1
00:00:02,520 --> 00:00:07,000
Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

2
00:00:07,800 --> 00:00:09,719
Speaker 2: Well share is a Wayfair. We're keeping a watch on

3
00:00:09,720 --> 00:00:12,040
Speaker 2: that one, dropping a lot down about sixteen percent at

4
00:00:12,080 --> 00:00:15,400
Speaker 2: their lows on earnings, a four month low intra day

5
00:00:15,840 --> 00:00:18,640
Speaker 2: as active customers during the fourth quarter came in slightly

6
00:00:18,640 --> 00:00:22,480
Speaker 2: below street expectations. Now the Street weighing in on the results,

7
00:00:22,520 --> 00:00:25,439
Speaker 2: William Blair saying that the six point nine percent growth

8
00:00:25,480 --> 00:00:29,080
Speaker 2: in net revenue likely fell short of buyside expectations. But

9
00:00:29,160 --> 00:00:32,440
Speaker 2: you had some peers rh our House and also William's

10
00:00:32,440 --> 00:00:35,280
Speaker 2: Sonoma under some pressure in the trade, so investors looking

11
00:00:35,320 --> 00:00:37,520
Speaker 2: at the group overall. Let's get a little bit more

12
00:00:37,560 --> 00:00:39,400
Speaker 2: on the outlete. We want to head to Boston.

13
00:00:39,479 --> 00:00:42,760
Speaker 1: We got Kate Goliver back with us CFO of Wayfair. Kate,

14
00:00:42,840 --> 00:00:44,800
Speaker 1: good to have you on the program. Tell us a

15
00:00:44,840 --> 00:00:48,480
Speaker 1: little bit about the quarter, because interestingly enough, Jeffries says,

16
00:00:48,520 --> 00:00:51,520
Speaker 1: this is attributable to colder weather to start the year.

17
00:00:51,960 --> 00:00:56,640
Speaker 1: Anything about the guidance regarding is it about colder weather?

18
00:00:57,640 --> 00:01:00,320
Speaker 3: Yeah, well, maybe let's step back and sort of to

19
00:01:00,440 --> 00:01:02,280
Speaker 3: the quarter we just reported, and then I'm happy to

20
00:01:02,560 --> 00:01:05,839
Speaker 3: shift to guidance. You know, we feel really great about

21
00:01:05,840 --> 00:01:08,679
Speaker 3: the quarter. We just reported. I think it highlighted and

22
00:01:08,760 --> 00:01:11,880
Speaker 3: capped off a year of incredible momentum for us. We

23
00:01:11,920 --> 00:01:14,160
Speaker 3: opened up the year flat, we you know, exit of

24
00:01:14,200 --> 00:01:16,880
Speaker 3: the year at seven percent, revenue growth eight percent, you know,

25
00:01:16,959 --> 00:01:20,000
Speaker 3: managing for the exit of Germany, and we flowed through

26
00:01:20,120 --> 00:01:24,040
Speaker 3: to improved ebita. Ibata grew year over year about sixty percent. Right,

27
00:01:24,120 --> 00:01:28,840
Speaker 3: So we're seeing both ongoing market share gains and improved profitability.

28
00:01:29,240 --> 00:01:31,960
Speaker 3: And that story continues with our guide into Q one.

29
00:01:32,800 --> 00:01:34,760
Speaker 3: We feel really good about the guide, the you know,

30
00:01:34,840 --> 00:01:38,120
Speaker 3: mid single digits revenue growth and improved adjust at Ebata

31
00:01:38,200 --> 00:01:40,679
Speaker 3: throughout the quarter. So you know, when we look at it,

32
00:01:40,680 --> 00:01:42,520
Speaker 3: we feel that we produced pretty strong results.

33
00:01:43,080 --> 00:01:44,959
Speaker 2: Yeah, I mean you look at the quarter, I mean

34
00:01:45,160 --> 00:01:48,200
Speaker 2: just at EPs, better than what the street was expecting.

35
00:01:48,720 --> 00:01:52,440
Speaker 2: Just at Ebada, as you said, coming in stronger, net

36
00:01:52,560 --> 00:01:56,960
Speaker 2: revenue up about seven percent year over year, gross margin,

37
00:01:57,640 --> 00:02:00,400
Speaker 2: coming in better than the street estimate. There were a

38
00:02:00,400 --> 00:02:03,120
Speaker 2: lot to do. So maybe we talk a little bit

39
00:02:03,200 --> 00:02:05,960
Speaker 2: about you know, I am curious. You know, you guys

40
00:02:05,960 --> 00:02:07,559
Speaker 2: have dealt with the call and so on and so forth.

41
00:02:07,600 --> 00:02:09,600
Speaker 2: What are you hearing from the investment community that they're

42
00:02:09,639 --> 00:02:10,880
Speaker 2: not just so comfortable with Kate.

43
00:02:12,120 --> 00:02:14,720
Speaker 3: Yeah, you know, actually, you know, as we talked to investors,

44
00:02:14,760 --> 00:02:17,040
Speaker 3: I think again there they're pleased with the momentum that

45
00:02:17,080 --> 00:02:20,880
Speaker 3: we see here. You know, obviously we're in a category

46
00:02:20,919 --> 00:02:23,880
Speaker 3: that has been under pressure, right, So the category itself,

47
00:02:24,440 --> 00:02:27,320
Speaker 3: we think was down low single digits in the fourth quarter,

48
00:02:27,400 --> 00:02:29,399
Speaker 3: you know, to your earlier questions sort of around whether

49
00:02:29,480 --> 00:02:31,920
Speaker 3: in the first quarter, we do think the category has

50
00:02:31,919 --> 00:02:34,480
Speaker 3: been impacted in the first quarter of this year, you know,

51
00:02:34,680 --> 00:02:37,239
Speaker 3: likely you know, down low single digits again, maybe slightly

52
00:02:37,240 --> 00:02:40,680
Speaker 3: worse even than Q four. So there's certainly some complexity

53
00:02:40,720 --> 00:02:43,440
Speaker 3: in the overall category here. You know, what can we

54
00:02:43,480 --> 00:02:45,320
Speaker 3: focus on. We can focus on what we can control,

55
00:02:45,320 --> 00:02:48,080
Speaker 3: and our share gain continues to be a real source

56
00:02:48,080 --> 00:02:51,480
Speaker 3: of strength. You see us outstripping a category by several points, right,

57
00:02:51,800 --> 00:02:54,679
Speaker 3: and that's continued, you know, Q three, Q four and

58
00:02:54,720 --> 00:02:56,240
Speaker 3: then again into the guide in Q one.

59
00:02:56,480 --> 00:02:58,280
Speaker 2: And we should point out that investors have been really

60
00:02:58,360 --> 00:03:00,360
Speaker 2: keen on your stock, I mean, nearly double over the

61
00:03:00,360 --> 00:03:02,760
Speaker 2: past year. Kate, let me just go to what you said.

62
00:03:02,919 --> 00:03:06,320
Speaker 2: I mean, maybe it is those concerns about some softer

63
00:03:06,600 --> 00:03:10,480
Speaker 2: active customer trends kind of early on in the first quarter,

64
00:03:10,520 --> 00:03:12,960
Speaker 2: do you give us an idea of what you're seeing

65
00:03:13,040 --> 00:03:15,080
Speaker 2: in any idea or can you tell them as if

66
00:03:15,120 --> 00:03:15,799
Speaker 2: it continues.

67
00:03:16,400 --> 00:03:18,960
Speaker 3: It's a great question. So active customers is one of

68
00:03:18,960 --> 00:03:23,040
Speaker 3: our reported KPIs. It's actually a lagging indicator. Okay, That

69
00:03:23,360 --> 00:03:26,400
Speaker 3: metric is LTM active customers, So anyone who'd sort of

70
00:03:26,400 --> 00:03:29,560
Speaker 3: placed an order within the last twelve months and as

71
00:03:30,240 --> 00:03:33,320
Speaker 3: orders grow, and you do see that order volume grew

72
00:03:33,440 --> 00:03:36,040
Speaker 3: in Q three and in the quarter we just reported

73
00:03:36,120 --> 00:03:40,040
Speaker 3: Q four, that sort of precedes active customer growth. The

74
00:03:40,080 --> 00:03:41,560
Speaker 3: other thing I do just want to point out there

75
00:03:41,560 --> 00:03:43,800
Speaker 3: is we did exit in January of last year or

76
00:03:43,800 --> 00:03:46,280
Speaker 3: German Business, so that took a large chunk of customers

77
00:03:46,520 --> 00:03:48,280
Speaker 3: or not a large chunk, but a chunk of customers

78
00:03:48,320 --> 00:03:50,600
Speaker 3: out of that number. And so as you're looking at

79
00:03:50,600 --> 00:03:53,080
Speaker 3: that active customer number, you know obviously that came out,

80
00:03:53,160 --> 00:03:55,560
Speaker 3: so we'll clear that comp you know, we exited that

81
00:03:55,640 --> 00:03:57,480
Speaker 3: in January of this past year.

82
00:03:57,800 --> 00:04:00,160
Speaker 1: You did say the sector has been under pressure, and

83
00:04:00,200 --> 00:04:03,080
Speaker 1: Carol mentioned some of the piers, but what about the

84
00:04:03,120 --> 00:04:06,960
Speaker 1: wayfair consumer when they're buying something on the platform right now,

85
00:04:07,040 --> 00:04:10,200
Speaker 1: are they buying it because they need to replace something

86
00:04:10,320 --> 00:04:12,280
Speaker 1: in their home? Are they buying it because they have

87
00:04:12,520 --> 00:04:16,520
Speaker 1: extra money to upgrade something. What's the profile of the consumer,

88
00:04:16,560 --> 00:04:18,440
Speaker 1: and in other words, how is the consumer doing.

89
00:04:19,080 --> 00:04:21,080
Speaker 3: It's a great question. We're seeing a few trends. So

90
00:04:21,440 --> 00:04:24,240
Speaker 3: you mentioned some of the sort of luxury peers. Obviously,

91
00:04:24,320 --> 00:04:26,560
Speaker 3: we have high end brands that do compete with those players,

92
00:04:26,560 --> 00:04:30,720
Speaker 3: like a paragold or specialty retail brand. The Wayfair brand itself,

93
00:04:30,920 --> 00:04:32,960
Speaker 3: you know, plays all the way from opening price point

94
00:04:33,040 --> 00:04:36,320
Speaker 3: to you know, upper end mass, so really spans the

95
00:04:36,360 --> 00:04:39,760
Speaker 3: full range. And we have seen, you know, a divergence

96
00:04:39,800 --> 00:04:42,400
Speaker 3: some of that ke shaped economy. I'm sure we've all

97
00:04:42,440 --> 00:04:45,760
Speaker 3: been talking about now for a bit. Certainly, our paragold

98
00:04:45,760 --> 00:04:49,599
Speaker 3: brand or specialty retail brands are growing, you know, really

99
00:04:49,640 --> 00:04:51,960
Speaker 3: north of twenty percent we said in twenty twenty five,

100
00:04:52,000 --> 00:04:54,680
Speaker 3: so you can see that accelerating beyond you know, the

101
00:04:54,720 --> 00:04:57,400
Speaker 3: overall core business. And I think that speaks to the

102
00:04:57,440 --> 00:05:00,760
Speaker 3: strength and that you know, higher net worth consumer. We

103
00:05:00,880 --> 00:05:02,599
Speaker 3: also do see a bit of a divergence in the

104
00:05:02,600 --> 00:05:05,920
Speaker 3: types of things that people are buying. When I talk

105
00:05:05,960 --> 00:05:08,920
Speaker 3: about the category being down low single digits, that's a

106
00:05:08,960 --> 00:05:13,120
Speaker 3: category overall. We actually think furniture or bigger ticket items

107
00:05:13,160 --> 00:05:16,120
Speaker 3: are down more. That tends to actually be where we

108
00:05:16,279 --> 00:05:18,520
Speaker 3: you know, are more focused and have a bigger part

109
00:05:18,520 --> 00:05:21,080
Speaker 3: of the business. But you know, we also of course

110
00:05:21,120 --> 00:05:24,440
Speaker 3: sell decorative accents, seasonal decor. That part of the business

111
00:05:24,440 --> 00:05:27,159
Speaker 3: seems to have done a bit better from a category

112
00:05:27,200 --> 00:05:31,279
Speaker 3: perspective overall, So those would be lower ticket items you know,

113
00:05:31,320 --> 00:05:33,920
Speaker 3: that may feel more comfortable for folks to purchase right now.

114
00:05:34,120 --> 00:05:35,880
Speaker 2: Well, and the other thing I want to ask you

115
00:05:35,920 --> 00:05:38,960
Speaker 2: and listen, Kate, we're obsessed with this the buy now,

116
00:05:39,040 --> 00:05:41,880
Speaker 2: pay later and you can do that on Wayfair too.

117
00:05:41,960 --> 00:05:43,360
Speaker 2: Are you seeing an uptick in that.

118
00:05:44,839 --> 00:05:47,320
Speaker 3: Yeah, we have a number of options, you know, for

119
00:05:47,440 --> 00:05:50,000
Speaker 3: various financings and buy now pay laters. We work with

120
00:05:50,040 --> 00:05:52,520
Speaker 3: a wide range of partners. I do think it's an

121
00:05:52,520 --> 00:05:55,479
Speaker 3: important offering for the consumer, so you know, to you know,

122
00:05:55,600 --> 00:05:58,200
Speaker 3: sort of sort of ensure good underwriting for folks and

123
00:05:58,240 --> 00:06:00,440
Speaker 3: provide them with a lot of optionality. I would say

124
00:06:00,480 --> 00:06:04,520
Speaker 3: our penetration there has been lower than other more traditional

125
00:06:04,520 --> 00:06:07,599
Speaker 3: brick and brick and mortar furniture retailer. So you know,

126
00:06:07,680 --> 00:06:10,120
Speaker 3: as we grow, we're really trying to get to you know,

127
00:06:10,240 --> 00:06:12,760
Speaker 3: sort of a more natural place there for the furniture

128
00:06:12,760 --> 00:06:13,599
Speaker 3: industry overall.

129
00:06:13,800 --> 00:06:17,360
Speaker 1: We're speaking with Kate Goliver, CFO of Wayfair, joining us

130
00:06:17,400 --> 00:06:18,039
Speaker 1: from Boston.

131
00:06:19,080 --> 00:06:20,560
Speaker 2: You know, Kate, one of the other things that we've

132
00:06:20,600 --> 00:06:23,120
Speaker 2: talked with you about is the physical stores, and you

133
00:06:23,200 --> 00:06:27,680
Speaker 2: have noticed some encouraging early performance from the physical stores

134
00:06:27,720 --> 00:06:30,400
Speaker 2: when it comes to brand engagement and cross channel lift.

135
00:06:30,760 --> 00:06:33,040
Speaker 2: As you think about or as you kind of move

136
00:06:33,040 --> 00:06:36,520
Speaker 2: from proof of concept to a potential expansion, what specific

137
00:06:36,560 --> 00:06:39,239
Speaker 2: performance thresholds are you kind of focusing on and would

138
00:06:39,320 --> 00:06:42,680
Speaker 2: justify accelerating the physical store growth.

139
00:06:43,400 --> 00:06:45,520
Speaker 3: Yeah, it's a great question. So we look at the

140
00:06:45,560 --> 00:06:49,240
Speaker 3: economics of the store itself, so purchases that are directly

141
00:06:49,279 --> 00:06:53,120
Speaker 3: attributable to the store, and the economics of you know,

142
00:06:53,160 --> 00:06:55,760
Speaker 3: operating that store. So as you think about the overall store,

143
00:06:55,920 --> 00:06:58,040
Speaker 3: four wall, P and L. But one of the unique

144
00:06:58,040 --> 00:07:00,320
Speaker 3: things about you know, building stores are we have a

145
00:07:00,320 --> 00:07:02,840
Speaker 3: well established e commerce brand, is you do get to

146
00:07:02,839 --> 00:07:05,760
Speaker 3: see a benefit in the area for the brand overall.

147
00:07:06,000 --> 00:07:07,839
Speaker 3: But the other thing that we look at is, you

148
00:07:07,880 --> 00:07:10,000
Speaker 3: know what in sort of industry partlance you might call

149
00:07:10,040 --> 00:07:12,880
Speaker 3: the halo effect, but really sales that are attributable to

150
00:07:13,000 --> 00:07:15,840
Speaker 3: folks that maybe came into the store and then you know,

151
00:07:15,960 --> 00:07:18,240
Speaker 3: left and went and bought something, or you know, had

152
00:07:18,240 --> 00:07:20,320
Speaker 3: an idea about the store being in the area because

153
00:07:20,360 --> 00:07:22,320
Speaker 3: they've heard more about it, and therefore then shopped in

154
00:07:22,360 --> 00:07:24,840
Speaker 3: our a platform. And we've seen that continue to hold

155
00:07:24,840 --> 00:07:27,640
Speaker 3: in really nicely. We gave a stat in our updated

156
00:07:27,720 --> 00:07:31,400
Speaker 3: investor presentation today that the first store, which is in Chicago,

157
00:07:31,720 --> 00:07:34,960
Speaker 3: if you look at the entire state of Illinois versus

158
00:07:34,960 --> 00:07:37,840
Speaker 3: the rest of the country since the store opened, it's

159
00:07:37,880 --> 00:07:40,200
Speaker 3: had a ten percent cag or higher than the rest

160
00:07:40,200 --> 00:07:42,400
Speaker 3: of the country. And that gives you a sense of,

161
00:07:42,480 --> 00:07:44,240
Speaker 3: you know, the momentum that you can get from the store.

162
00:07:44,280 --> 00:07:47,320
Speaker 3: It's obviously very crude metric, but it's an easy way

163
00:07:47,320 --> 00:07:49,120
Speaker 3: to sort of explain it. So we really look at

164
00:07:49,120 --> 00:07:51,840
Speaker 3: the combination of the store, P and L and then

165
00:07:51,920 --> 00:07:54,480
Speaker 3: the other benefits that come along with having the store.

166
00:07:54,520 --> 00:07:56,320
Speaker 2: Well, that makes me want to follow, like what metrics

167
00:07:56,320 --> 00:07:58,920
Speaker 2: would cause you to maybe remain a little bit more cautious,

168
00:07:58,920 --> 00:08:00,960
Speaker 2: So like if you open another's store and the metrics

169
00:08:01,040 --> 00:08:05,080
Speaker 2: aren't so you're not seeing that kind of momentum that

170
00:08:05,080 --> 00:08:07,280
Speaker 2: you're getting in the Chicago store, we just just say, Okay,

171
00:08:07,520 --> 00:08:09,360
Speaker 2: maybe it just depends on the city of the environment, like,

172
00:08:09,400 --> 00:08:11,240
Speaker 2: there's a lot of specifics that can go into it.

173
00:08:12,000 --> 00:08:13,760
Speaker 3: Yeah, you know, I think our focus right now is

174
00:08:13,800 --> 00:08:16,440
Speaker 3: on learning more about what makes a great store. Right.

175
00:08:16,640 --> 00:08:18,680
Speaker 3: So we have one store open. We're playing to open

176
00:08:18,760 --> 00:08:20,960
Speaker 3: three more in twenty six. We have one opening soon

177
00:08:21,000 --> 00:08:24,240
Speaker 3: in the Atlanta area, another one this summer in Columbus,

178
00:08:24,280 --> 00:08:26,800
Speaker 3: and then in the fall in Denver. These will be,

179
00:08:27,440 --> 00:08:30,080
Speaker 3: you know, the Columbus store, for example, seventy thousand square

180
00:08:30,080 --> 00:08:33,000
Speaker 3: feet versus the you know other stores are roughly around

181
00:08:33,040 --> 00:08:35,160
Speaker 3: one hundred and fifty thousand square feets. So we're testing

182
00:08:35,160 --> 00:08:38,600
Speaker 3: out a slightly smaller format. We're testing out different types

183
00:08:38,600 --> 00:08:41,240
Speaker 3: of shopping areas where we put the store, and so

184
00:08:41,280 --> 00:08:43,720
Speaker 3: we intend to learn and then continue to refine the

185
00:08:43,720 --> 00:08:46,560
Speaker 3: store model based on those learnings. So do you know,

186
00:08:46,559 --> 00:08:48,319
Speaker 3: we are quite excited about it as a channel.

187
00:08:48,559 --> 00:08:50,640
Speaker 1: Hey, let's go from sort of like the old school

188
00:08:51,200 --> 00:08:54,520
Speaker 1: store retail model to then what you're doing with AI

189
00:08:54,640 --> 00:08:57,640
Speaker 1: and layer and cause stores old school, So they are

190
00:08:57,800 --> 00:08:59,000
Speaker 1: I mean, they're coming.

191
00:08:58,760 --> 00:09:02,720
Speaker 3: Back right channel. We like the overall omni channel experience,

192
00:09:02,760 --> 00:09:03,920
Speaker 3: but but how.

193
00:09:03,760 --> 00:09:07,960
Speaker 1: Do you layer in personalization with AI? And I'm curious

194
00:09:08,000 --> 00:09:10,240
Speaker 1: how you do that in a way that actually makes

195
00:09:10,240 --> 00:09:12,880
Speaker 1: you more competitive in this area.

196
00:09:13,080 --> 00:09:16,120
Speaker 3: Yeah, we're we're really excited about what we can do

197
00:09:16,200 --> 00:09:19,600
Speaker 3: with AI from the customer experience perspective, and we've already

198
00:09:19,600 --> 00:09:21,400
Speaker 3: started some of that and piloted some of that on

199
00:09:21,440 --> 00:09:23,720
Speaker 3: the site, and there's certainly more to come there. You know,

200
00:09:23,800 --> 00:09:25,800
Speaker 3: I think this category is a bit unique in that

201
00:09:25,880 --> 00:09:30,920
Speaker 3: respect because it's a category that is a highly emotive category. Right.

202
00:09:30,920 --> 00:09:33,760
Speaker 3: It feels very personal to folks. It's not a commodity

203
00:09:34,040 --> 00:09:37,800
Speaker 3: category where you're doing sort of standard replenishment. You want to,

204
00:09:37,880 --> 00:09:39,800
Speaker 3: you know, get a better sense and see the actual

205
00:09:39,840 --> 00:09:43,360
Speaker 3: options out there. The brand is important, you know, our

206
00:09:43,400 --> 00:09:46,080
Speaker 3: brand is important because you want to ensure the delivery

207
00:09:46,080 --> 00:09:48,960
Speaker 3: experience is high quality. So we think that the category

208
00:09:49,040 --> 00:09:51,480
Speaker 3: itself lends itself to bringing people to our site and

209
00:09:51,520 --> 00:09:54,000
Speaker 3: engaging them in a unique way. One thing that we

210
00:09:54,040 --> 00:09:57,160
Speaker 3: can do with AI is help get more personalized for

211
00:09:57,280 --> 00:09:59,760
Speaker 3: your style preferences. You know, I'm sure if the three

212
00:09:59,800 --> 00:10:01,480
Speaker 3: of us we're to pick an end table, we'd all

213
00:10:01,520 --> 00:10:04,079
Speaker 3: pick different end tables. What we'd love to do is

214
00:10:04,120 --> 00:10:06,280
Speaker 3: make sure that when we land on the site, we're

215
00:10:06,320 --> 00:10:08,520
Speaker 3: serving up to each of us exactly that end table

216
00:10:08,559 --> 00:10:11,320
Speaker 3: that we want. Generative AI allows us to do that

217
00:10:11,400 --> 00:10:13,880
Speaker 3: in a faster, more nimble way. It also allows you

218
00:10:13,920 --> 00:10:15,719
Speaker 3: to play around with discovery. So if you were to

219
00:10:15,760 --> 00:10:19,320
Speaker 3: go on the app today into the discover tab, you'd

220
00:10:19,320 --> 00:10:21,880
Speaker 3: see a whole catalog of images and you can create

221
00:10:21,920 --> 00:10:24,960
Speaker 3: more yourself if you want that. Are you know Jennai

222
00:10:25,120 --> 00:10:28,000
Speaker 3: created that? Then allow you to shop the catalog based

223
00:10:28,040 --> 00:10:30,160
Speaker 3: on the type of room that you're designing or the

224
00:10:30,200 --> 00:10:32,480
Speaker 3: aesthetic look that you're looking for. And I think that

225
00:10:32,640 --> 00:10:36,960
Speaker 3: kind of engagement and interaction is really compelling in this category.

226
00:10:37,200 --> 00:10:39,640
Speaker 2: So I know, Kate, if we had asked Tim, like

227
00:10:39,679 --> 00:10:43,040
Speaker 2: if we were going you, me and him shopping for pillows,

228
00:10:43,080 --> 00:10:46,520
Speaker 2: you know he would say, no more pillows. I don't

229
00:10:46,520 --> 00:10:48,160
Speaker 2: know about your household, but that's what happens in my

230
00:10:48,200 --> 00:10:49,160
Speaker 2: house anyway.

231
00:10:50,080 --> 00:10:52,920
Speaker 3: What originally people have an insatiable demand for pillows, so

232
00:10:52,920 --> 00:10:54,040
Speaker 3: we will keep selling them.

233
00:10:54,360 --> 00:10:57,240
Speaker 2: Thank God, thank God. I always appreciate getting time. It

234
00:10:57,280 --> 00:10:59,000
Speaker 2: is a great read on the consumer and finding out

235
00:10:59,040 --> 00:11:02,640
Speaker 2: what's going on. Kow Well, thank you, Kate Gulliver. She's

236
00:11:02,679 --> 00:11:04,320
Speaker 2: the chief financial officer of Wayfair