Wayfair Inc (NYSE: W)
Wayfair Inc. reported fiscal 2018 fourth-quarter financial results before the opening bell on Friday. Net loss widened due to an income tax provision as well as higher expenses and costs, the online home-decor retailer said.
Sales and number of active customers swelled during the three months ended December 2018, sending its shares up $23.52, or 20.05% to 140.80 in premarket trade. As of this writing, W stock was up $33.84, or 28.85% to $151.12.
Fourth-quarter net loss came to $143.8 million, or $1.59 per share, compared with $72.8 million, or $0.83 per share, in the earlier-year period.
Excluding one-time items, adjusted loss widened to $1.12 per share from $0.58 per in the same period last year. On average, analysts expected the Wayfair to post adjusted loss of $1.28 per share, based on figures compiled by FactSet.
Revenue totaled $2.01 billion, up from $1.44 billion year over year, while direct retail net revenue was $2 billion, up 40.6%. Analysts had forecast fourth-quarter revenue of $1.97 billion and direct retail net revenue of $1.95 billion.
Active direct retail customer numbers were 15.2 million, an increase of 38% year-over-year, while orders per customer was 1.85 for Q4 2018, compared to 1.77 in Q4 2017. Wayfair said that 51.8% of total orders delivered for its direct retail business in Q4 2018 were made via mobile devices, compared to 47.3% in Q4 2017.
Wayfair CEO Comments
“We are pleased to report another year of significant growth with total net revenue up $2.1 billion to $6.8 billion in 2018, and a record fourth quarter, which represented the largest year over year dollar growth in a single quarter in our history,” said Niraj Shah, CEO, co-founder and co-chairman, Wayfair.
“We continue to expand our proprietary logistics infrastructure and take greater control of our inbound supply chain, enabling us to offer faster and more seamless delivery to customers and putting suppliers in the best possible position to scale their businesses as spend in our category moves online at pace. In 2019, we look forward to building upon the strength we see across our business today as we continue to innovate in creating the best possible shopping experience for home.”
Wayfair, Inc. Profile
Wayfair, Inc. engages in an online home furnishing store. It offers a selection of home furnishings and decor across all styles and price points. It operates through the U.S. and International segments. The U.S. segment consists of amounts earned through product sales through the Company’s five distinct sites in the U.S. and through websites operated by third parties in the U.S.
The International segment is composed of earnings through products sales in international sites. The company was founded by Steven K. Conine and Niraj S. Shah in May 2002 and is headquartered in Boston, MA. – CNN Money