Wayfair CEO likens home goods slowdown to 2008 financial crisis
Publishing timestamp: 2024-08-01 11:01:18
Summary
Wayfair CEO compared the current slowdown in the home goods category to the 2008 financial crisis as the company reported misses on both top and bottom lines. Sales declined in the fiscal second quarter, but the CEO remains optimistic about a potential resurgence when the Federal Reserve cuts interest rates. Despite struggles with profitability, the company saw improvements in free cash flow generation and adjusted EBITDA.
Sentiment: MIXED
Tickers: W,
Keywords: earnings, breaking news: business, business, jerome powell, retail industry, breaking news: earnings, wayfair inc, business news,
Source: https://www.cnbc.com/2024/08/01/wayfair-w-earnings-q2-2024.html