter ended June 30, 2024. Second Quarter 2024 Financial Highlights • Total net revenue of $3.1 billion, decreased $54 million, down ...

The first Wayfair brick-and-mortar store prepares to open on May 02, 2024 in Wilmette, Illinois.Online home goods company Wayfair saw sales decline in its fiscal second quarter as its CEO likened the current slowdown in the home goods category to the 2008 financial crisis."Our credit card data suggests that the category correction now mirrors the magnitude of the peak to trough decline the home furnishing space experienced during the great financial crisis," Wayfair CEO Niraj Shah said in a news release. "C ...