Chewy, the largest pure-play pet e-tailer in the United States, reported a 3.1% increase in net sales to $2.88 billion for the quarter ended April 28, 2024, compared to $2.79 billion in the same period last year. The company's net income saw a significant rise of 192.7%, reaching $66.9 million, up from $22.9 million year-on-year. This substantial growth in net income was accompanied by a 200% increase in both basic and diluted earnings per share, which stood at $0.15. Adjusted EBITDA also grew by 46.9% to $162.9 million, with the margin expanding from 4.0% to 5.7%. The company's financial performance was bolstered by growth in customer spending and the Autoship subscription program, with net sales per active customer increasing by 9.6%. Despite the positive financial metrics, the company experienced...Show More

Chewy, the largest pure-play pet e-tailer in the United States, reported a 3.1% increase in net sales to $2.88 billion for the quarter ended April 28, 2024, compared to $2.79 billion in the same period last year. The company's net income saw a significant rise of 192.7%, reaching $66.9 million, up from $22.9 million year-on-year. This substantial growth in net income was accompanied by a 200% increase in both basic and diluted earnings per share, which stood at $0.15. Adjusted EBITDA also grew by 46.9% to $162.9 million, with the margin expanding from 4.0% to 5.7%. The company's financial performance was bolstered by growth in customer spending and the Autoship subscription program, with net sales per active customer increasing by 9.6%. Despite the positive financial metrics, the company experienced a slight decrease in active customers by 2.1%. Chewy's gross profit improved by 7.7% to $854.0 million, reflecting supply chain efficiency gains. Selling, general and administrative expenses rose modestly by 3.1% due to business growth and new initiatives. Advertising and marketing expenses also saw a slight increase of 1.7%. Interest income netted a significant increase, while other expenses decreased due to changes in the fair value of equity warrants and tax indemnification receivables. Chewy's liquidity remains strong with $1.1 billion in cash and cash equivalents. The company's future plans include continued adaptation to evolving macroeconomic conditions, with a focus on logistics, transportation, supply chain, and purchasing processes to meet the needs of the pet community.