Wayfair's Q3 Top-Line Beats Expectations; Orders Delivered Decline 20.9%

Wayfair Inc W reported a third-quarter FY22 sales decline of 9% year-on-year to $2.84 billion, beating the consensus of $2.83 billion.
International net revenue fell 24% to $0.4 billion, while U.S. revenue declined 6% to $2.4 billion.
The number of active customers reached 22.6 million as of September 30, 2022, a 22.6% decrease Y/Y. The average order value grew 14.8% Y/Y to $325.
In Q3, 58.6% of total orders delivered were placed through a mobile device, versus 57.7% last year.
Adjusted EPS loss of $(2.11) missed the analyst consensus of $(2.03).
Adjusted EBITDA was a $(124) million loss versus $101 million a year ago.
Gross profit fell 6.7% Y/Y to $824 million, and the margin expanded 72 basis points to 29%.
Loss from operations for the quarter was $(372) million versus a loss of $(70) million last year.
The company held $1.3 billion in cash and equivalents as of September 30, 2022. Net cash used in operating activities for nine months amounted to $(772) million.
"We're continuing the work we set out last quarter to control the controllables and orienting Wayfair in this environment around three key principles: driving cost efficiency, nailing the basics, and earning customer and supplier loyalty every day,” said Niraj Shah, CEO, co-founder and co-chairman, Wayfair.
Price Action: W shares are trading higher by 7.16% at $38.15 on the last check Thursday.
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