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E-Commerce

Wayfair Posts Q3 Net Revenue Growth of 67% to $3.8 billion

Wayfair reports total net revenue increased $1.5 billion to $3.8 billion, up 66.5 percent year over year, with US net revenues growing to $1.3 billion, also a 66.5 jump.

11/4/2020
BOSTON -- Wayfair Inc. (NYSE: W), one of the world’s largest online destinations for the home,  reported financial results for its third quarter ended Sept. 30, 2020.

Third Quarter 2020 Financial Highlights:

-- Total net revenue increased $1.5 billion to $3.8 billion, up 66.5% year over year
-- U.S. net revenue increased $1.3 billion, up 66.5% year over year
-- International net revenue increased $225.9 million, up 66.7% year over year. International segment Net Revenue Constant Currency Growth was 63.9%
-- Gross profit was $1.1 billion or 29.9% of total net revenue
-- Net income was $173.2 million
-- Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin were $371.1 million and 9.7%, respectively, of total net revenue
--Diluted earnings per share was $1.67
-- Non-GAAP Diluted Earnings per Share was $2.30
-- Non-GAAP Free Cash Flow was $255.0 million
-- Cash, cash equivalents, and short- and long-term investments totaled $2.6 billion

“In the midst of continued uncertainty about the economy and the pandemic, Wayfair delivered another quarter of strong operating and financial results in Q3. 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,” said Niraj Shah, CEO, co-founder and co-chairman, Wayfair. “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.”

Other Third Quarter HighlightsL

-- The number of active customers in our Direct Retail business reached 28.8 million as of Sept. 30, 2020, an increase of 50.9% year over year
-- LTM net revenue per active customer was $451 as of Sept. 30, 2020, an increase of 0.4% year over year
-- Orders per customer, measured as LTM orders divided by active customers, was 1.94 for the third quarter of 2020, compared to 1.85 for the third quarter of 2019
-- Repeat customers placed 71.9% of total orders in the third quarter of 2020, compared to 67.3% in the third quarter of 2019
-- Repeat customers placed 11.3 million orders in the third quarter of 2020, an increase of 84.4% year over year
-- Orders delivered in the third quarter of 2020 were 15.8 million, an increase of 72.8% year over year
-- Average order value was $243 for the third quarter of 2020, compared to $252 for the third quarter of 2019
-- In the third quarter of 2020, 60.0% of total orders delivered for our Direct Retail business were placed via a mobile device, compared to 53.8% in the third quarter of 2019

About Wayfair

Wayfair believes everyone should live in a home they love. Through technology and innovation, Wayfair makes it possible for shoppers to quickly and easily find exactly what they want from a selection of more than 18 million items across home furnishings, décor, home improvement, housewares and more. Committed to delighting its customers every step of the way, Wayfair is reinventing the way people shop for their homes - from product discovery to final delivery.

The Wayfair family of sites includes:

Wayfair - All things home, all in one place.
Joss & Main - Stylish designs to discover daily.
AllModern - The best of modern, priced for real life.
Birch Lane - Classic home. Comfortable cost.
Perigold - The widest-ever selection of luxury home furnishings.

Wayfair generated $13.0 billion in net revenue for the twelve months ended Sept. 30, 2020. Headquartered in Boston, Massachusetts with operations throughout North America and Europe, the company employs more than 16,700 people.
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