Wayfair Inc. (NYSE: W) reported its most recent quarterly results before the opening bell on Tuesday. The company posted a net loss of $2.30 per share and $2.3 billion in revenue. Analysts were calling for a net loss of $2.61 per share and $2.31 billion in revenue. The first quarter of last year reportedly had a net loss of $1.62 per share and $1.92 billion in revenue.
The number of active customers in our Direct Retail business reached 21.1 million, an increase of 28.6% year over year. In the trailing 12 months, net revenue per active customer was $449, an increase of 1.6% year over year.
Repeat customers placed 69.8% of total orders in the first quarter of 2020, compared to 66.0% in the first quarter of 2019. Repeat customers placed 6.9 million orders, an increase of 27.9% from last year.
Orders delivered in the first quarter of 2020 were 9.9 million, an increase of 21.0% year over year. The average order value was $235 for the first quarter of 2020, compared to $237 for the first quarter of 2019.
Niraj Shah, CEO, co-founder and co-chair of Wayfair, commented:
The broader market disruption has highlighted the many differentiated advantages we have built as the e-commerce leader in Home over the last two decades. Millions of new shoppers have discovered Wayfair while they shelter in place at home, and we are seeing strong acceleration in new and repeat customer orders across almost all classes of goods and across all regions. In parallel, as we execute on the plans we set in motion late last year, we are making significant strides toward profitability by driving gross margin expansion, increasing marketing efficiencies, and gaining leverage on operating expenses. Our solid internal progress and healthy balance sheet put us in a position of strength in a highly dynamic environment.
Wayfair stock traded up about 25% to $167.70 on Tuesday, in a 52-week range of $21.70 to $181.39. The consensus price target is $87.67.