Wayfair reports net revenues of $3b for Q1 (ended 31st March 2022), down -13.9% YoY, with international net revenue at $0.5b (down -31.4% YoY).
The online retailer's worldwide active customer base reached 25.4 million.
Gross profit was $803m (26.8% of total net revenue), yet net loss was -$319m, and non-GAAP-adjusted EBITDA was -$113m.
“While multiple macro cross-currents are filtering through the global economy, consumer health remains relatively strong. Shoppers are still very interested in the home category – as evidenced by our most successful Way Day event ever last week, which included two of the four largest days in Wayfair’s entire history,” says Niraj Shah, CEO, co-founder and co-chairman, Wayfair.
“The companies that will be most successful in navigating this dynamic environment are those that can act with agility, balancing near-term demands with outsized longer-term opportunities – which is an apt description for Wayfair. We are well positioned to outperform and gain share from here, particularly as supply chain constraints ease, and we are not losing sight of the massive market opportunity still ahead. At the same time, we are focused on returning to adjusted EBITDA profitability. We have complete confidence in the structural economics of our business based on the investments we have made and the key drivers that should propel profitability higher over time.”
Wayfair also announced the upcoming retirement of CFO Michael Fleisher, and the planned appointment of Kate Gulliver (now incoming CFO) to the role of CFO and chief administrative officer, in November.