Wayfair on Thursday reported Q2 results that further reflect a correction in home goods demand after it surged during the pandemic. Total net revenue in the period fell 14.9% year over year to $3.3 billion, with U.S. net revenue down 9.7% to $2.8 billion and international revenue down 35.7% to $488 million.
The e-retailer’s active customer base shrank 24.1% to 23.6 million as of June 30, according to a company press release. Orders per customer fell to 1.85 from 1.96 last year, and orders delivered fell 28.2% to 10 million. But average order value rose 18.7% to $330, and in the trailing 12 months gross margin reached 27.5%, per an investor presentation.
Wayfair swung into the red, with a $378 million net loss, from last year’s $131 million in net income; operating loss reached $372 million from last year’s operating income of $146 million. Gross profit reached $896 million or 27.3% of total net revenue, down from $1.1 billion or 29.2% a year ago.Retail Dive