Wayfair sees losses leap
Online furnishing retailer Wayfair saw its international sales, including the UK, jump in the past quarter but losses rose significantly.
International sales from the UK, Germany and Canada sales rose from $202.6m to $287.1m in the three months to 31 March. However international losses rose from $42m to $74.4m.
‘We are excited to report a strong start to 2019 marked by another consecutive quarter of exceptional growth with [total] direct retail net revenue up $542m, or 39%, year over year, for a total net revenue of $1.9bn,’ says Niraj Shah, Wayfair ceo, co-founder and co-chairman.
‘Our ongoing investments in building our logistics infrastructure, deepening our product offering, and finding new ways to serve our customer are just a few of the many areas that are driving the momentum we are seeing today.’
In introduced its Way Day sale to the UK and German markets last month.
‘Once again, Way Day, our biggest retail event of the year, was a tremendous success for the business breaking our record for the highest revenue grossing day in company history. We look forward to the sizeable opportunity ahead as we continue to transform the experience of shopping for the home and remain well positioned to take share of the dollars that are coming online in the home category,’ says Shah.
Despite the increase in sales EBITDA losses more than doubled from $49.9m to $102.2m.