Wayfair Clocks 15% Top-Line Decline In Q2

Wayfair Inc W reported a second-quarter FY22 sales decline of 14.9% year-on-year to $3.28 billion, beating the consensus of $3.19 billion.
International net revenue fell 35.7% to $0.5 billion, while U.S. revenue declined 9.7% to $2.8 billion.
The number of active customers reached 23.6 million as of June 30, 2022, a 24.1% decrease Y/Y. The average order value grew 18.7% Y/Y to $330.
In Q2, 59% of total orders delivered were placed through a mobile device, versus 59.4% last year.
Adjusted EPS loss of $(1.94) missed the analyst consensus of $(1.89).
Adjusted EBITDA was a $(108) million loss versus $311 million a year ago.
Gross profit fell 20.5% Y/Y to $896 million, and the margin contracted 190 basis points to 27.3%.
Loss from operations for the quarter was $(372) million versus a $146 million profit last year.
The company held $1.7 billion in cash and equivalents as of June 30, 2022. Net cash used in operating activities for six months amounted to $(341) million.
Price Action: W shares are trading lower by 2.20% at $63.02 on the last check Thursday.

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