Online retailer planning 1,000 jobs in coastal Georgia
SAVANNAH, Ga. (AP) — An online retailer of furniture and home decor says it plans to bring 1,000 jobs to coastal Georgia.
Gov. Nathan Deal's office said Wayfair Inc. plans to build a new facility exceeding 1 million square feet (90,000 sq. meters) in Savannah. About $45 million is expected to be invested in the project within the next five years.
The Boston-based company said new jobs will include supervisory, administrative and warehouse positions.
Wayfair: 3Q Earnings Snapshot
BOSTON (AP) _ Wayfair Inc. (W) on Thursday reported a loss of $151.7 million in its third quarter.
The Boston-based company said it had a loss of $1.69 per share. Losses, adjusted for stock option expense and pretax expenses, came to $1.28 per share.
The results fell short of Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for a loss of $1.12 per share.
Online furniture seller Wayfair to open a store
NEW YORK (AP) — Furniture seller Wayfair is following the path of other online retailers by opening an actual store.
The company says it its first brick-and-mortar location will open by early next year in Florence, Kentucky, about 12 miles from Cincinnati. A spokeswoman for the Boston company says the 20,000-square-foot outlet store will sell items that have been returned but are in good condition, as well as other discounted goods.
Wayfair: 2Q Earnings Snapshot
BOSTON (AP) _ Wayfair Inc. (W) on Thursday reported a loss of $100.7 million in its second quarter.
On a per-share basis, the Boston-based company said it had a loss of $1.13. Losses, adjusted for stock option expense and pretax expenses, came to 77 cents per share.
The results missed Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for a loss of 72 cents per share.
Awaiting a decision from the Supreme Court, which is expected any day now, Sen. Mike Enzi, R-Wyo., came out in support of legislation that would allow states to tax online and mail-order sales.
The state Legislature passed a bill during the 2017 general session to levy a 5 percent sales tax on remote sellers that make $400,000 in gross sales or over 200 separate transactions in Wyoming.
WASHINGTON Minnesotans whove avoided paying state sales taxes on online and other kinds of remote purchases could soon see those taxes added to their bills, depending on how the U.S. Supreme Court rules in a widely watched case that will be argued this week.
On Tuesday, the justices will hear South Dakota v. Wayfair Inc., a dispute over a law that expands states ability to compel sellers without a physical presence to collect and forward taxes on purchases made by state residents.
Indiana files lawsuit to defend out-of-state sales tax law
INDIANAPOLIS (AP) — Indiana has filed a lawsuit in defense of a new law that would allow the state to collect sales tax from out-of-state businesses.
The law, which took effect July 1, requires businesses that sell at least $100,000 in the state annually or have 200 separate transactions to collect sales tax, even if they don't have a physical presence in the state.
Shares of online home furnishings retailer Wayfair Inc. hit a 52-week low yesterday before rebounding when the Boston-based company beat Wall Street’s revenue and earnings expectations — but pointed to slower fourth-quarter growth.
Shares plummeted nearly 18 percent to $27.60 before closing at $32.26, down 4.13 percent.
- Business WireWayfair Schedules First Quarter 2019 Earnings Release and Conference CallApril 4, 2019
- Business WireLEAD PLAINTIFF DEADLINE ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 In Wayfair Inc. To Contact The FirmMarch 19, 2019
- Globe NewswireLawsuit for Investors in NYSE: W shares against Wayfair Inc. announced by Shareholders FoundationMarch 19, 2019
- Globe NewswireBragar Eagel & Squire, P.C. is Investigating Certain Officers and Directors of Wayfair Inc. (W) and Encourages Wayfair Investors to Contact the FirmMarch 19, 2019