Wayfair’s Q3 profit soars

BOSTON — Home furnishings e-commerce giant Wayfair, posted a $173.2 million third-quarter profit, swinging from a loss $272 million a year ago, with strong growth in active and repeat customers.

On a per-share basis, net income was $1.67, up from a loss of $2.94. It was the second (and consecutive) quarterly profit for the retailer since it went public.

Total net revenues jumped 66.5%, or by $1.5 billion to$3.8 billion for the period ended Sept. 30. U.S. net revenue increased by the same percentage, or by $1.3 billion to $3.27 billion.

Average order value dropped to $243 from $252.

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“Category momentum is vibrant, demand is moving online at an accelerated pace, and we expect the home to be even more important than usual when it comes to celebrating the holidays this year,” CEO and Co-Chairman Niraj Shah said in a release.

“Our long-term mindset and strategic investments in merchandising, selection, service and delivery both in North America and in Europe are translating to share gains, sustained profitability, and positive free cash flow generation. While today’s unique environment has accentuated these trends, we are confident that there is a long runway for continued strong profitable growth ahead for Wayfair — well beyond when the current circumstances have passed.”

See the full release here.

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