Wayfair UK saw profit slide in its full-year results, as it slashed roughly 30% of its staff members in a bid to reduce costs.
Profit dropped from £2.7m to £2.6m at the homeware retailer for the year ended 31 December, despite cutting its average number of workers from 847 to 587 during the period.
Sales were down 17% to £69m for the year, which it said was mainly driven by a 14% reduction in administrative expenses.
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Wayfair unveiled plans to axe 1,750 jobs from its workforce at the start of 2023, as it ramped up its $1.4bn (£0.86bn) cost saving efforts.
Measures included reducing its corporate employees by 18% as it sought to scale down operating costs amid weakened demand for furniture.
Going forward, the business said its strategy was to “maintain its warehouse and fulfillment services operations in the UK to drive Wayfair Stores Limited’s European growth”.
It explained: “This will increase the underlying operating expenses, while also increasing revenue and operating profit in the coming years.”
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