Direct retail sales at Wayfair gained 39% in the first quarter year over year, but losses increased as well, with the deficit growing from $200.4 million, or $2.20 per diluted share, from $107.8 million, or $1.22 per diluted share in the previous first quarter.
Adjusted to exclude one-time charges, the loss was $148 million, or $1.62 per diluted share, versus $80.4 million, or 91 cents per diluted share, in the year-previous quarter.
An analyst consensus estimate published by MarketBeat called for a loss per adjusted diluted share of $1.60.
Total net revenues were $1.94 billion versus $1.4 billion in the year-prior period. U.S. direct retail, including the results from Wayfair’s e-commerce websites in the U.S., was $1.64 billion versus $1.19 billion in the 2018 fiscal year.
“We are excited to report a strong start to 2019 marked by another consecutive quarter of exceptional growth with direct retail net revenue up $542 million, or 39%, year over year, for a total net revenue of $1.9 billion,” said Niraj Shah, Wayfair CEO, co-founder and co-chairman. “Our ongoing investments in building our logistics infrastructure, deepening our product offering and finding new ways to serve our customer are just a few of the many areas that are driving the momentum we are seeing today. Once again, Way Day, our biggest retail event of the year, was a tremendous success for the business breaking our record for the highest revenue grossing day in company history. We look forward to the sizeable opportunity ahead as we continue to transform the experience of shopping for the home and remain well positioned to take share of the dollars that are coming online in the home category.”