Wayfair's Stock Soars Toward Record Highs As Losses Narrow More Than Expected

Shares of Wayfair Inc. soared 6.7% toward a record high in premarket trade Tuesday, after the online home furnishings retailer reported a narrower-than-expected second-quarter loss. The net loss narrowed to $38.9 million, or 45 cents a share, from $48.3 million, or 57 cents a share, in the same period a year ago. Excluding non-recurring items, the adjusted loss per share came to 26 cents, beating the FactSet consensus of a loss of 46 cents a share. Revenue rose to $1.12 billion from $786.9 million, but just missed the FactSet consensus of $1.15 billion. The number of active users increased 43.1% to 9.5 million, while the average order value was unchanged at $258, beating the FactSet consensus of $244. "As consumers increasingly embrace the selection and convenience of shopping online instead of in physical brick and mortar stores, we are taking advantage of that shift and capturing market share by offering a truly differentiated, customer-centric shopping experience," said Co-Chairman Niraj Shah. The stock has more than doubled year to date through Monday, while the SPDR S&P Retail ETF has dropped 6.2% and the S&P 500 has gained 11%.