Wayfair Inc., one of the world's largest destinations for the home, reported the financial results for its third quarter ended September 30, 2024. The company's total net revenue of $2.9 billion, decreased $60 million, down 2.0% year over year.
The U.S. net revenue of $2.5 billion, decreased $60 million, down 2.3% year over year; and the international net revenue of $372 million and International Net Revenue Constant Currency Growth remained constant year over year.
Gross profit was $873 million, or 30.3% of total net revenue; and net loss was $74 million and Non-GAAP Adjusted EBITDA was $119 million.
'Q3 marked another proofpoint of resilience for Wayfair with further market share capture in the face of sustained challenges in the category. Once again, we navigated a dynamic consumer environment while driving further discipline on costs to achieve a mid-single-digit Adjusted EBITDA margin for the second quarter in a row. As I've mentioned before, our north star is driving Adjusted EBITDA dollars in excess of equity-based compensation and capital expenditures, and we're pleased to be making noteworthy improvements across each of these fronts,' says Niraj Shah, CEO, co-founder and co-chairman, Wayfair.
Shah continues, 'We remain laser-focused on delivering healthy profitability while setting ourselves up for success as the category rebounds. The core goal across each of our initiatives in 2024 is to foster customer loyalty and spur repeat business while driving economic value. We're not just aiming for short-term gains, but building long-lasting relationships with our customers that will be accretive on both the top and bottom lines.'
In the Third Quarter Wayfair's active customers totalled 21.7 million (as of September 30, 2024), a decrease of 2.7% year over year. Orders delivered in the third quarter of 2024 were 9.3 million, a decrease of 6.1% year over year. Repeat customers placed 79.9% of total orders delivered in the third quarter of 2024, compared to 79.7% in the third quarter of 2023. Repeat customers placed 7.4 million orders in the third quarter of 2024, a decrease of 6.3% year over year.
More information:
Wayfair
www.investor.wayfair.com