Wayfair (NYSE:W) shares jumped Thursday after the furniture seller’s second-quarter results showed it was holding on to some of the gains it made in its business during the pandemic.
Earnings topped estimates, and even though sales declined and fell short of Wall Street’s expectations, revenue was above pre-pandemic run rates.
Wayfair benefited from surging demand during the pandemic as consumers spent more money online during lockdowns. Shoppers were also focused on improving their homes as they spent more time working and relaxing there.
But Wayfair’s latest results show it was able to hang on to some of these new shoppers. The company said active customers grew to 31.1 million, a nearly 20% year-over-year increase.
During its second quarter, the company reported a net income loss of $130.4 million, or $1.14 per share, compared with $273.9 million, or $2.54 per share, a year earlier.
Excluding items, the company reported earnings of $1.89 per share, beating the $1.15 per share expected by analysts surveyed by Refinitiv.
The company reported revenue of $3.86 billion, compared with expectations of $3.94 billion.
Net revenue per active customer in the last 12 months was $478 as of the end of the second quarter, an 8.6% increase year over year.
During the quarter, Wayfair said, its average order value was $278, higher than the $277 a year earlier.
The company delivered 13.9 million orders during the quarter, decreasing 26.5% year over year.
W leaped $15.31, or 6.1%, to $266.36.
