Global online furniture retailer Wayfair has reported an increase in third quarter sales.

According to its latest Q2 trading update ended 30 September 2023, total net revenue of $2.9bn increased $104m, up 3.7% year-over-year. US sales rose 5.4% to $2.6bn, while International sales were down 7% to $372m.

Gross profit was $917m, or 31.1% of total net revenue, with Adjusted EBITDA resulting at $100m, an improvement from a loss of $124m, although net losses stood at $163m. Net cash position was $121m.

During the period Wayfair saw customer numbers drop 1.3% to 22.3 million, although orders delivered increased 13.8% to 9.9 million with repeat customers placing 79.7% of total orders.

Niraj Shah CEO, co-founder and co-chairman, Wayfair, said: “Wayfair is now in a place where we can drive profitability while simultaneously investing for growth. Q3 is one more proof point of exactly that – today we’re reporting positive Adjusted EBITDA of $100 million, a second consecutive quarter of positive Free Cash Flow and nearly four percent year-over-year revenue growth driven by strength in orders. We also saw steady improvement in our active customer metric, which is well on its way to positive year-over-year growth.

“We executed further in the third quarter to produce consistent profitability – with Adjusted EBITDA now positive on a trailing 12 month basis – while also driving demonstrable market share growth, as evidenced by our gains on customers and orders. Even with a turbulent macro, we remain committed to our profitability goals in good times and bad. We will continue to drive peerless focus and execution into 2024 and beyond, as we push every day to be the number one shopping destination for the home.”