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E-Commerce, Retail

Wayfair Announces First Quarter 2021 Results

The online home furnishings e-tailer reported Q1 net revenue growth of 49 percent and $3.5 billion year-over-year.

5/7/2021
Wayfair logo
Online home furnishings e-tailer saw the number of active customers reached 33.2 million, an increase of 57.3 percent year over year.

BOSTON -- Wayfair Inc. (NYSE: W), one of the world’s largest online destinations for the home, today reported financial results for its first quarter ended March 31, 2021.

First Quarter 2021 Financial Highlights

-- Total net revenue of $3.5 billion increased $1.1 billion, up 49.2% year over year
-- U.S. net revenue of $2.8 billion increased $0.8 billion, up 42.8% year over year
-- International net revenue of $0.7 billion increased $0.3 billion, up 85.0% year over year. International segment Net Revenue Constant Currency Growth was 72.5%
-- Gross profit was $1.0 billion or 28.8% of total net revenue
-- Net income was $18.2 million
-- Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin were $205.8 million and 5.9% of total net revenue
-- Diluted earnings per share was $0.16
-- Non-GAAP Adjusted Diluted Earnings per Share was $1.00
-- Non-GAAP Free Cash Flow was $111.2 million
-- Cash, cash equivalents and short-term investments totaled $2.7 billion

“Wayfair’s focus remains squarely on connecting all of the industry’s customers and suppliers on our unique platform, which is custom-built to address the specific needs of shopping for the home. Our platform model creates a flywheel where scale begets growth, which leads to further efficiency. We see this in action each quarter, and Q1 was no exception,” said Niraj Shah, CEO, co-founder and co-chairman, Wayfair. “We grew to $3.5 billion dollars in net revenue in the quarter, having added more than $1 billion dollars to the top-line year-over-year, and generated over $200 hundred million dollars in adjusted EBITDA -- all while simultaneously and ambitiously investing for the future. We are confident that customers will remain focused on their homes even as the environment normalizes in the US and Europe, and that our strong profitability should not only continue but expand.”

Other First Quarter Highlights

-- The number of active customers reached 33.2 million as of March 31, 2021, an increase of 57.3% year over year
-- LTM net revenue per active customer was $461 as of March 31, 2021, an increase of 2.7% year over year
-- Orders per customer, measured as LTM orders divided by active customers, was 1.98 for the first quarter of 2021, compared to 1.86 for the first quarter of 2020
Repeat customers placed 74.5% of total orders in the first quarter of 2021, compared to 69.8% in the first quarter of 2020
-- Repeat customers placed 10.9 million orders in the first quarter of 2021, an increase of 58.9% year over year
-- Orders delivered in the first quarter of 2021 were 14.7 million, an increase of 48.8% year over year
-- Average order value was $237 for the first quarter of 2021, compared to $235 for the first quarter of 2020
-- In the first quarter of 2021, 60.0% of total orders delivered were placed via a mobile device, compared to 54.8% in the first quarter of 2020

About Wayfair

Wayfair believes everyone should live in a home they love. Through technology and innovation, Wayfair makes it possible for shoppers to quickly and easily find exactly what they want from a selection of more than twenty-two million items across home furnishings, décor, home improvement, housewares and more. Committed to delighting its customers every step of the way, Wayfair is reinventing the way people shop for their homes - from product discovery to final delivery.

The Wayfair family of sites includes:

Wayfair - Everything home for every budget.
Joss & Main - Stylish designs to discover daily.
AllModern - The best of modern, priced for real life.
Birch Lane - Classic home. Comfortable cost.
Perigold - The widest-ever selection of luxury home furnishings.

Wayfair generated $15.3 billion in net revenue for the twelve months ended March 31, 2021. Headquartered in Boston, Massachusetts with operations throughout North America and Europe, Wayfair employs more than 16,200 people.
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