W - Why Wayfair Stock Jumped This Week
2023-08-04 08:16:57 ET
Shares of Wayfair (NYSE: W) beat the market this week, gaining 9% through Thursday trading compared to a 2% decline in the wider market. That spike contributed to big gains for shareholders this year. The stock is up 157% so far in 2023 according to data provided by S&P Global Market Intelligence .
The rally was sparked by a second-quarter earnings report that showed continued progress toward a growth rebound for the e-commerce business.
Wayfair's sales are still under intense pressure from the shift in consumer demand away from online sales channels and away from the broader home furnishings niche. Its active customer base fell 8% and average spending per customer declined despite higher prices. Shoppers spent on average $307 on Wayfair's platform this past quarter, down from $330 in the year-ago period.
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Why Wayfair Stock Jumped This Week