Wayfair increases quarterly revenue by 9.7% to $3.42 billion — CNBC

In the United States, furniture and home goods retailer Wayfair increased total revenue by 9.7% year-on-year in the third quarter, to $3.42 billion. The company also posted net income of $62 million, or 45 cents per share, compared with a loss of $99 million, or 76 cents per share, a year earlier, CNBC reports.

The reporting period ended on September 30. Wayfair said it was its strongest quarter for sales growth since the pandemic.

Results exceeded expectations

Wayfair's adjusted earnings per share were 93 cents, compared with analysts' expected 79 cents, according to an LSEG survey. Revenue also exceeded the consensus forecast: analysts had expected $3.38 billion.

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The company's revenue in the United States rose by 11.4%, to approximately $3 billion. At the same time, international net revenue fell by 2.3% year-on-year, to $380 million.

Growth in customer base

The number of Wayfair's active customers increased by 4.7% compared with the same quarter of the previous year, reaching 22.2 million. The number of delivered orders rose by 12.2%, to approximately 11 million.

Chief Financial Officer Kate Gulliver attributed the trend to Wayfair increasing its market share in a sluggish housing market. According to her, customer loyalty, new store openings, the premium furniture segment, and a focus on product affordability help attract shoppers. Ahead of the holiday season, the company plans to maintain promotional activity at a level close to last year's.