Wayfair shares fell after the online furniture retailer posted sales that fell short of expectations and a decline in customers for its most recent quarter.
Wayfair reported a third-quarter adjusted loss of 13 cents a share—much narrower than the 48-cents loss expected by Wall Street, according to FactSet. Total net revenue of $2.94 billion missed the consensus analysts’ estimate of $2.98 billion. Active customers for the quarter totaled 22.3 million as of Sept. 30, a drop of 1.3% from a year earlier.
Net revenue per active customer in the last 12 months was $538, a dip of 1.6% year over year, while orders delivered rose 13.8%. Management, however, remained upbeat. “We executed further in the third quarter to produce consistent profitability—with adjusted EBITDA now positive on a trailing 12-month basis—while also driving demonstrable market share growth, as evidenced by our gains on customers and orders,” CEO Niraj Shah noted in the earnings release. “Even with a turbulent macro , we remain committed to our profitability goals in good times and bad.”Write to Emily Dattilo at emily.dattilo@dowjones.
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