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Chewy Surpasses Q1 Estimates with $0.31 EPS, $2.88B Revenue, Announces $500M Share Buyback

May 29, 2024, 01:31 PM

Chewy Inc. announced its first quarter 2024 financial results, significantly surpassing earnings expectations. The online pet retailer reported a non-GAAP EPS of $0.31, exceeding the estimated $0.20, and revenue of $2.88 billion, above the projected $2.85 billion. This represents a 3.1% year-over-year increase in revenue. The company also announced a share repurchase authorization of up to $500 million. Key metrics included a gross margin of 29.7%, up 130 basis points year-over-year, and a net margin of 2.3%, up 150 basis points. Net income increased by 192%. Active customers decreased by 2%, while sales per active customer rose by 9.6%, and autoship customer sales increased by 6.4%. Chewy's shares surged by 14.25% in pre-market trading following the announcement and were up 28% this morning.