DIY
Wayfair UK profits dip in FY23 despite cutting workforce by third
The profit loss comes despite the group axing 31% of its workforce, with the average number of employees in the UK falling to 587, down from 847 the prior year
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The UK arm of Wayfair has seen profits dip in its full-year results, despite cost-cutting plans that included reducing its workforce, newly filed documents have shown.In the year ended 31 December 2023, profit-before-tax fell by 3% to £2.64m, down from £2.73m the prior year. In addition, sales fell by 17% to £69m over the period, largely driven by administrative expenses over the period.
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