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  Home >> News & Events >> Wayfair posts 76.7% third-quarter revenue gain, cuts net loss
Wayfair posts 76.7% third-quarter revenue gain, cuts net loss

Author:Clint Engel   From:http://www.furnituretoday.com/article/525666-wayfair-posts-767-third-quarter-revenue-gain-cuts-net-loss  Date:2015-11-16

 

Wayfair posts 76.7% third-quarter revenue gain, cuts net loss

BOSTON — Home furnishings e-commerce giant Wayfair posted a 76.7% increase in third quarter revenue and reduced its net loss as the company gained new customers and upped its repeat business and average ticket.

Net revenue for the Boston-based retailer increase to $594.0 million in the period ended Sept. 30, up from $336.2 million for the same period a year ago. The company posted a net loss of $15.5 million for the quarter, down from $28.9 million a year ago.

It’s net loss per share was18 cents, down from a loss of 71cents for the same period a year ago.

Through the first nine months, Wayfair’s net revenue increased 65.9% to $1.5 billion, up from $910.3 million, and its net loss decreased to $61.9 million from $92 million.

“New customer growth and repeat customer growth continue to accelerate at a phenomenal pace as we enhance our offering and build greater brand awareness with consumers,” Niraj Shah, Wayfair’s co-founder, co-chairman and CEO said in a statement.

“We are well positioned to enter the holiday season with key improvements across assortment, merchandising and marketing and look forward to further building our leadership position as the No. 1 destination for home furnishings and décor.”

In the third quarter, Wayfair’s direct retail revenue — generated primarily through the websites of its five online brands — grew 90.9% to $545 million, and the retailer’s gross profit was $141.4 million or 23.8% of total new revenue, up slightly on a percentage basis from the same period a year ago.

Wayfair also reported the number of active customers for its direct retail business reached 4.6 million, up 60.6%, and net revenue per active customer increased to $371, or 8.5%. Its repeat customer orders grew to 1.3 million, up 96%, and the average order value in the quarter grew 8.3% to $235.

Wayfair also noted that the percentage of total orders in its direct business that were placed via a mobile device grew to 35.1% of the total, up from 28.7% a year ago.

Wayfair’s online brands are Wayfair.com, Joss & Main, AllModern, DwellStudo and Birch Lane.

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