Online home retailer Wayfair (NYSE:W) is in the midst of a brutal pullback today. Currently, W stock is down more than 25% after the company undershot earnings expectations.
So, what do you need to know about Wayfair today?
Well, this morning Wayfair offered investors its financial results for the fiscal first quarter. The company reported an adjusted loss per share of $1.96, representing a net loss of $319 million. This is worse than the loss of $1.56 per share expected by analysts. It’s also far below the company’s performance for the same quarter last year, wherein Wayfair reported a earnings per share (EPS) of $1.
Wayfair has been on something of a downward spiral lately. Year to date, the company has shed more than 60% of its value as part of a wider e-commerce slump. Indeed, the company is just the latest online retailer to report underwhelming numbers lately, joining the likes of Shopify (NYSE:SHOP), eBay (NASDAQ:EBAY) and Amazon (NASDAQ:AMZN).
So, what else do you need to know about W stock right now?
W Stock Falls Amidst Retirement of CFO
In addition to the numbers, Wayfair and W stock may be seeing the consequences of another important announcement from its earnings call. Specifically, it announced that CFO Michal Fleisher is retiring early next year.
Working as the CFO of Wayfair since 2013, Fleisher will be replaced by current company Vice President Kate Gulliver. Wayfair cofounder and CEO Niraj Shah had some kind words about the transition:
“Kate, Michael and I have been working side-by-side, literally, for the past eight years, and no one is better positioned to step into this role […] She is a trusted counselor and has been part of every major decision at the company since becoming head of Talent. She is exceptional at balancing strategic vision, financial discipline, business savvy and people leadership. I’m excited we will work even more closely together in her new capacity.”
It remains to be seen whether Wayfair will manage to recapture lost ground amidst this year’s e-commerce selloff.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
