Wayfair generated $62 million in net income for the quarter ended September 30, reversing a $99 million loss from the same period last year. Total revenue reached $3.42 billion, lifted by an 11.4% sales increase in the United States that eclipsed a 2.3% drop in international markets. Customer acquisition metrics also strengthened, highlighted by an expanding active user base and a 12.2% surge in delivered orders. Looking forward, management intends to keep holiday promotional efforts on par with last year's strategy.
Key points
The platform captured domestic market share in an otherwise flat category through value p…: The platform captured domestic market share in an otherwise flat category through value pricing, luxury goods, and new physical storefronts.
Operational volume gained traction as active customers rose 4.7% to 22.2 million while to…: Operational volume gained traction as active customers rose 4.7% to 22.2 million while total orders delivered climbed to roughly 11 million.
Management plans to maintain fourth-quarter promotional activity at levels consistent wit…: Management plans to maintain fourth-quarter promotional activity at levels consistent with the prior year to sustain holiday momentum.
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Wayfair on Wednesday said it posted its strongest quarter of sales growth since the pandemic as the furniture retailer continues to win over customers and take market share.
The company said it saw double-digit revenue growth in the U.S., reaching about $3 billion, an 11.4% increase from the year prior. Still, international net revenue for the quarter decreased 2.3% year over year to $380 million.
The report comes as the housing market remains sluggish. But the furniture and home goods retailer has reported consistent growth over the past year. CFO Kate Gulliver told CNBC that Wayfair's momentum is building as it takes market share.
"We see the overall consumer in the U.S. in this category, we think it's roughly flattish, and so that's our [market] share momentum continuing to build," Gulliver said.
She added that shopper loyalty, the opening of new stores, the company's luxury furniture business and an emphasis on value has allowed the company to win more consumers. Customers are also continuing to spend, whether at the company's value prices or on the luxury side, she added.
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