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
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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