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Wayfair Shares Rally as Higher-End Brands Spur Growth
['Ann Gehan', 'Tue', 'August At Pm Bst', 'Min Read']
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Domestic revenue growth was largely driven by larger volumes, in particular for higher-end brands like the Perigold line, Chief Financial Officer Kate Gulliver said in an interview.
Second-quarter Perigold brand sales rose more than 35%, the company said in a statement.
The brand now generates more than $400 million in annual sales, Wayfair Chief Executive Officer Niraj Shah said on a call with analysts.
The company is seeing strength with higher-income consumers overall, Gulliver said, and more than 40% of Perigold's customers are new to Wayfair.
Gulliver also said Wayfair has largely finished repurchasing convertible bonds and it now sees an opportunity to shift to repurchasing its shares.