Shares of the online home furnishing and goods company Wayfair (NYSE:W) have jumped after the company released its report for the first quarter of 2018, on Wednesday.
The company reported that retail net revenue grew by 47.7% year over year, increasing by USD $448.5 million to $1.4 billion.
Gross profit for Wayfair $323.8 million, while the company had a GAAP net loss of $107.8 million.
Net loss of the first quarter was higher than the fourth quarter of 2017. Wayfair saw an increase of nearly $35 million in losses from the previous quarter.
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Shares have gone up nearly 15% and the company has already seen a high of $74.71, which it has not seen since March of 2018.
Chief Executive Officer, co-founder and co-chairman of Wayfair, Niraj Shah has said that the company’s “Direct Retail business continues to grow at a strong rate, both in the U.S. and internationally.”
Wayfair also debuted its “Way Day” sale, a one day sale that offered up to 70% off on all products site-wide, which occurred on April 25, 2018.
Shah has said that they were “excited to see the success of Way Day as [the company] offered [its] customers a compelling shopping event that was well-timed for shoppers looking to refresh their homes for the spring season.”
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The company’s number of active customers also rose significantly in the third quarter and has now reached 11.8 million as of March 31, 2018.
Repeat customers made up to 64.3% of the total orders during the first quarter, up by almost 4% from the first quarter of the previous year.
The average value of a single order also grew from being $223 in the first quarter of 2017 to $236.
As of 1:00pm (EDT), Wayfair shares were a little over $74.00.
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