Wayfair Inc has reported its financial results for its Q2 ended 30th June 2023.
Total net revenue fell by $113m to $3.2b, down -3.4% YoY. Of this, international net revenue was down 20.9% YoY to $386m.
Wayfair's gross profit was $985m (31.1% of total net revenue), yet the online giant made a net loss of $46m (non-GAAP adjusted EBITDA was $128m).
Niraj Shah, Wayfair's CEO, co-founder and co-chairman, says: "Last year, we laid out a plan to strengthen our business that included a path to sustainable and growing profitability with several key milestones. For the past few quarters, you've seen us execute against that plan - to lower our costs, focus on the basics and earn more customer and supplier loyalty. And you've seen the tangible impact of this plan as our performance has continued to improve. I'm pleased to share today that we've passed one of our key milestones and we are reporting positive adjusted EBITDA and positive free cash flow.
"This is in combination with a return to momentum in our top line with positive YoY order growth, and sequentially higher active customer count, all while investing into initiatives for future growth. This is how we ran the business for our first decade and how we'll continue to do so going forward - profitable, while investing for growth. We think we are now in a very exciting place - having scale while remaining ambitious and entrepreneurial - and we plan to take full advantage of this."
Active customer numbers fell by -7.6% YoY, yet orders delivered increased by +3%.
AOV in Q2 was $307, down from $330 in Q2 2022.
