Wayfair Shares Fall After Reporting First-quarter Losses

Wayfair Inc. shares fell 0.3% in Tuesday premarket trading after the online home retailer reported steeper year-over-year first-quarter losses. Net loss was $56.5 million, or 66 cents per share, compared with a loss of $41.2 million, or 49 cents per share, last year. Adjusted loss per share was 48 cents, ahead of the FactSet consensus of a 57-cent loss. Revenue was $960.8 million, up from $747.3 million last year and ahead of the $935.0 million FactSet consensus. Active customers for the company's direct retail business reached 8.9 million as of March 31, up 45.8% over last year, with repeat customers placing 60.4% of first-quarter orders. Average order value was $223, down from $238 last year. Wayfair shares are up nearly 46% for the year so far, while the S&P 500 index is up 7.2% for the period.