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Zulily is crashing after giving a terrible sales outlook for 2015
(Zulily)
Zulily shares fell by more than 16% in early trading Wednesday after the company reported a huge miss on first-quarter revenues.
On Tuesday, the e-commerce company targeted at moms reported first-quarter revenues of $306.6 million, up 29% year-over-year but far below expectations for $313.5 million, according to Bloomberg.
The company reported diluted earnings per share of $0.01, better than the forecast for a loss of $0.04.
The big disappointment was guidance, with Zulily saying it expected second-quarter revenue to come in at $285 million to $300 million, well below the $361.7 million that was forecast by Wall Street.
For the full year, the company now sees revenue totaling $1.3 billion to $1.4 billion, below the $1.5 billion expected by analysts.
"We made significant progress against our 2015 objectives to improve the daily experience, deliver the perfect order, and expand gross margins," CEO Darrell Cavens said. "The percentage of orders placed on mobile platforms reached an all-time high in Q1, order to ship times decreased, and gross margins hit our long-term financial target of 30% less than two years after our IPO."
In addition to earnings, the company announced a stock-buyback program of up to $250 million of its outstanding shares and named a new CFO.
Shares of Zulily are down 57% year-to-date and 78% over the past 12 months.
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