by Company also narrows net loss to $163 million from $283 million last year
BOSTON — Wayfair Inc. reported a 3.7% increase in total net revenues and narrowed its net loss to $163 million for its third quarter ended Sept. 30.
Net revenues totaled $2.9 billion, up from $2.8 billion the same period last year, a 3.7% increase. U.S. revenues totaled $2.6 billion, up from $2.5 billion the same period last year, a 5.4% increase.
International net revenues totaled $372 million, down 7% from $344 million the same period last year.
The company’s net loss for the quarter was $163 million, or $1.40 per share, compared to a net loss of $283 million, or $2.66 per share, last year. It also reported gross profit of $917 million, or 31.1% of net revenue. This compares to a gross profit of $824 million, or 29% of net revenue during last year’s third quarter.
“Wayfair is now in a place where we can drive profitability while simultaneously investing for growth,” said Niraj Shah, Wayfair chief executive officer, co-founder and co-chairman. “Q3 is one more proof point of exactly that — today we’re reporting positive adjusted EBITDA of $100 million, a second consecutive quarter of positive free cash flow and nearly 4% year-over-year revenue growth driven by strength in orders. We also saw steady improvement in our active customer metric, which is well on its way to positive year-over-year growth.”
“We executed further in the third quarter to produce consistent profitability — with adjusted EBITDA now positive on a trailing 12-month basis — while also driving demonstrable market share growth, as evidenced by our gains on customers and orders,” he added. “Even with a turbulent macro, we remain committed to our profitability goals in good times and bad. We will continue to drive peerless focus and execution into 2024 and beyond, as we push every day to be the No. 1 shopping destination for the home.”
Other key metrics identified in the report were as follows:
+ Active customers totaled 22.3 million as of Sept. 30, a decrease of 1.3% year over year
+ LTM net revenue per active customer was $538 as of Sept. 30, a decrease of 1.6% year over year
+ Orders per customer, measured as LTM orders divided by active customers, was 1.83 for the third quarter of 2023, compared to 1.82 for the third quarter of 2022
+ Orders delivered in the third quarter of 2023 were 9.9 million, an increase of 13.8% year over year
+ Repeat customers placed 79.7% of total orders delivered in the third quarter of 2023, compared to 77.8% in the third quarter of 2022
+ Repeat customers placed 7.9 million orders in the third quarter of 2023, an increase of 16.2% year over year
+ Average order value was $297 in the third quarter of 2023, compared to $325 in the third quarter of 2022
+ 61.7% of total orders delivered were placed via a mobile device in the third quarter of 2023, compared to 58.6% in the third quarter of 2022
