Online home furnishings giant Wayfair reported a 60% increase in second quarter revenue while its net loss widened to $48.3 million.

For the quarter ended June 30, net revenue increased $295.2 million to $786.9 million. Direct retail revenue — through Wayfair's five brand brands — jumped 71.6% to $755.7 million.

The net loss for the period of $48.3 million or 57 cents, compared to a net loss of $19.3 million or 23 cents per share for the same quarter a year ago and was well above analysts' expectations for loss of 41 cent per share. The company's stock was down more than 15% in early trading today to about $40.57 per share.

“Our exceptional growth is fueled by a steadfast commitment to exceeding customer expectations through innovation,” Niraj Shah, CEO, co-founder and co-chairman of the Boston-based e-commerce company said in a release. “We are speeding up delivery times and reducing damage rates to make the retail experience for home more seamless and satisfying than ever before for our customers."

Shah added the company looks forward to building on its U.S. success and newer European and Canadian businesses and remains “very enthusiastic about our long-term growth and profit potential.”

(Source: Furniture Today)