Newegg’s 1H Sales Fell 26% Due to Factors ‘Out of Our Control’: CEO
E-commerce platform Newegg incurred a 26% decline in first-half net sales to $890.5 million because, “as with many in our industry,” its performance “was affected by several factors that were out of our control,” said CEO Anthony Chow Friday. He…
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cited macroeconomic conditions, higher inflation and “a weak sales environment due to changes in customer spending behavior.” Chief Financial Officer Robert Chang said those challenges, plus “the oversupply of inventory from our sellers,” combined to negatively affect first-half net sales and gross margin. Newegg said it expects to launch Black Friday deals “earlier than usual this year,” and plans to offer a Black Friday price protection program “ahead of an early holiday shopping season.” The promotion will reward shoppers “by automatically refunding the price difference if purchased products drop in price,” it said.