Wayfair Announces Third Quarter 2019 Results

Date: Friday, November 1, 2019
Source: MarketWatch

Wayfair Inc. W, +0.80%, one of the world’s largest online destinations for the home, today reported financial results for its third quarter ended September 30, 2019.

Third Quarter 2019 Financial Highlights

  • Direct Retail net revenue, consisting of sales generated primarily through Wayfair’s sites, increased $607.2 million to $2.3 billion, up 35.9% year over year
  • Gross profit was $539.9 million or 23.4% of total net revenue
  • GAAP net loss was $272.0 million
  • Adjusted EBITDA was $(144.2) million or (6.3)% of total net revenue
  • GAAP basic and diluted net loss per share was $2.94
  • Non-GAAP diluted net loss per share was $2.23
  • Non-GAAP free cash flow was $(180.9) million
  • At the end of the third quarter, cash, cash equivalents, and short-term and long-term investments totaled $1.3 billion  

"We are pleased to report Q3 Direct Retail net revenue growth of $607 million up 36 percent year over year. This period of strong growth took place, despite some short-term tariff related volatility. We could not be more confident in the future growth of the business," noted Niraj Shah, CEO, co-founder and co-chairman, Wayfair. "Our business continues to benefit from meaningful long term investments that directly and dramatically impact the customer experience further propelled by a massive structural shift in shopping behavior from offline to online. To further cement our leadership position and growth trajectory, we have continued to expand our logistics network to meet a high level of customer demand in both North America and Europe and, among other initiatives, are driving deeper penetration in emerging category opportunities across the business. We are excited for the upcoming holiday season, and expect to continue to disrupt the current retail landscape through innovative solutions to traditional customer pain points as we solidify Wayfair's position as the best place to shop across all home-related categories."

Other Third Quarter Highlights

  • The number of active customers in our Direct Retail business reached 19.1 million as of September 30, 2019, an increase of 37.6% year over year
  • LTM net revenue per active customer was $449 as of September 30, 2019, an increase of 1.4% year over year
  • Orders per customer, measured as LTM orders divided by active customers, was 1.85 for the third quarter of 2019, compared to 1.84 for the third quarter of 2018
  • Repeat customers placed 67.3% of total orders in the third quarter of 2019, compared to 66.3% in the third quarter of 2018
  • Repeat customers placed 6.1 million orders in the third quarter of 2019, an increase of 33.6% year over year
  • Orders delivered in the third quarter of 2019 were 9.1 million, an increase of 31.5% year over year
  • Average order value was $252 for the third quarter of 2019, compared to $244 for the third quarter of 2018
  • In the third quarter of 2019, 53.8% of total orders delivered for our Direct Retail business were placed via a mobile device, compared to 49.4% in the third quarter of 2018

Read from original source.

 

 

BROWSE MORE ARTICLES

E-MAIL TO COLLEAGUE

NOTIFY ME WHEN NEW ARTICLES ARE POSTED

SOUND FAMILIAR? HAVE A SLIGHTLY DIFFERENT ISSUE? CONTACT US