Chewy Reports Second Quarter Loss | Financial Buzz

Chewy Reports Second Quarter Loss

Online pet-products retailer Chewy, Inc. (NYSE: CHWY) delivered better-than-expected revenue for its second quarter of 2019 but missed earnings forecasts.

Chewy posted a wider-than-expected quarterly loss of USD 82.8 Million, or USD 0.21 per share. Analysts, on average, expected a loss of USD 0.11 per share. The Company, which went public in June, said net sales increased 43% year-over-year to USD 1.15 Billion, topping forecasts of USD 1.14 Billion. 

The Florida-based retailer said its number of active customers grew 39% year-over-year to 12 million, while net sales per active customer improved 10% to USD 352. This compares to USD 320 in Q2 of 2018.

Autoship customer sales reached USD 799.6 Million during the period ended August 4, an increase of 49% compared to USD 538.4 million in Q2 of last year.

“Keeping the customer at the center of everything we do is core to our mission of becoming the most trusted and convenient online destination for pet parents, and the team continues to execute well against our strategy of long-term, sustainable growth and margin expansion,” said Sumit Singh, Chief Executive Officer of Chewy. 

For the third quarter of 2019, Chewy expects net sales to grow 36% to 38% year-over-year to a range of  USD 1.19 Billion to USD 1.21 Billion. For the full year, it expects net sales to grow 35% to 36% to a range between USD 4.75 Billion and USD 4.80 Billion.