Wayfair Stock Leaps As Sales Beat Estimates and Customers Grow -- Barrons.com

Dow Jones05-02

By Emily Dattilo

Shares of Wayfair were rising Thursday after the furniture company topped sales estimates and saw active customers grow in the first quarter.

Wayfair reported a first-quarter adjusted loss of 32 cents a share Thursday, slightly wider than the FactSet estimate of 31 cents and much narrower than the $1.13 loss per share recorded in the year-ago quarter.

Net revenue of $2.73 billion fell 1.6% from a year ago but arrived above the consensus call for $2.64 billion. Active customers for the quarter totaled 22.3 million as of March 31, a 2.8% gain from a year earlier.

Net revenue per active customer in the last 12 months was $537, a 2.8% fall from the year-ago quarter, while orders delivered slipped 1%.

"The first quarter ended on an upswing," said CEO Niraj Shah in the earnings release. "Our revenue was down just under 2% year-over-year for Q1, which marks our sixth straight quarter of share gain."

"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," Shah continued.

Wayfair stock was up 8.9% to $53 in premarket trading Thursday, while futures tracking the S&P 500 were up 0.7%.

Write to Emily Dattilo at emily.dattilo@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

May 02, 2024 07:48 ET (11:48 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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