Wayfair Inc. (W) saw its loss widen to $56.54 million, or $0.66 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $41.20 million, or $0.49 a share. On the other hand, adjusted net loss for the quarter widened to $41.37 million, or $0.48 a share from a loss of $30.23 million or $0.36 a share, a year ago.
Revenue during the quarter grew 28.56 percent to $960.82 million from $747.35 million in the previous year period. Gross margin for the quarter expanded 70 basis points over the previous year period to 24.65 percent. Operating margin for the quarter stood at negative 5.85 percent as compared to a negative 5.63 percent for the previous year period.
Operating loss for the quarter was $56.21 million, compared with an operating loss of $42.11 million in the previous year period.
Adjusted EBITDA for the quarter stood at negative $20.90 million compared to negative $20.96 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 2.17 percent for the quarter compared to negative 2.80 percent in the last year period.
"We are very pleased to report strong momentum in the first quarter of 2017 as we continue to gain significant traction across our key strategic initiatives and steadily increase our market share in the $600 billion dollar home category across North America and Europe," said Niraj Shah, chief executive officer, co-founder and co-chairman, Wayfair.
Operating cash flow remains negative
Wayfair Inc. has spent $46.10 million cash to meet operating activities during the quarter as against cash outgo of $51.20 million in the last year period. The company has spent $20.82 million cash to meet investing activities during the quarter as against cash outgo of $28.25 million in the last year period.
The company has spent $0.54 million cash to carry out financing activities during the quarter as against cash outgo of $6.57 million in the last year period.
Cash and cash equivalents stood at $212.41 million as on Mar. 31, 2017, down 14.63 percent or $36.39 million from $248.80 million on Mar. 31, 2016.
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