Global online destination for home furnishings and décor, Wayfair, has reported a strong growth in revenues, although widening its losses.
In its latest Q3 financial results ended 30 September 2016, total sales jumped 45% to $861.5m, with its Direct Retail revenue – consisting of its five major brands – contributing a growth of 52.7%, representing a $287.4m increase.
Despite the haul in sales, Wayfair posted a loss in adjusted EBITDA to $30.8m, while overall net loss resulted in $60.9m, growing substantially from its loss of $15.4m over the same period in 2015.
The number of active customers in our Direct Retail business reached 7.4 million, an increase of 60.4% year-on-year.
Niraj Shah, CEO, co-founder and co-chairman, Wayfair, said: “We are very pleased to report yet another strong quarter of rapid growth as we continue to gain significant market share. With a core focus on enhancing the retail experience for our customers through technology, innovation, and inspiring merchandising, we are rapidly redefining the way people shop for their homes.
“We are excited to enter the holiday season with our strongest offering ever - and remain very enthusiastic about our long term growth and profit potential.”