Wayfair sales jump 10% as furniture retailer says it's winning share
Wayfair just posted its strongest sales growth since the pandemic.
The short version
- U.S. revenue reached 3 billion dollars, an 11 percent jump.
- Active customers climbed to 22 million people.
- Net income hit 62 million dollars for the quarter.
- The sluggish housing market did not stop shoppers.
Wayfair, the online furniture and home goods retailer, just posted its strongest quarter of sales growth since the pandemic as it takes market share from competitors. U.S. revenue reached about 3 billion dollars, an 11.4 percent increase from the year prior, according to CNBC.
Total revenue grew 9.7 percent year over year, reaching 3.42 billion dollars for the period ended September 30. The company reported net income of 62 million dollars, or 45 cents per share, compared with a loss of 99 million dollars the year prior.
Kate Gulliver, the finance chief of Wayfair, told CNBC that the momentum is building as the company wins over customers. We see the overall consumer in the U.S. in this category, we think it is roughly flattish, and so that is our market share momentum continuing to build, Gulliver said.
Active customers grew 4.7 percent year over year, reaching 22.2 million shoppers. The company also saw a 12.2 percent increase in orders delivered during the quarter to about 11 million orders. Gulliver pointed to shopper loyalty, the opening of new stores, a luxury furniture business, and an emphasis on value as the drivers of the growth.
International net revenue decreased 2.3 percent to 380 million dollars. As you head into the holiday season, the company plans to keep promotional activity consistent with last year to appeal to shoppers looking for value.
Photo: Whoisjohngalt, CC BY-SA 4.0, via Wikimedia Commons
