Chewy Beats on "Strong" Customer Growth
Here's our initial take on Chewy's (NYSE: CHWY) fiscal 2024 fourth-quarter financial report.Chewy posted earnings and revenue numbers for the quarter that topped Wall Street expectations. Perhaps as importantly, the online pet supply retailer provided clear evidence that fears it had maxed out its customer base were overstated.Active customers grew 2% year over year to 20.5 million after falling in the previous quarter. Chewy has had success getting those customers to increase their spending on the platform over time: Net sales per active customer grew by 4% to $578 over the past 12 months, and planned Autoship sales grew to 80.6% of total revenue.Continue reading
Here's our initial take on Chewy's (NYSE: CHWY) fiscal 2024 fourth-quarter financial report.
Chewy posted earnings and revenue numbers for the quarter that topped Wall Street expectations. Perhaps as importantly, the online pet supply retailer provided clear evidence that fears it had maxed out its customer base were overstated.
Active customers grew 2% year over year to 20.5 million after falling in the previous quarter. Chewy has had success getting those customers to increase their spending on the platform over time: Net sales per active customer grew by 4% to $578 over the past 12 months, and planned Autoship sales grew to 80.6% of total revenue.
