- Wayfair Inc (NYSE:W) reported a first-quarter FY22 sales decline of 13.9% year-on-year to $2.993 billion, marginally missing the consensus of $3.00 billion.
- International net revenue fell 31.4% to $0.5 billion, while the U.S. revenue declined 9.9% to $2.5 billion.
- The number of active customers reached 25.4 million as of March 31, 2022, a 23.4% decrease Y/Y. The average order value grew 21.1% Y/Y to $287.
- In Q1, 59.4% of total orders delivered were placed through a mobile device, versus 60% last year.
- Adjusted EPS loss of $(1.96) missed the analyst consensus of $(1.56).
- Adjusted EBITDA was a $(113) million loss versus $206 million a year ago.
- Gross profit fell 19.9% Y/Y to $803 million, and the margin contracted 200 basis points to 26.8%.
- Loss from operations for the quarter was $(310) million versus a $26 million profit last year.
- The company held $2.0 billion in cash and equivalents as of March 31, 2022. Net cash used in operating activities amounted to $(226) million.
- The company said it is focused on returning to adjusted EBITDA profitability.
- Wayfair also revealed the upcoming retirement of CFO Michael Fleisher and the planned appointment of Kate Gulliver to the role of CFO and Chief Administrative Officer in November.
- Price Action: W shares are trading lower by 21.5% at $71.25 on the last check Thursday.
