Wayfair Q2 earnings top Street

Wayfair Inc. maintained momentum in its second quarter, growing its customer base and average order value.

The online furniture and home goods retailer’s net income totaled $130.4 million, or $1.14 per share, for the quarter ended June 30, down from $273.9 million, or $2.54 per share, last year. Adjusted earnings per share of $1.89 topped analysts’ estimates of $1.16.

Total revenue fell to 10.4% to $3.858 billion, which was “well above pandemic run rates,” the company said. Analysts were looking $3.934 billion.

Wayfair’s active customers grew 19.6% to 31.1 million, up from about 26.0 million last year. The average order value inched up to $278 from $227. 

[Read More: Wayfair’s online sales bonanza returns to April]

"While the current macro environment is dynamic, the home remains a high priority for our customers and longer term tailwinds to online category growth are firmly in place," said Niraj Shah, CEO, Wayfair. “Even as we navigate any near-term volatility, we remain most focused on the long-term and further reinforcing Wayfair's position as the category leader for home with both customers and suppliers alike.”

Wayfair's portfolio includes its name, AllModern and Joss & Main brands.