Chewy Surpasses Q2 Estimates with $0.24 EPS, $2.86B Revenue; Stock Rises

Aug 28, 2024, 12:03 PM

Chewy Inc. reported its second quarter 2024 financial results, surpassing earnings expectations and boosting its stock in premarket trading. The company reported adjusted earnings per share (EPS) of $0.24, exceeding the estimated $0.21, and a significant increase from last year's EPS of $0.04. Chewy's net sales reached $2.86 billion, marking a 2.6% year-over-year increase, aligning with analyst expectations. The company's gross margin improved to 29.5%, up 120 basis points from the previous year. Additionally, Chewy's net income surged to $299.1 million, reflecting a net margin of 10.5%, an increase of 980 basis points year-over-year. The diluted EPS was reported at $0.68, and the adjusted EBITDA reached $144.8 million. Chewy forecasts FY24 sales between $11.6 billion and $11.8 billion. The positive earnings report led to a 2% rise in Chewy's stock during premarket trading.