Wayfair Continues to Spend on Enhance Customer Experience, Compressing Margin; Shares Remain Rich
No-moat Wayfair continues to post impressive growth metrics, including active customer growth of 35%, last 12-month revenue per active customer up 9% (to $443), repeat customers composing 66% of mix (up 530 basis points), and 4.6 million repeat customer orders (up 59%). However, third-quarter sales outperformance, with sales rising 47% to $1.7 billion (versus our 34% growth estimate) was offset by lower-than-anticipated EBITDA performance in the U.S., leading us to expect a modest change to our ...Wayfair is a holding company. Through its e-commerce business model, the company provides customers with browsing, merchandising and product discovery for products from various suppliers. The company has online selections of furniture, decor, decorative accents, housewares, seasonal decor and other home goods. The company's mobile app also provides customers a way to shop for their home from their home using its View in Room 3D augmented reality tool. The company's sites include: Wayfair, Joss & Main, AllModern, Birch Lane, and Perigold. Wayfair is the only one of the company's sites that also operates internationally, operating as Wayfair.ca in Canada, Wayfair.co.uk in the U.K. and Wayfair.de in Germany.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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