Wayfair swung to a profit in its second quarter as consumers stuck at home focused on updating their interiors.
The online home furnishings retailer reported net income of $273.9 million, or $2.54 a share, for the quarter ended June 30, compared to a loss of $181.9 million, or $0.98 a share, in the year-ago period. Adjusted earnings per share were $3.13, easily topping analysts’ estimates of $0.97 a share.
[Further reading: Wayfair postpones its big shopping event amid other steps to combat COVID-19]
Total net revenue soared 83.7% to $4.30 billion, easily beating analysts’ forecasts of $4.07 billion. U.S. net revenue increased $1.7 billion, up 82.5%.
Orders delivered increased 106.2% to 18.9 million, while the average order value declined to $227 from $255. The number of active customers in the direct retail business jumped 46.0% to 26.0 million.
"The second quarter was a very strong period for Wayfair,” said CEO Niraj Shah. “We experienced unprecedented demand in Q2 and saw record numbers of new and repeat customers choose Wayfair. Our strategic long term investments positioned us well to serve our customers and to quickly adapt during a challenging time.”