Global furniture retailer Wayfair has reported a slight decline in first quarter sales, while active customers increased.
According to its financial results for Q1 ended 31 March 2024, total sales fell 1.6% to $2.7bn, or by $45m, compared to the same time last year.
US sales were down 1% to $2.4bn, while International revenues reduced 5.8% to $338m.
Net loss resulted at $248m, narrowing from a loss of $355m, while Adjusted EBITDA stood at $75m, improving from a loss of $14m.
During the period, active customers totalled 22.3 million, an increase of 2.8% year-on-year, while the average order value was $285, just down compared to $287 in the first quarter of 2023.
Niraj Shah, CEO, co-founder and co-chairman, Wayfair, said: “The first quarter ended on an upswing. Our revenue was down just under 2% year-over-year for Q1, which marks our sixth straight quarter of share gain. Shoppers are increasingly choosing Wayfair, with year-over-year active customer growth once again positive and accelerating compared to last quarter.
“For the first time since pre-pandemic, we’re seeing suppliers introducing large groups of new products into their catalogues as they look to build momentum for the next stage of growth. Across the board, we’re hearing their enthusiasm to partner with Wayfair and substantial interest to lean-in behind our entire offering – joining our curated brands, being featured in our promotional events, leveraging our fulfilment solutions, taking advantage of supplier advertising, and having shelf space in our stores.”
