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May 2, 2024

Wayfair Tops Q1 Estimates As Loss Declines

Posted In: Retail Articles

For the first quarter, Wayfair beat Wall Street estimates with a lesser loss, although sales declined slightly.

Net loss was $248 million, or $2.06 per diluted share, versus a net loss of a net loss of $355 million, or $3.22 per diluted share, in the year-past period. Adjusted for one-time charges, net loss was $39 million, or 32 cents per diluted share, versus $124 million, or $1.13 per diluted share, in the year prior period.

An analyst consensus estimate published by Yahoo Finance called for a loss of 44 cents per adjusted diluted share and revenues of 2.64 billion.

Net revenues were $2.73 billion versus $2.77 billion in the year-before quarter, the company reported. Loss from operations was $235 million versus $347 million in the year-previous period.

Revenue from operations in the United States was $2.39 million versus $2.42 million in the year-before quarter.

In announcing the financial results, Niraj Shah, Wayfair CEO, co-founder and co-chairman. “The first quarter ended on an upswing. Our revenue was down just under 2% year-over-year for Q1, which marks our sixth straight quarter of share gain. Shoppers are increasingly choosing Wayfair, with year-over-year active customer growth once again positive and accelerating compared to last quarter. For the first time since pre-pandemic, we’re seeing suppliers introducing large groups of new products into their catalogs as they look to build momentum for the next stage of growth. Across the board, we’re hearing their enthusiasm to partner with Wayfair and substantial interest to lean in behind our entire offering, joining our curated brands, being featured in our promotional events, leveraging our fulfillment solutions, taking advantage of supplier advertising, and having shelf space in our stores.”

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