Consumer SpendingThe backdrop for consumer spending in discretionary categories remains lethargic and this is particularly the case for home furnishings.
EarningsWayfair produced disappointing topline results as revenue declined nearly -2% YoY with demand softening through the quarter despite a successful Way Day in early May.
GuidanceThe Q3 outlook was below expectations despite the company seeing better momentum in July compared to June, with revenue forecasted to decline in low-single-digits y/y, although profitability is still expected in the mid-single-digit range.