25 April 2024, 00:01
By Furniture News Feb 23, 2024

Wayfair reports customer growth at close of Q4

Wayfair has shared its financial results for its Q4 and full year ended December 31st, 2023.

In 2023, the business achieved total net revenue of $12b (-1.8% YoY), with international net revenue down -13.3% to $1.5b.

Gross profit was $3.7b (30.6% of total net revenue), yet Wayfair suffered a net loss of $738m. Non-GAAP adjusted EBITDA was $306m.

"Q4 was another definitive step on our profitability journey and a reflection of the immense progress we achieved throughout the entire year," says Niraj Shah, CEO, co-founder and co-chairman, Wayfair. "Even in a difficult macro environment, we generated a 3% Adjusted EBITDA margin and had our third consecutive quarter of positive adjusted EBITDA and free cash flow. In fact, on a revenue base that largely mirrored 2022, our free cash flow in 2023 improved by more than one billion dollars.

"Our efforts over 2023 led to large improvements in our core recipe across availability, speed and price competitiveness. These improvements were directly responsible for our robust share expansion throughout the year and for the step up we saw in customer loyalty, including YoY growth in our active customer count by the fourth quarter."

In Q4, Wayfair achieved net revenue of $3.1b (+0.4% YoY). International net revenue was $404m, down -2.7% YoY. By the end of the quarter, active customers totalled 22.4 million (up +1.4% YoY).

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