Wayfair Inc.’s net revenue increased to $2.343 billion for its second quarter ended June 30, up 41.6% from $1.655 billion in the year ago period. U.S. direct retail sales were $1.989 billion up 42.4% from $1.397 billion.
However, again the home furnishings giant took a net loss this quarter of $181.94 million, which is an 80.6% increase from $100.73 million a year ago.
Repeat customers and mobile shoppers increased this quarter, as repeat customers placed 67.8% of orders in Q2 2019 compared with 66.0% in the year-ago period. Plus, 53.5% of ecommerce orders were placed on a mobile device, compared with 49.2%. Average order value remained relatively consistent at $255 for Q2 2019 compared with $254 a year ago.
Within the quarter on April 10 was Wayfair’s sales event “Way Day;” however, Wayfair did not discuss results of the sales after the event nor in its earnings call with investors. In a press release, CEO Niraj Sha said the event was “successful” without elaborating.
Wayfair is No. 12 in the Internet Retailer 2019 Top 500.
In other earnings news:
- Handmade goods marketplace Etsy Inc. (No. 16 in the ranking of Internet Retailer Online Marketplaces) reported a 21.4% increase in gross merchandise sales, or the value of goods sold through its platform, to $1.09 billion for its second quarter ending June 30, up from $901.48 million a year ago. For the first half of the year, sales are up 20.2% to $2.12 billion. Revenue—which Etsy generates from listing fees, seller services and commissions on sales—grew 36.8% to $181.09 million in Q2 and grew 38.3% to $350.43 million during the first six months of the year. In July, Etsy announced plans to acquire Reverb Holdings, a marketplace for music gear, for $275 million.
- Cooler maker Yeti Holdings Inc. (No. 238 in the Top 1000) reported $82.5 million in direct-to-consumer revenue for its second fiscal quarter ending June 29, up 43.5% from $57.5 million during the same period last year. Yeti operates two stores, but most direct sales come from the ecommerce channel. However, the manufacturer plans to open more stores to further increase the share of revenue generated by direct-to-consumer sales, which worries investors. “The company has limited experience operating retail stores and may not be able to achieve desired sales and profitability levels,” Baird analyst Peter Benedict wrote in a note to investors. Total revenue increased 12.3% to $231.7 million for the quarter.
- Revenue at ecommerce platform provider Shopify grew 48% to $362 million in its second quarter ending June 30, according to a company statement Thursday. Gross merchandise volume increased 51% to $13.80 billion in the second quarter. Analysts were projecting $350.5 million. Shopify raised its 2019 revenue guidance to a range of $1.51 billion to $1.53 billion but kept its outlook for adjusted operating income of $20 million to $30 million unchanged.
James Risley, April Berthene and Fareeha Ali contributed to this report.
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