As it continues to pursue market share aggressively, Wayfair posted a bigger net loss for the second quarter but significantly higher revenues as well.
For the second quarter ended June 30, net loss was $181.9 million, or $1.98 per diluted share, versus $100.7 million, or $1.13 per diluted share, in the year-earlier period.
Allowing for one-time costs, adjusted net loss for the quarter was $124.3 million, or $1.35 per diluted share, versus $68.9 million, or 77 cents per diluted share, in the year-previous period. In a MarketBeat-published consensus estimate, analysts expected adjusted diluted loss per share for the quarter to come in at $1.97.
Net revenue was $2.34 billion compared to $1.66 billion in the year-prior quarter. Net revenue in the U.S. was $2 billion versus $1.41 billion in the previous second quarter; revenue in the international business segment was $342.7 million versus $243.9 million in the period a year earlier.
Niraj Shah, Wayfair’s co-founder, co-chairman and CEO, noted that the company’s direct revenue, consisting of sales made by the company’s sites, gained $691 million to $2.33 billion from the $1.64 billion posted in the year-before quarter.
“We are very pleased to report another strong quarter with direct retail net revenue up $691 million, an increase of 42% year over year,” said Shah. “In addition to a successful second annual Way Day, we are seeing our investments across the business drive greater and greater value to our suppliers and customers. As we continue to strengthen our global logistics network through the addition of Castlegate warehouses and last mile delivery facilities, we are driving cost efficiencies and building an unparalleled experience for our customers with even faster delivery. We look forward to building on this tremendous momentum as we continue to scale our operations and capture an out-sized share of the consumer spending moving online in our market segment.”