Wayfair Inc. W, -4.69% shares dropped 5.2% in Thursday premarket trading after the online home goods seller swung to a third-quarter loss and reported revenue that missed expectations. Net losses totaled $78.0 million, or 75 cents per share, after net income of $173.2 million, or $1.67 per share, last year. Adjusted EPS of 14 cents beat the FactSet consensus for a penny per share. Revenue of $3.121 billion was down from $3.839 billion and below the FactSet consensus of $3.238 billion. “As various geographies reopened post-pandemic, consumers naturally shifted some spend towards travel and entertainment and from e-commerce towards brick and mortar,” said Chief Executive Niraj Shah in a statement. “Demand and interest in the home remains resilient, but it will take a few more quarters for our growth – and e-commerce growth in general – to get back to normal.” Active customers rose to 29.2 million from 28.8 million. And average order value was up to $283 from $243 last year. Wayfair brands include the namesake, Joss & Main, and AllModern. Wayfair stock has gained 19% for the year to date while the S&P 500 index SPX, 0.24% is up 24% for the period.
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