Wayfair Inc ( W ) shares are shooting higher after the company reported better-than-expected first-quarter FY24 earnings.

The company reported a first-quarter FY24 sales decline of 1.6% year-on-year to $2.729 billion, beating the analyst consensus estimate of $2.635 billion.

International net revenue fell 5.8% to $338 million, while U.S. revenue declined 1% to $2.4 billion.

The number of active customers reached 22.3 million as of March 31, a 2.8% increase Y/Y. The average order value remained flat at $285.

In the first-quarter, 63.1% of total orders delivered were placed through a mobile device, versus 62.1% last year.

Adjusted EPS loss of $(0.32) beat the analyst consensus of $(0.44).

Gross profit slipped 0.2% Y/Y to $819 million, and the margin expanded 50 basis points to 30%.

Loss from operations for the quarter narrowed to $(235) million versus a loss of $(347) million last year.

The company held over $1.1 billion in cash and equivalents as of March 31. Net cash used in operating activities for the quarter was $(139) million.

Adjusted EBITDA for the quarter totaled $75 million, with an adjusted EBITDA margin of 2.7%.

Niraj Shah CEO, co-founder and co-chairman, said, “For the first time since pre-pandemic, we’re seeing suppliers introducing large groups of new products into their catalogs as they look to build momentum for the next stage of growth.”

Price Action: W shares are trading higher by 12.3% at $56.54 at the last check Thursday.

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