Chewy, Inc. (NYSE: CHWY) shares jumped more than 5% in pre-market trading on Wednesday after the company reported better-than-expected earnings for the second quarter of fiscal year 2024. The stock climbed to $27.20, up $1.34 or 5.18%, as investors reacted positively to the company\u2019s robust financial performance.<\/p>\n
Chewy reported net sales of $2.86 billion for the quarter ended July 28, 2024, a 2.6% increase year-over-year. While this figure slightly missed analyst estimates of $2.869 billion, the company delivered impressive earnings growth.<\/p>\n
\u2013 Gross margin improved by 120 basis points to 29.5% year-over-year.
\n\u2013 Net income surged to $299.1 million, up from $20.2 million in Q2 2023.
\n\u2013 Net margin expanded significantly to 10.5%, compared to 0.7% in the prior year period.
\n\u2013 Basic earnings per share (EPS) reached $0.70, an increase of $0.65 year-over-year.
\n\u2013 Diluted EPS rose to $0.68, up $0.63 from the same quarter last year.
\n\u2013 Adjusted EBITDA grew 64.3% to $144.8 million, with an adjusted EBITDA margin of 5.1%.<\/p>\n
Sumit Singh, Chewy\u2019s CEO, expressed satisfaction with the company\u2019s performance, stating, \u201cOur Q2 performance reflects another quarter of strong execution, delivering net sales at the high end of our guidance range. Chewy\u2019s compelling value proposition is driving broader and deeper customer engagement.\u201d<\/p>\n
The company\u2019s active customer base reached a record 20 million, with net sales per active customer hitting $565, up 6.2% year-over-year.<\/p>\n
Despite the slight miss in net sales, Chewy\u2019s strong earnings growth and record customer engagement metrics have fueled investor optimism, driving the stock higher in pre-market trading. The company\u2019s focus on operational efficiency and its ability to expand margins have contributed to its impressive financial results.<\/p>\n
As the broader U.S. stock market futures point to a flat open, Chewy stands out as a bright spot, with its shares rallying over 5% in anticipation of the company\u2019s continued growth and success in the pet retail market.<\/p>\n
Stock price as on Aug 28, 2024 8:01 AM ET<\/p>\n","protected":false},"excerpt":{"rendered":"
Chewy, Inc. (NYSE: CHWY) shares jumped more than 5% in pre-market trading on Wednesday after the company reported better-than-expected earnings\u2026<\/p>\n","protected":false},"author":1,"featured_media":49052,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[73],"tags":[],"class_list":["post-49049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-us-markets"],"reading_time":"2 min read","_links":{"self":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/49049","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/comments?post=49049"}],"version-history":[{"count":0,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/49049\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media\/49052"}],"wp:attachment":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media?parent=49049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/categories?post=49049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/tags?post=49049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}