Online furniture retailer Wayfair Inc (NYSE:W, NYSE:) was on the move on Thursday after delivering a strong set of first-quarter financials.
The group saw a slight decline in revenue, 1.6% lower to £2.7 billion year over year to be precise, but a significant reduction in net losses to $248 million from $355 million in the prior year.
This was put down to effective cost management and operational efficiencies. Active customers increased 2.8% year on year to 22.3 million.
“For the first time since pre-pandemic, we’re seeing suppliers introducing large groups of new products into their catalogs as they look to build momentum for the next stage of growth,” stated chief executive Niraj Shah.
“Across the board, we’re hearing their enthusiasm to partner with Wayfair and substantial interest to lean-in behind our entire offering - joining our curated brands, being featured in our promotional events, leveraging our fulfillment solutions, taking advantage of supplier advertising, and having shelf space in our stores.”
In response to the decent results, Warfair’s share price bounced 10% higher to $55.72.