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March 1, 2016

Why is Wayfair bringing 1,000 jobs to Maine? Financials hint at the answer

Wayfair Inc.'s fourth quarter earnings report shows the e-commerce site's impressive growth.

Wayfair Inc.’s fourth quarter earnings report, released on Feb. 25, may provide part of the story behind the Boston-based home furnishings e-commerce company’s recent announcement that it’s bringing nearly 1,000 jobs to Maine.

In a press release reporting its financials for the fourth quarter and full year ended Dec. 31, 2015, Wayfair (NYSE:W) disclosed:

  • Q4 direct retail revenue, consisting of sales primarily through the sites of Wayfair’s five brands, increased from $338.9 million to $685.6 million, up 97.8% year over year
  • Q4 total net revenue increased from $331.2 million to $739.8 million growth, up 81.0% year over year
  • Full year 2015 direct retail revenue increased $938.6 million to $2.0 billion, up 85.2% year over year
  • Full year 2015 total net revenue increased $930.9 million to $2.25 billion, up 70.6% year over year
  • 5.4 million active customers, up 66.6% year over year.

Wayfair, one of the world’s largest online destinations for home furnishings and décor, announced in mid-February that it is bringing 450 new jobs to the soon-to-be-former L.L.Bean call center location in Bangor and 500 new full-time jobs to Brunswick Landing. Company officials said the Bangor location will primarily serve as a customer service call center, while the Brunswick team will be focused on inside sales and fielding individual customer requests for assistance in navigating Wayfair's vast inventory.

One week after announcing their expansion in Maine, the company also announced plans to open a customer service center in Texas according to BostonInno, which will bring 450 new jobs to the area.

“We continue to grow both our new customer base and our repeat business with an exceptional shopping experience that redefines what is possible in home retail,” Niraj Shah, Wayfair’s CEO, co-founder and co-chairman, said in a company statement accompanying the earnings report. “We remain firmly focused on delighting our customers as we continue to innovate and raise the bar in terms of selection, service and design inspiration. We look forward to making great strides in 2016 as we continue to build the Wayfair brand in the United States and ramp up our investment in Europe and Canada.”

In other highlights from its year-end statement, Wayfair reported:

  • Net revenue per active customer increased to $381, up 11.4% year over year
  • Repeat customers placed 54.3% of total orders in the fourth quarter of 2015, compared to 50.3% in the fourth quarter of 2014
  • Repeat customers placed 1.7 million orders in the fourth quarter of 2015, an increase of 96.1% year over year
  • For the full year 2015, repeat customers placed 5 million orders, an increase of 92.3% year over year
  • Orders delivered in the fourth quarter of 2015 were 3.1 million, an increase of 81.7% year over year
  • For the full year 2015, orders delivered were 9.2 million, an increase of 75.1% year over year
  • Average order value was $222 for the fourth quarter of 2015, an increase of 8.8% year over year.

Wayfair employed 3,809 people as of December 31, 2015 and has operations throughout North America and Europe.

Read more

Boston company bringing nearly 1,000 new jobs to Maine

Wayfair lease gets unanimous approval from city officials

200 additional jobs headed to Brunswick Landing

Bangor commits $1M to upgrade Wayfair building

Former Uber and Amazon sales exec to lead Wayfair in Bangor

Wayfair’s Maine expansion set with Bangor opening

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