Online furniture retailer Wayfair has been working to restructure its business and has seen its losses narrow as it worked to aggressively cut costs.
Wayfair's losses narrowed during its fiscal third quarter but sales came in a bit lower than expectations.is inching closer to profitability, but its third-quarter results still fell short of revenue expectations as the home market continues to be under pressure.
Average order values are coming down, but it's not necessarily because shoppers are buying less, the company said. Over the last year, freight and raw material costs have come down significantly so wholesalers are charging less for Wayfair's furniture and home goods. Instead of keeping prices elevated, the company has passed those savings down to customers, it said.
As of Sept. 30, Wayfair's active customer count dropped 1.3% year over year to 22.3 million but has increased on a quarter over quarter basis, the company said, adding its repeat customers are ordering more. Customers who've shopped at Wayfair previously placed 7.9 million orders during the quarter, an increase of 16.2% compared to the year ago period and accounting for about 80% of Wayfair's total orders.
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