Updated from 11:00 AM EST.
Shares of Wayfair (W) - Get Report gained 3.25% to $35.87 in late-morning trading on Wednesday after the online home goods retailer reported a 52% increase year-over-year in direct retail gross sales over Thanksgiving Day to Cyber Monday.
The company's total gross sales rose 46% from last year over the five-day period. The Boston-based company said Cyber Monday was its "strongest sales day ever" with peak order volume between 9 p.m. and 12 a.m. EST, according to a statement. Repeat customers made up 58% of holiday sales.
Top selling holiday items included storage and organization items for post-holiday clean-up. Wayfair also said TV stands were top sellers over the past weekend. Its "Sunbury TV Stand" by Beachcrest Home was the single most popular stand, which sold every 19 seconds on Cyber Monday.
Other categories that experienced strong growth this year included rugs, mattresses and outdoor furnishings. On Cyber Monday, Wayfair sold a rug every four seconds and a mattress every 12 seconds.
Raymond James analysts Aaron Kessler and Justin Patterson said the company had "strong" holiday weekend sales and that its fourth-quarter guidance is "likely conservative." Earlier this month, Wayfair posted third-quarter results that topped Wall Street's estimates, but issued a downbeat forecast for fourth quarter revenue.
"On its 3Q earnings call on November 8, Wayfair noted that 4Q 16 direct retail revenue growth was tracking to 40% year-over-year (vs. 30%-35% guidance which we believe was conservative). Given the strong holiday sales reported, we have increased confidence that Wayfair can report sales for the quarter closer to 40% and our 40% estimate," the firm wrote in a note today.
During Cyber Monday last year, direct sales soared 130% and total gross sales increased 109%, the analysts noted. The firm rates Wayfair "outperform."
Direct retail revenue consists of sales generated primarily through the sites of the company's brands, including Wayfair, Joss & Main, AllModern, DwellStudio and Birch Lane.