Wayfair generated a strong sales jump in the second quarter, but a wider net loss as well.
For the second quarter ended June 30, Wayfair posted a net loss of $48.3 million, or 57 cents per share, versus a net loss of $19.3 million, or 23 cents per share, in the year-previous period. Adjusted net loss was $36.7 million, or 43 cents per share, versus $12.2 million, or 15 cents per share, in the quarter a year before.
Net sales were $786.9 million versus $491.8 million in the 2015 quarter.
Direct retail revenue from sales generated primarily through the sites of Wayfair’s five retail banners increased 71.6% to $755.7 million from the year prior, the company stated. The number of active customers participating in the company’s direct retail business reached 6.7 million as of June 30, an increase of 65% year over year.
“We are pleased to report the continued rapid growth of our business with Q2 net revenue up 60% year over year and our direct retail business up 72%, or $315 million, year over year,” said Niraj Shah, Wayfair CEO, co-founder and co-chairman. ‘We are achieving strong momentum across the business as Wayfair continues to take between a third and 40% of the online dollar growth in our categories in the U.S. Our exceptional growth is fueled by a steadfast commitment to exceeding customer expectations through innovation. We are leveraging our expertise in technology and data across all areas of the business with a strategic focus on the expansion and optimization of our warehousing, transportation and logistics infrastructure. As a result of these key initiatives, we are speeding up delivery times and reducing damage rates to make the retail experience for home more seamless and satisfying than ever before for our customers. We look forward to building on our success in the United States and our investments in Europe and Canada, and remain very enthusiastic about our long term growth and profit potential.”
