When Wayfair Inc. (NYSE: W) reported its most recent quarterly results early on Thursday, the specialty retailer posted a net loss of $0.77 per share on $1.66 billion in revenue. The consensus estimates from Thomson Reuters had called for a net loss of $0.73 per share and revenue of $1.6 billion. In the second quarter of last year, Wayfair said it had a net loss of $0.26 per share and $1.12 billion in revenue.
During the most recent quarter, direct retail net revenue increased $538.5 million or 48.8% year over year. At the same time, the number of active customers in the Direct Retail business reached 12.8 million, an increase of 34%.
Repeat customers placed 66.0% of total orders in the second quarter of 2018, compared to 61.3% last year. Also repeat customers placed 4.3 million orders in the second quarter, an increase of 62.3%.
The company did not issue any guidance in the release. However, the consensus estimates call for a net loss of $0.81 per share and $1.65 billion in revenue for the third quarter.
Niraj Shah, CEO, co-founder and co-chair of Wayfair, commented:
We are pleased to report a record second quarter and our largest yet year-over-year dollar growth in Direct Retail net revenue. This recent quarter included our biggest revenue day in the history of the company as we introduced Way Day, the first-ever retail holiday for home. Our long-term investments in further developing our logistics networks, international business, and in scaling headcount to improve our product and service offerings are resonating strongly with new and returning customers. By focusing on bringing customers the best possible experience in shopping for the home, from the home, we are leading the way in our category. We are delighted with the progress that we are making and the way in which we are positioned to keep taking market share as dollars shift online.
Shares of Wayfair were last seen up about 11% at $119.19, with a consensus analyst price target of $109.19 and a 52-week trading range of $55.33 to $128.44.