Wayfair's Spending to Build Out Infrastructure Continues to Weigh on Profit Growth in 2019
No-moat Wayfair continues to outpace its home furnishings peers, increasing sales 44% to $6.8 billion in 2018. This pace is well ahead of other operators in the space as well as the furniture and home furnishings industry, which rose at a mid-single-digit clip in 2018. But growth comes at a cost, and spending on customer acquisition remains an overhang, making our outlook less sanguine. Direct advertising retail spending increased 42% and customer acquisition costs rose 10% (by our math). Revenu...Wayfair is a holding company. Through its e-commerce business model, the company provides customers with browsing, merchandising and product discovery for products from various suppliers. The company has online selections of furniture, decor, decorative accents, housewares, seasonal decor and other home goods. The company's mobile app also provides customers a way to shop for their home from their home using its View in Room 3D augmented reality tool. The company's sites include: Wayfair, Joss & Main, AllModern, Birch Lane, and Perigold. Wayfair is the only one of the company's sites that also operates internationally, operating as Wayfair.ca in Canada, Wayfair.co.uk in the U.K. and Wayfair.de in Germany.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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