Wayfair reported results that beat analysts’ estimates amid a jump in gross margins, positive year-over-year order growth and ongoing cost-saving initiatives.
“I’m pleased to share today that we’ve passed one of our key milestones and we are reporting positive adjusted EBITDA and positive free cash flow,” said Niraj Shah, CEO, co-founder and co-chairman, Wayfair.
The online home furnishings giant narrowed its net loss to $46 million, or $0.41 cents a share, for the quarter ended June 30, from $378 million, or $3.59 a share, in the year-ago period. Adjusted earnings came to $0.21 per share, bearing analysts estimates of a loss of $0.73 cents per share.
Source: Chain Store Age
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