In the first quarter, Wayfair sales grew significantly, and the company beat a Wall Street estimate, but its net loss grew as well.
Wayfair posted a net loss of $285.9 million, or $3.04 per share, for the first quarter versus $200.4 million, or $2.20 per share, in the year-prior period. Adjusted net loss, excluding one-time charges, was $216.6 million, or $2.30 per share, versus $148 million, or $1.62 per share, in the quarter a year earlier.
Wayfair bettered a MarketBeat-published analyst consensus estimate for a $3.49 per share loss.
Net revenue was $2.33 billion as compared to $1.94 billion, in the year-before quarter. Net revenue from operations in the U.S. was $1.97 billion versus $1.66 million, in the year-past quarter. Loss from operations was $262.1 million versus $193.6 million in the period a year previous.
“During this unprecedented time, we are working tirelessly to serve our customers across two continents,” said Niraj Shah, CEO, co-founder and co-chairman, Wayfair. “We are also working hard to help our communities with donations, emergency supply of goods, and logistics support. Both our frontline and corporate employees have adapted quickly and seamlessly to new processes and protocols to continue to serve strong demand, while keeping our customers, employees and communities safe. The broader market disruption has highlighted the many differentiated advantages we have built as the e-commerce leader in home over the last two decades. Millions of new shoppers have discovered Wayfair while they shelter in place at home, and we are seeing strong acceleration in new and repeat customer orders across almost all classes of goods and across all regions. In parallel, as we execute on the plans we set in motion late last year, we are making significant strides toward profitability by driving gross margin expansion, increasing marketing efficiencies, and gaining leverage on operating expenses. Our solid internal progress and healthy balance sheet put us in a position of strength in a highly dynamic environment. We remain confident in the success of our business as the shift of our category online accelerates, and we continue to aggressively invest in our future.”