For its first quarter ended March 31, Wayfair’s net revenues soared, although the company posted a wider net loss.
In the first quarter, Wayfair reported a net loss of $41.2 million, or 49 cents per share, versus a net loss of $27.1 million, or 33 cents per share, in the quarter a year earlier. The company stated that adjusted loss was 36 cents per share.
The analyst average estimate, as published by MarketBeat, was for an adjusted 33 cents per share loss.
Net revenue was $747.3 million versus $424.4 million in last year’s quarter. The company added that orders delivered in the first quarter came in at three million, an increase of 66.7% year over year and that average order value was $238, up from $206 in the 2015 period.
“We are excited to report yet another quarter of exceptional revenue growth as we continue to take about 40% of the U.S. online dollar growth in our categories in the last 12 months,” said Niraj Shah, CEO, co-founder and co-chairman, Wayfair. “We are seeing tremendous traction with both new customer growth and repeat purchases as we focus on leveraging technology and innovation to reinvent the way customers shop for home and build a truly differentiated retail experience. From expanding selection across key categories such as housewares and home improvement to introducing specialized service teams to guide customers through complex purchases, we are strengthening our leadership position as the number one place to shop for home. We are also now beginning to make great strides in Europe and Canada as we ramp up our marketing efforts in those new markets. Overall, we could not be more enthusiastic about our long-term growth and profit potential.”