Online home furnishings and decor brand to open store
Yet another e-tailer has decided to try out the physical space.
Wayfair plans to open a retail outlet in the Cincinnati suburb of Florence, Kentucky, according to a tweet by the city of Florence.
The 20,000-sq.-ft. location will open early next year, reported Furniture Today, and will sell returns and closeouts.
In separate news, Wayfair reported that its second quarter sales increased $538.5 million to $1.6 billion, up 48.8% year over year. The number of active customers increased 34%, to 12.8 million.
The retailer posted a net loss of $0.77 per share, more than expected. In the second quarter of last year, Wayfair said it had a net loss of $0.26 per share and $1.12 billion in revenue.
"We are pleased to report a record second quarter and our largest yet year-over-year dollar growth in direct retail net revenue," said Niraj Shah, CEO, co-founder and co-chairman, Wayfair. "This recent quarter included our biggest revenue day in the history of the company as we introduced Way Day, the first-ever retail holiday for home. Our long-term investments in further developing our logistics networks, international business, and in scaling headcount to improve our product and service offerings are resonating strongly with new and returning customers.”
Wayfair launched its Way Day shopping event on Wednesday, April 25. The shopping event offered Black Friday-level prices for 24 hours on 70,000 products across the home furnishings, décor and home improvement categories.