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Wayfair posts Q3 profit as sales rise nearly 10%
Wayfair reported third-quarter net income of $62 million and about $3.42 billion in sales, up 9.7% from a year earlier, CNBC said, citing results for the period ended Sept. 30.
- New headline Was: “Wayfair sales jump 10% as furniture retailer says it's winning share of sluggish market”
- Our desk filed its story
Wayfair Inc. reported a third-quarter profit and nearly 10% higher sales as the online furniture retailer said it is taking share in a sluggish U.S. home-goods market1.
For the period ended Sept. 30, the Boston-based company posted net income of $62 million, or 45 cents a share, compared with a loss of $99 million, or 76 cents a share, a year earlier, CNBC reported1. Total revenue rose 9.7% to $3.42 billion, above the $3.38 billion Wall Street expected in a LSEG survey cited by CNBC1.
Adjusted earnings were 93 cents a share, versus 79 cents expected, according to the same survey1. U.S. net revenue rose 11.4% to about $3 billion, while international net revenue fell 2.3% to $380 million1.
Wayfair said active customers grew 4.7% year over year to 22.2 million and orders delivered rose 12.2% to about 11 million1.
Chief financial officer Kate Gulliver told CNBC that the U.S. category looks "roughly flattish" and that the company's share momentum is building1. She also pointed to shopper loyalty, new stores, luxury furniture and value pricing1.
Gulliver said promotional activity this year has been consistent with last year and that the company plans a similar approach for the holiday quarter1.
The report comes as the housing market remains weak, CNBC noted, after Wayfair has reported growth over the past year1.
