Ecommerce furnishings giant Wayfair has reported its Q2 financial results, citing a direct retail revenue – sales generated primarily through the sites of Wayfair's five brands – increase from $315.4m to $755.7 m, up 71.6% YOY.
Total net revenue was up 60% YOY, gross profit was $188.5m (24% of the total net revenue), while GAAP net loss was $48.3m (an increase YOY from $19.3m).
"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 US," says Niraj Shah, CEO, co-founder and co-chairman. "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 US and our investments in Europe and Canada, and remain very enthusiastic about our long-term growth and profit potential."
The number of active customers in Wayfair's direct retail business reached 6.7 million, an increase of 65% YOY. Repeat customers placed 1.7 million orders in Q2, a YOY increase of 52.1%.
