Wayfair has released its latest set of financials, which CEO Niraj Shah says reflect gains in a market facing similar pressures to those seen in the sector following the 2008 financial crisis.
The global online giant declared a total net revenue of $3.1b for Q2, down -1.7% YoY, with an international net revenue of $387m, up +0.3% YoY.
Gross profit was $941m (30.2% of total net revenue), yet a net loss of $42m was recorded, with non-GAAP adjusted EBITDA at $163m.
CEO, co-founder and co-chairman Niraj Shah says: "Q2 was a dynamic quarter that resulted in another period of share gain, amid continued macro headwinds that are pressuring the ways customers are shopping the category.
"Customers remain cautious in their spending on the home, and our credit card data suggests that the category correction now mirrors the magnitude of the peak-to-trough decline the home furnishing space experienced during the great financial crisis.
"Every action we've taken, every goal we've prioritised, and every dollar we've spent has been considered under the intense scrutiny of our high expectations for ROI. Even with the challenging macro, this was our best quarter of adjusted EBITDA and free cash flow generation in three years, clear evidence of our strict operating discipline.
"We are running the business with the goal of demonstrating substantial growth in profitability this year, even as the top line remains challenging. And that will be our mindset every year going forward as well."
Active customer numbers totalled 22 million as of 30th June, 2024, an increase of +0.9% YoY. The AOV in Q2 was $313, compared to $307 in Q2 2023.
