Chewy jumps in pre-market after beating Q2 estimates

Investing.comAug 28, 2024 11:56 AM

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Investing.com -- Chewy Inc (NYSE:CHWY) reported strong second-quarter earnings on Wednesday, exceeding analyst expectations.

The e-commerce retailer delivered earnings per share (EPS) of $0.24, surpassing the consensus estimate of $0.02.

Shares of the e-commerce retailer inched up by 1.5% in pre-market trading.

Revenue for the quarter came in at $2.86 billion, aligning with analyst expectations. Despite a modest 2.6% year-over-year increase in net sales, Chewy's profitability metrics were strong. Gross margin expanded by 120 basis points to 29.5%, while net income surged to $299.1 million, representing a 980 basis point increase in net margin.

An increased customer engagement level, improved operational efficiency, and strategic cost management contributed to the company's strong results.

Chewy's active customer base continued to grow sequentially, reaching 20 million, and net sales per active customer reached a new record of $565.

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