USA - Wayfair Inc., one of the world's largest online furniture and home product retailers reported results for its first quarter ended March 31, 2023.

According to the 1Q-2023 results the company is confident it is making progress in its move toward profitability, as the company nears the breakeven point on a key financial metric.

Overall, the online retailer reported losses that were better than analysts predicted. The net loss for the quarter was USD 355 million and the adjusted EBITDA loss was USD 14 million, down considerably from USD 113 million a year ago.

Total net sales revenue reached USD 2.8 billion and were down 7.3% year-over-year for the quarter.

"This was a strong quarter for Wayfair, and we are pleased to be seeing consistent market share gains and a signicant improvement in cost structure versus last quarter that gets us to nearly Adjusted EBITDA breakeven in Q1. Most exciting is that we expect to have positive Adjusted EBITDA in the second quarter. We have always known, and now we are clearly demonstrating that the Wayfair model is inherently profitable and that there is considerable opportunity in front of us to rapidly drive further margin expansion."

"Last August, we shared a roadmap laying out our path to profitability and we have been executing against that plan. Through a focus on our three core initiatives of driving customer and supplier loyalty, nailing the basics, and cost eciency, we have made signicant strides in improving our oering and customer experience, simultaneously reducing our cost structure while investing for future growth," said Niraj Shah CEO, co-founder and co-chairman, Wayfair.