Online retail giant Wayfair delivered better-than-expected first quarter financial results as demand for home goods and furnishings continues even as pandemic restrictions ease.
Wayfair said first quarter revenue was $3.5 billion, up 49.2% from a year ago, with net income of $18.2 million, or 16 cents a share. Adjusted non-GAAP earnings for the first quarter were $1.00 a share.
Wall Street was expecting non-GAAP first quarter earnings of 23 cents a share on revenue of $3.39 billion.
The company’s US revenue was up 42.8% to $2.8 billion and international sales were up 85%.
Elsewhere on the balance sheet, Wayfair said active customers for direct retail were 33.2 million, up 57% from a year ago. The number of orders per customer were 1.98 in the first quarter. Repeat customers placed 74.5% of total orders in the first quarter, while average order value was $237, up from $235 a year ago. Out of all orders, Wayfair said 60% were placed on a mobile device.
Wayfair — which runs a handful of websites including Joss and Main, AllModern, Birch Lane and Perigold — has delivered consistently strong results throughout the COVID-19 pandemic, as furniture and other home-focused retailing moved online.
In prepared remarks, Niraj Shah, Wayfair’s chief executive, highlighted the company’s flywheel approach to growth and profitability.
“Our platform model creates a flywheel where scale begets growth, which leads to further efficiency,” said Shah. “We see this in action each quarter, and Q1 was no exception. We grew to $3.5 billion dollars in net revenue in the quarter, having added more than $1 billion dollars to the top-line year-over-year, and generated over $200 hundred million dollars in adjusted EBITDA — all while simultaneously and ambitiously investing for the future.”