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.
"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.