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From Home Furnishing Business

Wayfair Q2 Revenue Jumps 49%, Profits Down $100.7 Million

E-commerce powerhouse Wayfair (NYSE: W) said second-quarter revenues shot up 48.8% to $1.6 billion, while gross profit was $385 million or 23.3% of total net revenue.

The top-line growth was driven by a 34% increase in the number of active customers – Wayfair had 12.8 million as of June 30 – and an average order value of $254, down slightly from $258 in the second quarter of 2017.

The company said repeat customers placed 66% of orders in the second quarter, and 49.2% of total orders were placed on a mobile device. In 2017 second quarter, 44.1% of orders came from a mobile device.

"We are pleased to report a record second quarter and our largest yet year-over-year dollar growth in Direct Retail net revenue. This recent quarter included our biggest revenue day in the history of the company as we introduced Way Day, the first-ever retail holiday for home," said Niraj Shah, CEO, co-founder and co-chairman, Wayfair.

"Our long-term investments in further developing our logistics networks, international business, and in scaling headcount to improve our product and service offerings are resonating strongly with new and returning customers. By focusing on bringing customers the best possible experience in shopping for the home, from the home, we are leading the way in our category. We are delighted with the progress that we are making and the way in which we are positioned to keep taking market share as dollars shift online," added Shah.

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