Wayfair has shared its financial results for its Q1 (ended 31st March, 2024). Total net revenue was $2.7b (down -1.6% YoY). Of that, international net revenue was $338m (down -5.8% YoY).
The business made a gross profit of $819m (30% of total net revenue), but emerged with a net loss of $248m. Non-GAAP adjusted EBITDA was $75m.
"The first quarter ended on an upswing," says Niraj Shah, CEO, co-founder and co-chairman. "Our revenue was down just under -2% YoY for Q1, which marks our sixth straight quarter of share gain. Shoppers are increasingly choosing Wayfair, with YoY 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 catalogues 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 fulfilment solutions, taking advantage of supplier advertising, and having shelf space in our stores."
Active customer numbers stood at 22.3 million as of 31st March, an increase of 2.8% YoY. Repeat customers placed 80.5% of total orders delivered in Q1, compared to 79.1% in Q1 2023. AOV was $285 (down from $287 YoY).
