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Wayfair swings to a loss, shares sink

Wayfair Inc. (W) stock sank 6.4% in Thursday premarket trading after the online home goods retailer reported first-quarter earnings that missed expectations. Net loss totaled $319 million, or $3.04 per share, after net income of18 million, or 16 cents per share, last year. Adjusted loss per share of $1.96 was wider than the FactSet consensus for a loss of $1.56 per share. Revenue of $2.993 billion was down from $3.478 billion and just below the FactSet consensus for $2.998 billion. The number of active customers fell 23.4% to 25.4 million. And average order value was up to $287 from $237. Chief Executive Niraj Shah said in a statement that the Way Day event last week had "two of the four largest days in Wayfair's entire history." In a separate release, Wayfair named Kate Gulliver as chief financial officer, effective in November. Wayfair stock has slumped 52.2% for the year to date.

-Tonya Garcia

 

(END) Dow Jones Newswires

05-05-22 0735ET

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