(NewsNation) — CEO and co-founder Niraj Shah announced the company’s return to profitability, stating Wayfair is “back to winning,” in an email obtained by Business Insider from Wayfair employees.
However, Shah made it clear that success comes with hard work, urging employees to be frugal and diligent in their efforts.
“Think of any company money you spend as your own,” Shah wrote. “Working long hours, being responsive, blending work and life, is not anything to shy away from,” he wrote. “There is not a lot of history of laziness being rewarded with success.”
Shah expressed concern about the circulation of outdated or inaccurate “Nirajisms,” specifically refuting the notion that he discouraged working late. “There is not a lot of history of laziness being rewarded with success,” he stated.
Wayfair’s return to profitability follows cost-cutting measures, including layoffs, implemented after recent losses. The company had initially turned a profit in early 2020 during the furniture boom of the pandemic.
In its most recent earnings report on November 1, Wayfair reported a loss of $163 million in the third quarter, a significant improvement from the $283 million loss in Q3 2022, Business Insider reported.
Despite the recent financial challenges, Wayfair’s stock saw a nearly 10% increase on Wednesday, contributing to a 74% rise over the course of the year. However, over the past five years, the stock is down 45%, contrasting with the broader stock market’s 81% increase during the same period.
A Wayfair spokesperson affirmed the company’s pride in its team and culture of open communication, stating that Shah’s email reinforced values such as questioning the status quo, cost efficiency, and collaborative hard work, all of which have been integral to Wayfair’s success.