Home / Business and Economy / Wayfair Outperforms Industry Despite Challenging Year
Wayfair Outperforms Industry Despite Challenging Year
30 Apr
Summary
- Wayfair's Q1 loss narrowed to $105 million, an improvement from last year.
- Revenue saw a 7.4% increase, reaching $2.93 billion in the first quarter.
- Active customer count grew by 1.4%, with average orders also increasing.
In the first quarter ending March 31, Wayfair significantly narrowed its net loss to $105 million, or 80 cents per share, marking an improvement from the $113 million loss recorded in the same period last year. The Boston-based online furniture retailer reported that its revenue grew by 7.4%, reaching $2.93 billion. This performance surpassed analyst expectations, which had projected $2.89 billion in revenue.
Wayfair also saw a 1.4% increase in active customers, bringing the total to 21.4 million. The average order value rose to $312, up from $301 a year prior. Chief Executive Niraj Shah noted that the home furnishings industry experienced a difficult start to the year, but Wayfair managed to outperform the broader market.
