Pandemic Spruces Up Wayfair Third-Quarter Earnings

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Working from home and generally spending more time at home is certainly helping online home-decor retailer Wayfair  (W) - Get Report.

The Boston-based online furnishings and accessories store revealed third-quarter earnings and sales that beat analysts’ forecasts as the pandemic and work-from-home movement spurred consumers to spruce up and fluff up their home and work spaces.

Wayfair said it earned $173.2 million, or $2.30 a share, in the third quarter, vs. a loss of $272 million, or $2.23 a share, in the year-earlier quarter. The per-share earnings number came in well above analysts’ forecasts of 82 cents a share.

Sales jumped more than 66% to $3.8 billion, up from $2.3 billion a year ago and also above analysts’ forecasts of $3.7 billion. Cash, cash equivalents, and short- and long-term investments totaled $2.6 billion, the company said.   

Wayfair said active customers in its direct retail business hit 28.8 million as of the end of September, an increase of 50.9% year over year. LTM, or “last twelve months” net revenue per active customer was $451 as of Sept. 30, a gain of 0.4% year over year.

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