Wayfair sales jump 10% as furniture retailer says it's winning share of sluggish market

Summary

• Wayfair reported its strongest quarterly sales growth since the pandemic with double-digit U.S. revenue growth of 11.4% reaching approximately $3 billion.
• International net revenue decreased 2.3% year over year to $380 million.
• Total revenue for the third quarter grew 9.7% year over year to $3.42 billion, surpassing the $3.38 billion expected by analysts.
• Adjusted earnings per share were 93 cents, exceeding the 79 cents expected by analysts.
• The company reported a net income of $62 million, or 45 cents per share, compared to a net loss of $99 million, or 76 cents per share, in the prior year.
• Wayfair's stock closed approximately 11% higher on Wednesday.
• Active customers grew 4.7% year over year to 22.2 million.
• Orders delivered increased 12.2% during the quarter to about 11 million.
• CFO Kate Gulliver stated that promotional activity remains consistent with the previous year while the company continues to gain market share.
• The company attributes growth to shopper loyalty, new store openings, its luxury furniture business, & an emphasis on value.
• Wayfair maintains confidence in its product range & pricing for the upcoming holiday season & fourth quarter.