Chewy Q2 Net Income Declines

(RTTNews) - Chewy, Inc. (CHWY) reported that its second quarter net income declined to $62.0 million from $299.1 million, prior year. Earnings per share was $0.14 compared to $0.68. Adjusted earnings per share was $0.33 compared to $0.24. Analysts on average expected the company to report profit per share of $0.33, for the quarter. Analysts' estimates typically exclude special items. Net sales were $3.10 billion, increased 8.6 percent year over year.

"Q2 net sales exceeded the high end of our guidance range, growing nearly 9% year over year to $3.1 billion, with Autoship customer net sales increasing by 15% and representing 83% of total net sales for the quarter. Chewy's differentiated value proposition was once again on display, with both active customers and share of wallet growing 4.5% year over year to reach nearly 21 million customers and $591, respectively," said Sumit Singh, CEO of Chewy.

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