and Jane, as of morning. Thanks, a we this Day everyone. hello, appreciate joining lot you us happening Election know all on there’s We
another though report continued a growth result continued strong to profitability and the consumer the in for Though pleased by macro of arguably consumer the QX is of initial as the marked both, perspective, a are behind America quarter by behavior Wayfair. is characterized changed undeniably much dining. customers pandemic. We North broad-based these and COVID-XX tailwind is how resilience, encouraged traction, From in on Europe us, category. arrival flux. of category we’re home they term the and for travel, To that like intermediate in the gain spending trends prove extent an and the entertainment continue seeing and The experiences to de-urbanization clearly from in still near is demand reprioritize away our to live, other should where as their additional shock
strong efficiency repeat translated combined together net in to initiatives The year-over-year. of exceptional $X.X with strong order or XX% second profitability. revenue, top-line was growth, from and customer reflected penetration elevated focused business of increased spend on this category. In and the purely Wayfair the heightened e-commerce in both benefit new the to continues As online acquisition, QX, home, on to a an our which incremental quarter continued rates consecutive growth billion momentum internal led
or at margin. discuss X.X% QX to I adjusted came want main topics. EBITDA $XXX Our million Today, consolidated in three
longer recently, will speak the term. First, looking category home out in and I momentum about briefly more
on the upcoming will be strong all unique which for And us. for thoughts on demand. on I our This important Day, comment we what’s Second, and profitability be during to the trends, holiday ahead. that work the including I progress to and have effectively respond finally, will Wayfair’s we promises doing of will season, Way are to made offer some journey continued
begin the category. home Let’s with
to positive overall and industry, it by the believe it to backdrop, reported you, Against find we points pinpoint reopened consolidate whole precisely safe low a that across above judging line an for the move mortar well where category the market is we as data by at players, is category including continues case are on the being real single dollars brick average typically e-commerce clip. growth to as digits. As retailers, the likely is difficult rates, and time. is But, which accelerated share say this growing in Wayfair in
Importantly, demand for based. broad Goods Home remains
categories, various are of that see nicely. sub to the majority continue home vast growing classes We or is
may strength three or reality outdoor combined recent we that the furniture, like So, to furniture be classes, office of category the year-to-date. called is the while the than quarters it places, Instead, of estimate different. classes home quite more have experienced tempting so and we’ve the all to other growth driven COVID attribute of
to some us for out put period-to-period. three think into I across be dimensions. longer volatility perspective environment it’s the normalizes, things As But, there’ll zoom term a key and further important
remains $XXX earlier. close the market category despite the others, last underpenetrated and the the evenly we’ve to vast, migration two, several First, is relative in began billion split North to seen between addressable home over roughly online America total which months, their the an quite representing and e-commerce Europe, category step-change
into verticals, four Second, fragmented addressable or BXB. relatively down professional broken and scale furniture different, home further namely and large total large can and improvement the and appliances, décor, market be housewares,
retailers. are category with product. X Joss brands, billion-plus mass upper décor, of a more discovery These more shelf gravitate stream, platforms and our of us with with the who third, have AllModern, customer, and And together revenue to she that each of in luxury of specialty of are stylistic a curated looks years quite the which our have style and mass, selection a scheme and shopping allows another the The retail luxury yet, and the help approached reach us platforms appeal endless and variety customer portfolio via reach then customers Lane space to after Wayfair virtually to We demographics, for rate find Birch the to those Main perfect multiple and these offering spanning specialty item and brands several curating meaningful respectively, developed run very a different unique consumers a have home. small, mass, and catalog her help we preferences. tightly the is classes. furniture we the precise most our her facilitate to also Perigold viewpoint, & of and specialty effectively in represent search concepts retail specialty even to last still which investment, set and perfect across of Meanwhile, across brands the and
of of retail business we Given across a Wayfair’s presence the much market, believe well-defined build is in our operate with larger size the growth and mind. and runway very, verticals for to well, profitable this major concepts, scale our very and continue the the we portfolio
Turning now transpired in to QX. what
not income Wayfair’s much acquisition also after continued. year-over-year. demographics. LTM was a new worth Even net a nearly hitting as retention did revenue our in see this It’s some various active deviation trends normalize competition in QX, customers, At XX customer the saw we dip sequential LTM trends the quarter. past noting peak QX, our active or per various across in million form strong that in with geographies order values of XX% up to average customer count brick-and-mortar We and market, returned customer
in While cohorts describing of to specific I similar we briefly the will acquired COVID trends. terms one look mention any from cohort to move away future, recent other customers repeat regularly behavior appear during will in that, the still of
from benefit done. as and Looking in Wayfair beyond always a each being pandemic with these period, personalized ways, engage the we acute will of expect to with having them fully relationship able we’ve that customers highly
still past delivery worked industry possible experience Though across is the ensure customer low the the to levels point quarter product believe hard in of the and this some lower than best inventory we industry in now also usual, behind availability us. We midst are challenges. service
of do in Though inherent the partners doing not in of the shine uniquely lingering can via we the mitigating of products our majority supplier to customers model own our is inventory model assist whatever platform, actually bottlenecks. we light vast the available through though, Importantly Wayfair’s of to some we and make our advantages midst differentiated our the issues. we’re
detail For example, joint planning, Steve in demand described as on quarter. working last continuously we are
not and directly We’re scale and our the last leveraging our ocean the increasingly mile, thereby cargo our to how surcharges suppliers to the suppliers those hand-in-hand to delays. allows business the demand, person. who ships we straight go complexities seeing comes working drop procure it carriers elevated forwarding to process. And grow networks to considerably in our are us bypass on share manage and we’re for in the most additional practices to if our common delivery space of on even scale congested points ship to best customers, when handling order, Post avoiding
out positions tracking completely chain closely some experience. logistics and By even they’re likely disruption some virtue our not environment, But, product style become unbranded fits million seeing backlogs category, to together troubleshoot the budget, if of their diagnose the of also In is mitigate a issues to supply they we’re following. approximately the in to of these Each customers a even customer bigger are Consider products become We’re pronounced. measures on the problems. model find site stock. our this highly are before options more across inventory industry. of enough of suppliers’ shield advantages our to offering important inherent the of mostly that and XX the and
events, drive can and delivery so key fast to availability selection those During are towards to we as where products, curate robust. promotional and the visibility demand reliable
building take We we’re is how of might technology strong conservatively also And long the data WDN lead back suppliers, systems. as own a proprietary made There and of and expectations on investing possible possible is example benefit This CastleGate our with around estimating mentality the so throughout proprietary our maximum times. long-term our product to arrive, upfront. offer only great manage our a networks. in transparency integration and of to
customer experiencing, approaching higher with without delay, reach Finally, Wayfair use to reflect quick service staffing a connect service the support so customers that self resolution. options we’re more are appropriate operations or may levels to our in-house XXX% volumes
classes about wanted Some Thanks end our timeframe, passionate main reason with the this of the COVID an our To of drove said our months a what you a history, several time of The internal XX-hour line to to deals about of could backdrop homes, sales the the held overall so year. Way Day the drastically particularly of five were when biggest impressive of different the them really did part use top with are during days have called I about peak macro when against forecasts event, at thinking circumstances we despite during and this is the Way Wayfair on same selling considered being this an best September. the result, five best categories they Day why their bring n and actively two at selling partners together we top Day supplier Way demand. possible when the best we Way customers demand are build extended Day course asked picture, as categories lesser it. XXXX, earlier that in
the it’ll limiting we Like even others Five Looking mitigate drawn extent as potential to congestion. to social out customers year Cyber than be messaging ensuing capturing be staying a our perhaps the industry, close gatherings, and think home, key result, more of important the will be will the at season. creating likely this With peaks marketing right the usual. of atmosphere in which also the spirit should or more the holidays, help in
track that wrap true the establish. Wayfair. on offer Before few of clearly efficiencies for up, a to gross It elevated record that thoughts driving I beginning heightened margin is we’re volume profitability is I’ll
Further and that the While in persist, fade drivers multiple benefits portion detailed we we’re will rate digital marketing to while P&L, a a and moderates within of other of seeing, competitive sense the are gross to it the good were scale margin some of operate good advertising believe the where as approach past continue more economic area were payback an across maximum recover relative drive makes new also normal. are eventually to past adding gains our witnessing Plus, to time, markets this you’re timeframe. Though over growth to customer of down achieving QX a gains driven year-over-year. acquisition quarter, all channels. able are to the which these efficiently there measurable will the we even expansion, reasonable
future our staffed our streams. against are discipline still despite growth, revenue Finally, acknowledgement accelerated people of that an we demonstrating have thousands hiring income in and we approach,
we as of many profitability now rare oriented long-term is combination growth, come. We deliver and strong thoughtful years smart, and investments hiring We to into Wayfair will also assess to remain selective, improving believe needs next the year. time positioned for
play as You’re circumstances. set seeing mindset benefits of investment challenging the and advantage XXXX, in of extraordinary out our we an of take
You’ve witnessed at our a runway mindset ahead. since see work long the very long-term IPO, growth and we
Now, late COVID, in the we XXXX, sustained profitability even back out. more inflection clearly is foreshadowed also playing before
We this to to I’d And executive team Martin introduce Europe like over points this is our via expect of it you to with to continue forum. and of you as truth coming that, we more over is offer more Head Reiter. our VP our and to of period. turn featured speaker, Martin the