Wayfair sales surge 84% as coronavirus ignites digital furniture-buying frenzy

Revenue reached $4.3B

Wayfair Inc. swung to a profit in the three months through June as COVID-19 lockdowns prompted Americans stuck in their homes to redecorate with furniture purchased online.

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The Boston-based furniture retailer earned $273.9 million, or an adjusted $3.13 per share, in the second quarter as revenue spiked 84 percent to $4.3 billion. The results surpassed the adjusted earnings of $1.04 a share and revenue of $1.06 billion that analysts surveyed by Refinitiv were expecting.

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Wayfair lost $181.9 million during the same period last year.

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“We experienced unprecedented demand," CEO Niraj Shah said in a statement, "and saw record numbers of new and repeat customers choose Wayfair.”

The number of active customers in the company's direct retail business jumped 46 percent from last year to 26 million.

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Meanwhile, orders from repeat customers rose 104 percent from last year to 12.7 million. Returning customers placed 67.4 percent of all orders, down 0.4 percentage point from last year.

The average order value was $227, down 11 percent from $255 a year ago.

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U.S. net revenue rose 83 percent from last year to $3.65 billion while international sales surged 91 percent to $653 million.   

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Wayfair shares rose 227 percent this year through Tuesday, outpacing the S&P 500's 2.34 percent gain.