Wayfair Inc. reported first-quarter net income totaling $18.2 million, or 16 cents per share, after a loss of $285.9 million, or $3.04 per share, last year. Wayfair has adopted a new accounting standard, effective Jan. 1, 2021. Under the old system, the company says it would have reported a loss of 31 cents per share. Adjusted EPS was $1.00, ahead of the FactSet consensus for 26 cents. Revenue of $3.478 billion was up from $2.330 billion last year and ahead of the FactSet consensus for $3.394 billion. In the fourth quarter, Wayfair reported revenue of $3.67 billion. Revenue was up 49% year-over-year compared with 45% in the fourth quarter. Active customers reached 33.2 million as of March 31, up 57.3% year-over-year. Average order value was $237, up from $235 last year. And repeat customers placed 74.5% of total orders in the first quarter, compared with 69.8% last year. Wayfair stock was up 4.5% in Thursday premarket trading, and has gained 20% for the year to date. The S&P 500 index is up 11% for 2021 so far.
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