Wayfair (W) - Get Report shares on Tuesday were higher as a sales increase, sparked by shelter-in-place requirements, helped the online household-goods retailer beat Wall Street's first-quarter expectations.
Shares of the Boston company were climbing 24% to $166.48.
Wayfair reported its net loss widened to $289.9 million, or $3.04 a share, from $200.4 million, or $2.20, in the year-earlier period. Adjusted losses came to $2.30 a share, beating the FactSet consensus calling for a loss of $2.60.
Revenue totaled $2.33 billion, up from $1.94 billion a year earlier and ahead of the $2.31 billion FactSet consensus forecast.
In April, the company said that its revenue-growth rate doubled amid the coronavirus pandemic.
The number of active customers in the company's direct retail business reached 21.1 million as of March 31, up 29% year over year.
Direct retail net revenue totaled $2.3 billion, up 20% from a year earlier. At the end of the first quarter, cash, cash equivalents, and short- and long-term investments totaled $891 million.
"Millions of new shoppers have discovered Wayfair while they shelter in place at home, and we are seeing strong acceleration in new and repeat customer orders across almost all classes of goods and across all regions," Co-Founder, Co-Chairman, and Chief Executive Niraj Shah said in a statement, acknowledging the impact of the coronavirus pandemic.
The coronavirus outbreak has forced most businesses to close their doors, and people are being advised to stay inside and observe social distance guidelines.
Last month the Boston private equity group Great Hill Partners said it took a 6% stake in the company. In February, Wayfair said it was laying off 500 employees, as sales hadn’t turned into profit.