Wayfair stock jumps after earnings beat
Wayfair Inc. shares jumped 7.1% in Thursday premarket trading after the online home goods retailer reported second-quarter earnings that beat the Street. Net income totaled $130.4 million, or $1.14 per share, down from $273.9 million, or $2.54 per share, last year. Adjusted EPS of $1.89 beat the FactSet consensus for $1.16. Revenue of $3.858 billion was down from $4.305 billion last year and just below the FactSet consensus for $3.934 billion. "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, Wayfair chief executive, in a statement. Active customers totaled nearly 31.1 million, up from about 26.0 million last year. And average order value was $278, up from $227. Wayfair's portfolio includes the namesake, AllModern and Joss & Main. Wayfair stock has gained 11.2% for the year to date while the benchmark S&P 500 index is up 17.2% for the period.
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