Summary by Moomoo AI
Chewy reported strong Q2 FY2024 results with net sales reaching $2.86 billion, up 2.6% YoY, while gross margin improved by 120 basis points to 29.5%. The company achieved a significant net income of $299.1 million, with net margin expanding 980 basis points to 10.5%. Adjusted EBITDA grew to $144.8 million, representing a 64.3% increase YoY.The company maintained a robust customer base of 20 million active customers, which grew sequentially in the quarter. Net sales per active customer reached a record $565, demonstrating deeper customer engagement. Autoship customer sales, a key metric for recurring revenue, increased 5.8% YoY to $2.24 billion, representing 78.4% of total net sales.The company's financial position remains strong with $694.5 million in cash and cash equivalents. Operating cash flow for the first half of FY2024 was $205.3 million, though down 33.2% YoY, while free cash flow reached $144.1 million. The company continues to focus on operational efficiency and customer-centric initiatives across its platform of approximately 115,000 products and services.
