Wayfair, one of the big e-commerce winners amid remote work and education trends, delivered strong third quarter sales that jumped 66.5%.
The company reported third quarter net income of $173.2 million, or $1.67 a share, on revenue of $3.8 billion, up from $1.5 billion a year ago. Non-GAAP earnings in the third quarter were $2.30 a share.
US revenue was the bulk of sales with international revenue at $225.9 million in the third quarter.
Wall Street was expecting Wayfair revenue of $3.65 billion with non-GAAP earnings of 80 cents a share.
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Wayfair CEO Niraj Shah said that "category momentum is vibrant" and the furniture sales are moving online at an accelerated pace. Wayfair got a big COVID-19 boost, but apparently is holding demand and mind share. Wayfair, Carvana and Zillow are companies that have nailed e-commerce for big purchases.
Among the key figures:
- Active customers were 28.8 million as of Sept. 30, up 51% from a year ago.
- Orders per customer were 1.94 in the third quarter, up from $1.85 a year ago.
- Repeat customers placed 71.9% of total orders in the third quarter.
- Average order value was $243 in the third quarter, down from $252 a year ago.
- 60% of orders were placed via mobile device.
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