On August 28, 2024, Chewy, Inc. reported its financial results for the second quarter of the fiscal year 2024, which ended on July 28, 2024. The company announced a net sales increase of 2.6% year over year to $2.86 billion, with a gross margin improvement of 120 basis points to 29.5%. Net income for the quarter was substantial at $299.1 million, which included share-based compensation expense and related taxes of $82.5 million. The net margin saw a significant increase of 980 basis points year over year to 10.5%. Basic earnings per share were up by $0.65 to $0.70, and diluted earnings per share increased by $0.63 to $0.68. Adjusted EBITDA rose by $56.7 million to $144.8 million, with the margin increasing by 190 basis points to 5.1%. Adjusted net income also saw a rise of $40.2 million year over year to...Show More

On August 28, 2024, Chewy, Inc. reported its financial results for the second quarter of the fiscal year 2024, which ended on July 28, 2024. The company announced a net sales increase of 2.6% year over year to $2.86 billion, with a gross margin improvement of 120 basis points to 29.5%. Net income for the quarter was substantial at $299.1 million, which included share-based compensation expense and related taxes of $82.5 million. The net margin saw a significant increase of 980 basis points year over year to 10.5%. Basic earnings per share were up by $0.65 to $0.70, and diluted earnings per share increased by $0.63 to $0.68. Adjusted EBITDA rose by $56.7 million to $144.8 million, with the margin increasing by 190 basis points to 5.1%. Adjusted net income also saw a rise of $40.2 million year over year to $104.8 million. Chewy's CEO, Sumit Singh, attributed the strong performance to the company's compelling value proposition, which has led to increased customer engagement. The company now boasts 20 million active customers and a record net sales per active customer of $565. The financial results were released in a press release and will be further discussed in a conference call and webcast scheduled for the same day.