Americans stuck at home during the coronavirus pandemic are shopping online for home goods, and that's a boon for Wayfair.
Wayfair (W) announced Tuesday that sales for its most recent quarter increased 20% compared with the same period last year.
"Millions of new shoppers have discovered Wayfair while they shelter in place at home," CEO Niraj Shah said in a statement. "We are seeing strong acceleration in new and repeat customer orders across almost all classes of goods and across all regions."
Despite the sales gains, however, Wayfair lost $285 million during the quarter.
Still, Wayfair's stock surged 25% in early trading.