Chewy Net Sales, Income Grow In Q3

Chewy reported sales gains in the third quarter as the pet specialty e-tailer had a significant growth in net income.

For the quarter ended October 27, net sales increased 4.8% to $2.88 billion. Net income for the quarter was $3.9 million, up from a net loss of $35.4 million in the comparable quarter the previous year. Diluted earnings per share were $0.01, an increase from a loss per share of $0.08 in the previous year's third quarter.

“Our third quarter results continued to build on the positive momentum we observed in Q2,” said Sumit Singh, CEO of Chewy. “We delivered topline growth exceeding the high-end of our net sales guidance range, a sequential increase in active customers, continued adjusted EBITDA margin expansion, and robust free cash flow generation. These results underscore the durability of our business model, and our team’s relentless focus on high-quality execution and operational discipline.”

Year-to-date, net sales were $8.6 billion, up from net sales of $8.3 billion through the first three quarters of the previous year. Net income through the first nine months of the current fiscal year was $370 million, up from net income of $7.7 million in the first nine months of the previous fiscal year.