Pet e-commerce giant Chewy's Q1 sales reached $2.88 billion, up 3.1% year-on-year

It is learned that on May 29, the U.S. pet e-commerce company Chewy released its first quarter financial report for fiscal year 2024. As of April 28 , Chewy's first quarter net sales reached US$2.88 billion, a year-on-year increase of 3.1%.

The following is a summary of Chewy's performance during the period:

Net sales were $2.88 billion, up 3.1% year-over-year

Gross profit margin was 29.7%, an increase of 130 basis points from the same period last year

Net income was $66.9 million, with a net profit margin of 2.3%, up 150 basis points from the same period last year

Adjusted EBITDA was $162.9 million, an increase of $52.1 million from the same period last year

Adjusted EBITDA margin was 5.7%, up 170 basis points from the prior year period

Adjusted net income was $137.1 million, an increase of $49.1 million from the same period last year

Chewy CEO Sumit Singh said that Chewy had a good start in fiscal 2024 , achieving strong net sales and record adjusted EBITDA in the first quarter. Customer demand for non-essential categories, such as consumables and health products, remained strong, accounting for approximately 85% of net sales in the first quarter. Secondly, Autoship (automatic subscription model) customer sales hit a record high, totaling $2.2 billion, accounting for 77.6% of net sales.

Looking ahead, Chewy expects full-year sales of $11.6 billion to $11.8 billion for fiscal 2024, with adjusted EBITDA margin guidance raised to 4.1% to 4.3%, up from the previous forecast of 3.3%. Second-quarter sales are expected to increase 2% to 3% year-over-year to between $2.84 billion and $2.86 billion.

Author ✎Rayna/

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