Wayfair (NYSE: W) reported a narrower-than-expected loss in the first quarter, helped by a 38% increase in net revenues to $1.94 billion. Adjusted net loss in Q1 was $1.62 per share, compared to $0.91 per share a year ago.
Analysts were expecting a loss of $2.13 per share on revenues of $1.91 billion.
Direct Retail net revenue, consisting of sales generated primarily through Wayfair’s sites, grew by 39% to $1.9 billion. The number of active customers in Direct Retail business reached 16.4 million as of March 31, 2019, an increase of 39.1% year-over-year.
Repeat customers placed 66.0% of total orders in the first quarter of 2019, compared to 64.3% in the first quarter of 2018
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Shares of Wayfair ended its last trading session up 0.89% on Wednesday. The stock has soared 81% since the beginning of this year, primarily helped by better-than-expected fourth quarter results.
Wayfair CEO Niraj Shah said, “Once again, Way Day, our biggest retail event of the year, was a tremendous success for the business breaking our record for the highest revenue grossing day in company history.”
The company delivered 38.6% more orders during the quarter at an average order value of $237, a dollar higher than last year.