Wayfair posts 19.8% surge in first quarter revenue
Online homewares retailer Wayfair has seen its first quarter revenue climb by 19.8% to $2.3 billion after it grew its number of active customers by 28.6% to 21.1 million.
In the three months to 31 March, repeat customers placed 69.8% of total orders compared to 66% in the first quarter of 2019.
However, the company made a loss of $285.9 million compared to a loss of $200.39 million in the same period last year.
Niraj Shah, chief executive, co-founder and co-chairman of Wayfair, said the company is making significant strides toward profitability by driving gross margin expansion and increasing marketing efficiencies.
He added: “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.”
The company said the coronavirus pandemic meant that millions of new shoppers had discovered its site while staying at home during lockdowns. Shah said: “We are seeing strong acceleration in new and repeat customer orders across almost all classes of goods and across all regions.”
In addition to Wayfair, the company operates the Joss & Main, All Modern, Birch Lane and Perigold ecommerce sites.
