Wayfair posted a nearly 77 percent increase in third-quarter revenue. It also dropped its net loss as it gained new customers and increased its repeat business. “New customer growth and repeat customer growth continue to accelerate at a phenomenal pace as we enhance our offering and build greater brand awareness with consumers,” Niraj Shah, Wayfair’s co-founder, co-chairman and CEO said. “We are well positioned to enter the holiday season with key improvements across assortment, merchandising and marketing, and look forward to further building our leadership position as the No. 1 destination for home furnishings and decor.”
Net revenue jumped to $594 million in the period ending September 30, which is up from $336.2 million for the same period over last year. Wayfair reported a net loss of $15.5 million for the quarter, which is down from $28.9 million last year. Wayfair’s direct retail revenue, earned largely via its five online brands (Wayfair.com, Joss & Main, AllModern, DwellStudo and Birch Lane), grew 90.9 percent to $545 million. The retailer’s gross profit was $141.4 million or 23.8 percent of total new revenue, a slight increase percentage-wise from the same period last year.