While Wayfair Continues to Capture Market Share, Investments Temper 2018 EBITDA; Shares Overvalued
Demand remained robust for no-moat Wayfair in the fourth quarter;Â sales rose 46% to $1.3 billion as the U.S. direct business rose 43% and the international direct segment spiked 91%. However, profitability is still hindered by inflated expenses as Wayfair builds out its distribution network, invests in people and technology, and spends to acquire customers (2017 acquisition costs rose 9% to $72 per customer). With higher expenses persisting, EBITDA losses are likely to be worse than the 0% we ha...
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