Wayfair Inc. (NYSE:W), an online destinations for home furnishings and décor, recently reported financial results for its third quarter ended September 30, 2016.

Third Quarter 2016 Financial Highlights

Direct Retail revenue, consisting of sales generated primarily through the sites of Wayfair’s five brands, increased $287.4 million to $832.4 million, up 52.7% year over year

Total net revenue increased $267.6 million to $861.5 million, up 45.0% year over year

Gross profit was $201.7 million or 23.4% of total net revenue

GAAP net loss was $60.9 million

Adjusted EBITDA was $(30.8) million or (3.6)% of total net revenue

GAAP basic and diluted net loss per share was $0.72

Non-GAAP diluted net loss per share was $0.54

Non-GAAP free cash flow was $(14.0) million

At the end of the third quarter, cash, cash equivalents, and short-term and long-term investments totaled $334.5 million

"We are very pleased to report yet another strong quarter of rapid growth as we continue to gain significant market share. Overall, our business grew Q3 net revenue by 45 percent year over year and our Direct Retail business was up 53 percent year over year," said Niraj Shah, CEO, co-founder and co-chairman, Wayfair. "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. From augmented and virtual reality solutions to a brand new wedding registry experience, we are applying cutting-edge technologies to traditional retail challenges to make our e-commerce experience the preferred way to shop for furniture, décor, home improvement products, seasonal décor and more. At the same time, we are making tremendous strides to further optimize our logistics network and merchandising efforts in ways that directly and uniquely benefit our customer. 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."

Other Third Quarter Highlights

The number of active customers in our Direct Retail business reached 7.4 million as of September 30, 2016, an increase of 60.4% year over year

LTM net revenue per active customer was $406 as of September 30, 2016, an increase of 9.4% year over year

Orders per customer, measured as LTM orders divided by active customers, was 1.69 for the third quarter of 2016, unchanged from the third quarter of 2015

Repeat customers placed 56.9% of total orders in the third quarter of 2016, compared to 55.2% in the third quarter of 2015

Repeat customers placed 1.9 million orders in the third quarter of 2016, an increase of 51.6% year over year

Orders delivered in the third quarter of 2016 were 3.4 million, an increase of 47.1% year over year

Average order value was $244 for the third quarter of 2016, compared to $235 in the third quarter of 2015

In the third quarter of 2016, 40.3% of total orders delivered for our Direct Retail business were placed via a mobile device, compared to 35.1% in the third quarter of 2015

(Source: furninfo.com)