Online retail giant Wayfair has more than halved the number of people it employs in the UK in the space of two years, it has been revealed.
The UK division of the US homewares and furniture seller had a headcount of 405 at the end of 2024, compared to 587 in 2023 and 847 in 2022.
The reduction came as Wayfair’s UK sales have been slashed over the same period from £83.4m in 2022 to £69.1m in 2023 and £59.4m in 2024.
The latest figures have been revealed in new accounts filed with Companies House for Wayfair UK’s latest financial year.
The accounts also show that the division’s pre-tax profit dipped from £2.6m to £2.2m in 2024.
Wayfair said its reduction in turnover by 14 per cent was mainly driven by the 17 per cent decrease in administrative expenses.
Wayfair focused on ‘nailing the basics’
In a statement signed off by the board, Wayfair said: “The company is focused on driving cost efficiency, nailing the basics and earning customer and supplier loyalty every day.
“Although the short-term macro-economic picture is unpredictable, we are confident in our ability to navigate its challenges and contribute positively to our ultimate parent’s commitment to maintain adjusted EBITDA [earnings before interest, taxes, depreciation and amortisation] profitability and then to reach positive free cash flow.”
Wayfair was founded by CEO Niraj Shah in 2002 and is headquartered in Boston, US.
For the same financial year, the wider group reported a total net revenue of $11.9bn (£8.8bn), a decrease of $152m.
Its US net revenue fell by $109m to $10.4bn while its international sales were reduced by $43m to $1.5bn.
Wayfair’s gross profit totalled $3.6bn but it made a net loss of $492m.
For the first quarter of its current financial year, Wayfair posted a total net revenue of $2.7bn, a rise of $1bn.
Its US sales also increased by $38m to $2.4bn but its international revenue fell by $37m to $301m.