Boston-based global online retailer Wayfair has announced direct retail revenue growth of growth of $342.5m, up 92.7% YOY to $711.8m, in Q1, and total net reveune growth of $323m, up 76.1% YOY to $747.3m. Losses of $41.2m were revealed, yet gross profit was $179.1m - or 24% of total net revenue.
“We are excited to report yet another quarter of exceptional revenue growth as we continue to take about 40% of the US online dollar growth in our categories in the last 12 months,” says Niraj Shah, CEO, co-founder and co-chairman. “We are seeing tremendous traction with both new customer growth and repeat purchases as we focus on leveraging technology and innovation to reinvent the way customers shop for home and build a truly differentiated retail experience.
"From expanding selection across key categories such as housewares and home improvement to introducing specialised service teams to guide customers through complex purchases, we are strengthening our leadership position as the number one place to shop for home. We are also now beginning to make great strides in Europe and Canada as we ramp up our marketing efforts in those new markets. Overall, we could not be more enthusiastic about our long-term growth and profit potential.”
Gloablly, Wayfair now boasts 6.1 million active customers - up 68.9% YOY. In Q1, repeat customers placed 55.4% of total orders, compared to 53.9% in Q1 2015, placing 1.7 million orders - an increase of 71.4% YOY. Average order value was $238, up from $206 YOY.
A significant 38.6% of total orders delivered for Wayfair's Direct Retail business were placed via a mobile device, up from 33.8% in Q1 2015.
