Net revenue soared by 43% to $1.15 billion during the three months that ended August 4, beating the $1.13 billion average estimate compiled by Capital IQ. Group turnover increased as the number of active customers surged by 39% year-over-year.
Despite the surge in sales and a 300 basis-point expansion in gross margin, the unadjusted net loss still widened to $82.9 million from $63.1 million a year earlier. The company pointed out that second-quarter net loss narrowed by 33.8% year-over-year excluding $43.8 million and $4.0 million of share-based compensation expense in the second quarter of the current and previous financial years, respectively.
Adjusted loss before interest, tax, depreciation, and amortization of $29.2 million, also showed an improvement of 45% year-over-year in the quarter just ended.
Chewy said it was continuing to invest in product and business innovation to make it easier for customers to shop at its newest business, Chewy Pharmacy, and veterinarians to partner with the firm. The group recently broke ground on its ninth fulfillment location in Salisbury, North Carolina.
"Investments in fulfillment centers and distribution enable us to reach millions of customers even faster and are an investment in future growth, providing us the capacity we will need as we continue to scale the business," the company said in a letter to shareholders.
Price: $30.25, Change: $-0.18, Percent Change: -0.59%
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