After launching a restructuring initiative earlier this month that cut about 3% of the company’s global workforce, Wayfair posted significantly higher revenues, and losses, in the fourth quarter.
Net loss for the fourth quarter was $330.2 million, or $3.54 per diluted share, versus $143.8 million, or $1.59 diluted share, in the year-earlier period. Adjusted for one-time events, net loss was $261.7 million, or $2.80 per diluted share, versus $101.4 million, or $1.12 per diluted share, in the year-previous quarter.
Wayfair’s loss came higher than a Zacks Investment Research analyst consensus estimate of $2.65 per diluted share published by MarketBeat.
Net revenue was $2.53 billion in the quarter versus $2.01 billion in the year-prior period. Direct retail revenue was $2.53 billion as compared to $2 billion in the year-before quarter. Net revenue in the U.S. was $2.14 billion versus $1.73 billion and international net revenue was $393.5 million versus $287.1 million in the period a year past.
For the full fiscal year, net loss was $984.6 million, or $10.68 per diluted share, versus $504.1 million, or $5.63 per diluted share, in the year earlier. Adjusted net loss was $740.6 million, or $8.03 per diluted share, versus $365.6 million, or $4.09 per diluted share, in the year previous.
Net revenue was $9.13 billion versus $6.78 billion in the fiscal year prior. Direct retail revenue was $9.09 billion as compared to $6.72 billion in the year before. Net revenue in the U.S. was $7.76 billion versus $5.81 billion and international net revenue was $1.36 billion versus $996.1 million in the year past.
“We are pleased to close out another year of significant growth with net revenue up 35% year over year in 2019, as our loyal and growing customer base continues to choose Wayfair as the preferred place to shop for home,” said Niraj Shah, CEO, Wayfair co-founder and co-chairman. “While already operating at a run rate in excess of $10 billion in annual net revenue, we have barely scratched the surface of our total addressable market and are only just beginning to reap the benefits of our large strategic investments across North America and Europe. To take advantage of the tremendous opportunity ahead, we are taking important steps to further optimize the business and drive greater efficiencies where needed to enhance our customer experience, strengthen our supplier partnerships and further propel us down the path to profitability.”