Wayfair shares tumbled in premarket buying and selling Thursday after the net furnishings retailer reported larger-than-expected losses within the first quarter as consumers scaled again their spending on the house class.

Wayfair additionally introduced that its chief monetary officer, Michael Fleisher, is about to retire early subsequent 12 months. Kate Gulliver, present chief folks officer, can be transferring into the CFO function in November. Fleisher will stay on the firm for a transition interval till subsequent January, it mentioned.

Wayfair co-founder and Chief Government Officer Niraj Shah mentioned, regardless of sliding gross sales, client well being stays “comparatively sturdy.”

“Customers are nonetheless very within the residence class,” he mentioned in a press launch.

Nonetheless, Wayfair reported that its depend of energetic prospects declined 23.4% from a 12 months in the past, to 25.4 million. Orders per buyer totaled 1.87, versus 1.98 within the year-ago interval.

For the three-month interval ended March 31, Wayfair reported a lack of $319 million, or $3.04 per share, in contrast with internet revenue of $18 million, or 16 cents a share, a 12 months earlier.

Excluding one-time gadgets, the corporate misplaced $1.96 per share. Analysts had been searching for a lack of $1.56 a share, based on a Refinitiv ballot.

Gross sales fell virtually 14% to $2.99 billion from $3.48 billion a 12 months earlier. That was in step with analysts’ estimates.

Internet income in the US dropped 9.9%, to $2.5 billion, whereas worldwide internet income declined 31.4%, to $451 million.

Discover the total quarterly monetary launch from Wayfair here.

This story is creating. Please examine again for updates.