Wayfair Reports 67 Pct YOY Net Revenue Growth
Wayfair Inc. reported net revenue growth of 67 percent year over year and 28.8 million active customers, up 51 percent year over year, in the third quarter, according to a Tuesday (Nov. 3) earnings announcement.
“In the midst of continued uncertainty about the economy and the pandemic, Wayfair delivered another quarter of strong operating and financial results in Q3,” Wayfair CEO, Co-Founder and Co-Chairman Niraj Shah said in the announcement.
Shah noted that category momentum is “vibrant,” demand is migrating to the web at an increased clip, and “we expect the home to be even more important than usual when it comes to celebrating the holidays this year.”
The company reported that 60 percent of overall orders delivered for its Direct Retail operation were made through mobile technology in Q3 2020 in contrast to 53.8 percent in Q3 2019.
Wayfair noted that repeat shoppers made 71.9 percent of overall orders in Q3 2020 in contrast to 67.3 percent in Q3 2019. Those repeat shoppers made 11.3 million orders in Q3 2020, marking a jump of 84.4 percent year over year.
It also reported $243 in average order value in Q3 2020 in contrast to $252 for Q3 2019.
The company had $2.6 billion in cash, cash equivalents and short- and long-term investments, while Non-GAAP free cash flow was $255 million.
As for its overall results, Wayfair reported $2.30 in Non-GAAP diluted earnings per share on total revenue of $3.8 billion. The results exceeded analyst expectations of 80 cents per share in earnings on revenues of $3.65 billion.
In August, Wayfair announced that its overall net revenue rose $2 billion to $4.3 billion, up 83.7 percent year over year. U.S. net revenue rose $1.7 billion, up 82.5 percent year over year and international earnings climbed $310.2 million, up 90.5 percent over last year.
“We experienced unprecedented demand in Q2 and saw record numbers of new and repeat customers choose Wayfair,” Shah previously said.