Wayfair News: W Stock Skyrockets 39% on Surging Sales

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Wayfair (NYSE:W) news for Monday includes W stock heading higher as sales increase.

Wayfair News: W Stock Skyrockets 39% on Surging Sales

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A Wayfair news release reveals that the e-commerce company is seeing an increase in business as people stay inside to avoid the coronavirus from China. This includes more shopping for home goods, which is true for both U.S. and international customers.

Revenue is also increasing almost 20% year-over-year at the start of March. That lines up with January and February growth, but that number more than doubled near the end of March. The trend also seems to be continuing into April.

The Wayfair news release also includes some details about its upcoming earnings report. This has the company expecting to meet or exceed its previously issued guidance. That includes its revenue guidance of 15% to 17% growth and consolidated Non-GAAP Adjusted EBITDA Margin range of -7.3% to -7.8%.

Niraj Shah, co-founder, co-Chairman and CEO of Wayfair, said this about the news moving W stock higher.

“We are encouraged by our increasing sales momentum, yet remain highly focused on our plan to rapidly reach profitability and positive free cash flow. The additional capital we are raising, though not strictly necessary, should only enhance our ability to successfully navigate through any market backdrop.”

Wayfair notes that it will be releasing its first-quarter earnings report for 2020 on May 5, 2020, before markets open. It will also hold a conference call going over the results at 8:00 a.m. Eastern Time.

W stock was up 38.8% as of Monday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/04/wayfair-news-sales-increase-w-stock-surges/.

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