Wayfair Reports $12B Revenue in 2023

By Tamara Parker • Thursday, February 22 11:10 • Permanent Link

Wayfair Inc. (NYSE: W), a leading e-commerce company for home goods, has released its financial results for the fourth quarter and full year ended December 31, 2023. The company reported a net revenue of $3.1 billion for the fourth quarter, with 22.4 million active customers, reflecting a 1.4% year-over-year growth in customer count. For the full year 2023, Wayfair's total net revenue was $12.0 billion.

Niraj Shah, CEO, Co-Founder, and Co-Chairman of Wayfair, expressed the company's progress in achieving profitability, stating, "Q4 was another definitive step on our profitability journey and a reflection of the immense progress we achieved throughout the entire year." He highlighted the company's 3% adjusted EBITDA margin and the third consecutive quarter of positive adjusted EBITDA and free cash flow. Shah also emphasized the improvements in availability, speed, and price competitiveness, which contributed to share expansion and increased customer loyalty.

Key financial highlights for the fourth quarter of 2023 include: Total net revenue of $3.1 billion, up 0.4% year over year Gross profit of $944 million, or 30.3% of total net revenue Net loss of $174 million and non-GAAP adjusted EBITDA of $92 million Diluted loss per share of $1.49 and non-GAAP adjusted diluted loss per share of $0.11 * Net cash provided by operating activities was $158 million, with total liquidity of $1.9 billion

For the full year 2023, Wayfair reported: Total net revenue of $12.0 billion, down 1.8% year over year Gross profit of $3.7 billion, or 30.6% of total net revenue Net loss of $738 million and non-GAAP adjusted EBITDA of $306 million Diluted loss per share of $6.47 and non-GAAP adjusted diluted loss per share of $1.13 * Net cash provided by operating activities was $349 million

In addition to the financial results, Wayfair highlighted several operating metrics, including an increase in orders delivered, growth in repeat customers, and the prevalence of mobile device usage for placing orders.

Wayfair's shares experienced a 4.1% movement following the release of the financial results and are currently trading at a price of $50.8.

The company's full 8-K submission is available here.

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