Homeware retailer Wayfair has cut its UK workforce by more than 50% in just two years amid a sustained drop in sales, new company filings reveal.
The US-based furniture giant employed 405 staff in the UK at the end of 2024 — down sharply from 587 in 2023 and 847 in 2022, City AM reported.
This reduction reflects a broader strategic push to tighten costs in response to weakening UK sales.
The firm‘s UK turnover fell from £83.4m in 2022, to £69.1m in 2023. This was followed by a further decline to £59.4m in 2024. The latest accounts filed with Companies House also show a dip in pre-tax profit from £2.6m, to £2.2m over the same period.
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The company attributed its 14% drop in turnover to a 17% reduction in administrative expenses as it focused on “driving cost efficiency” and “nailing the basics”.
Despite challenging market conditions, Wayfair said it remains confident in navigating the “unpredictable” economic environment.
The retailer is aiming to maintain adjusted EBITDA profitability and move towards positive free cash flow, as part of its broader group strategy.
The wider group reported total net revenue of $11.9bn (£8.8bn) for its latest financial year, down $152m (£112m) from the previous year. US revenue fell by $109m (£81m) to $10.4bn (£7.7bn), while international sales dropped by $43m (£32m) to $1.5bn (£1.1bn).
The group posted a net loss of $492m (£363m) despite gross profits of $3.6bn (£2.7bn).
In the first quarter of its current financial year, Wayfair’s total net revenue rose sharply by $1bn (£740m) to $2.7bn (£2bn), helped by a $38m (£28m) increase in US sales. However, international revenue fell by $37m (£27m) to $301m (£223m).
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