Wayfair Reports Q3 Earnings Showing Growth Amidst Pandemic | Financial Buzz

Wayfair Reports Q3 Earnings Showing Growth Amidst Pandemic

Wayfair Inc. (NYSE: W) reported third quarter financial results, indicating total net revenue increased $1.5 billion to $3.8 billion, which is an increase of 66.5% year over year. In the United States alone net revenue increased $1.3 billion, up 66.5% year over year.

The Company also indicates that the number of active customers in our Direct Retail business reached 28.8 million as of September 30, 2020, an increase of 50.9% year over year. Wayfair generated $13.0 billion in net revenue for the twelve months ended September 30, 2020.

“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.”