Wayfair to Add 3 Distribution Centers, 100 Jobs in Florida
Wayfair Inc. W aims to further expand in Florida. The company plans to open three new distribution centers in the state.
These facilities are important in order to better cater to its customers' needs.
Also, shares of Wayfair have been steadily treading higher on a year-to-date basis. The stock returned 106.8% compared with the industry 's growth of 60.3%.
We believe that the company is being driven by logistics and international expansion.
More on the Headlines
The online home goods retailer said that the three new distribution facilities will be located in Tampa, Orlando and Pompano Beach. These facilities will allow the company to expand delivery to millions of customers.
The distribution facility in Pompano Beach will account for a total footprint of 47,320 square feet.
The company is looking to hire people across the state and plans to create 100 new jobs from these three distribution centers. The jobs include positions in management, warehouse, concierge and customer service functions.
Wayfair is well positioned in the home furnishing retail market. We remain positive about the company's market position, product selection, and expanding customer base.
In the logistics space, Wayfair has been making changes to its fulfillment model to deliver products faster. The company now has more than 7 million square feet of space (up from 1 million square feet in 2016) in the United States and Europe across its CastleGate facilities and WDN Consolidation Centers, which is huge.
Also, the company has been trying its best to improve strategies related to its international expansion. In this regard, Wayfair is building international infrastructure, expanding international supplier network and establishing brand presence in select countries.
Wayfair Inc. Price and Consensus
Zacks Rank & Stocks to Consider
Wayfair currently carries at a Zacks Rank #4 (Sell). A few better-ranked stocks in the broader technology sector are Groupon Inc. GRPN , PetMed Express, Inc. PETS and SMART Global Holdings, Inc. SGH , each carrying a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here .
The long-term earnings per share growth rate for Groupon, PetMed Express and SMART Global is projected at 10%, 10% and 15%, respectively.
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