Why Wayfair Stock Tumbled 13.3% This Week
Shares of Wayfair (NYSE: W) sank 13.3% this week, according to S&P Global Market Intelligence. The online retailer focused on home goods and furniture did not have any business/earnings updates this week; however, other retailers like Target and Walmart made bad comments about the general retail environment, which caused investors to sell Wayfair stock. At one point, Wayfair stock was down 17.2% this week.
Earlier this week, both Target and Walmart released their latest earnings results. On its conference call, Target executives said starting in March, it saw a huge slowdown in demand for home merchandise as the company lapped last year's stimulus payments and consumers started to spend more on travel items like luggage, which was up 50% year over year. Management also said freight and transportation costs are soaring for its operations, with an expected $1 billion expense bump in 2022 compared to what they guided for at the start of the year.
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Source Fool.com
