Wayfair Inc., which relies on China for half of its products, fell the most ever after saying its quarter-to-date revenue growth is trending just under 20 per cent, well below historical rates.

If that growth rate tracks through the rest of the quarter, it would be the slowest growth in its history as a public company, according to data compiled by Bloomberg. Wayfair expects first-quarter net revenue in the US$2.235 billion to US$2.275 billion range, the company said on its earnings call. That compares with the average analyst estimate of estimate US$2.47 billion and is below the low end of analyst expectations.

Wayfair said its forecast doesn’t factor in any significant impact from the virus, although it’s seeing some disruptions in the supply chain. The Boston-based online furnishings retailer also reported a wider-than-expected loss in the fourth quarter, while net revenue narrowly beat estimates.

The shares fell as much as 26 per cent on Friday. The stock had already lost 22 per cent this year, compared with a 5.8 per cent decline in the Russell 1000 Consumer Discretionary Index.

Wayfair issued additional guidance on its earnings call:

• Sees first-quarter adjusted Ebitda margin in the negative 7.3 to 7.8 per cent range
• Sees first-quarter U.S. revenue growth 14 to16 per cent, sees international growth 22 to 25 per cent
• Sees more consistent positive adjusted Ebitda in the U.S. sometime in 2021
• Said it’s confident in its long-term gross margin targets
• Capex to remain elevated in first quarter at five to 5.5 per cent of sales