Wayfair, Inc. Reports First Quarter Financial Results

May 2, 2024  by HFBusiness Staff in Business Strategy, Industry   

First Quarter 2024 Financial Highlights

• Total net revenue of $2.7 billion, decreased $45 million, down 1.6% year over year
• U.S. net revenue of $2.4 billion, decreased $24 million, down 1.0% year over year
• International net revenue of $338 million, decreased $21 million, down 5.8% year over year. International Net Revenue Constant Currency Growth was (7.5)%
• Gross profit was $819 million, or 30.0% of total net revenue
• Net loss was $248 million and Non-GAAP Adjusted EBITDA was $75 million
• Diluted loss per share was $2.06 and Non-GAAP Adjusted Diluted Loss Per Share was $0.32
• Net cash used in operating activities was $139 million and Non-GAAP Free Cash Flow was ($193) million
• Cash, cash equivalents and short-term investments totaled $1.2 billion and total liquidity was $1.7 billion, including availability under our revolving credit facility

"The first quarter ended on an upswing," said Niraj Shah, CEO, co-founder and co-chairman, Wayfair. "Our revenue was down just under 2% year-over-year for Q1, which marks our sixth straight quarter of share gain. Shoppers are increasingly choosing Wayfair, with year-over-year active customer growth once again positive and accelerating compared to last quarter."

"For the first time since pre-pandemic, we're seeing suppliers introducing large groups of new products into their catalogs as they look to build momentum for the next stage of growth. Across the board, we're hearing their enthusiasm to partner with Wayfair and substantial interest to lean-in behind our entire offering - joining our curated brands, being featured in our promotional events, leveraging our fulfillment solutions, taking advantage of supplier advertising, and having shelf space in our stores."

Other First Quarter Highlights 

• Active customers totaled 22.3 million as of March 31, 2024, an increase of 2.8% year over year
• LTM net revenue per active customer was $537 as of March 31, 2024, a decrease of 2.8% year over year
• Orders per customer, measured as LTM orders divided by active customers, was 1.84 for the first quarter of 2024, compared to 1.81 for the first quarter of 2023
• Orders delivered in the first quarter of 2024 were 9.6 million, a decrease of 1.0% year over year
• Repeat customers placed 80.5% of total orders delivered in the first quarter of 2024, compared to 79.1% in the first quarter of 2023
• Repeat customers placed 7.7 million orders in the first quarter of 2024, an increase of 1.3% year over year
• Average order value was $285 in the first quarter of 2024, compared to $287 in the first quarter of 2023
• 63.1% of total orders delivered were placed via a mobile device in the first quarter of 2024, compared to 62.1% in the first quarter of 2023

Webcast and Conference Call

An archive of the Investor webcast conference call is now available shortly after the call ends on Wayfair's Investor website at investor.wayfair.com. Important information may be disseminated initially or exclusively via the Investor website; investors should consult the site to access this information.