E-commerce giant Wayfair Inc. said first-quarter revenues shot up 76.1% to $747.3 million, but the company’s net loss widened to $41.2 million.

Wayfair said its direct retail revenue, which consists primarily of sales from its five websites, was up 92.7% to $711.8 million.

The number of active customers was up 68.9% to 6.1 million, while the average order value totaled $238, up from $206 in last year’s first quarter.

“We are excited to report yet another quarter of exceptional revenue growth as we continue to take about 40% of the U.S. online dollar growth in our categories in the last twelve months,” said Niraj Shah, CEO, co-founder and co-chairman. “We are seeing tremendous traction with both new customer growth and repeat purchases as we focus on leveraging technology and innovation to reinvent the way customers shop for home and build a truly differentiated retail experience.”

He said the retailer is expanding its product selection across key categories such as housewares and home improvement, and is introducing specialized service teams to guide consumers through complex purchases.

In addition, Wayfair is beefing up its marketing efforts in Canada and Europe, Shah said.

“Overall, we could not be more enthusiastic about our long-term growth and profit potential,” he added.

The most recent quarter’s net loss, which equals 49 cents per share, compares with a loss of $27.1 million or 33 cents per share in the same quarter last year.

(Source: Furniture Today  Author: Larry Thomas)