Global furniture retailer Wayfair has reported an increase in fourth quarter sales while full year revenues declined.
According to its latest trading update for the fourth quarter ended 31 December 2024, total sales rose 0.2% to $3.1bn, an uptick of $7m against the same period last year.
US net revenue of $2.7bn, increased $30m, up 1.1% year over year, while International net revenue stood at $381m, down $23m or by 5.7%. Net losses for the quarter were $128m.
Active customers totalled 21.4 million in the period, a decrease of 4.5%, while repeat customers placed 8.5 million orders, a decrease of 5.6%.
As for the full year, total sales were down 1.3% to $11.9bn, a reduction of $152m. US sales were down 1% to $10.4bn, while International sales fell 2.8% to $1.5bn. Net losses stood at $492m.
“The fourth quarter was a strong conclusion to the year across multiple fronts. From a topline performance perspective, we ended 2024 on a high note – with net revenue showing positive year-over-year growth. These results enabled us to drive nearly $100 million dollars of adjusted EBITDA in the quarter, and deliver on our goal of approximately 50% year-over-year dollar growth for 2024,” said Niraj Shah, CEO, co-founder and co-chairman, Wayfair.
“Our strong financial performance enabled us to tap into the high yield markets for the first time, putting us in the strongest balance sheet position in many years. We’re making smart, high return investments across the business, and at the same time remain committed to growing adjusted EBITDA dollars year-over-year. We are confident this approach sets us up well for a compelling payoff over 2025 and are excited to bring all of our stakeholders with us on this next leg of the Wayfair journey.”
