Chewy Inc. (NYSE: CHWY) reported better-than-expected revenue for the second quarter of 2019 but missed earnings forecasts, causing the shares to fall 3.5% in aftermarket hours on Tuesday.
Net sales increased 43% year-over-year to $1.15 billion, beating estimates of $1.14 billion.
Net loss was $82.8 million, or $0.21 per share, compared to $63.1 million, or $0.16 per share last year. Analysts had forecast a loss of $0.11 per share.
Active customers rose 39% year-over-year to 12 million while net sales per active customer improved 10% to $352. Autoship customer sales grew nearly 49% to $799 million, driven by growth in the Autoship customer base. Autoship customer sales, as a percentage of net sales, was 69.3% compared to 66.8% last year.
Gross margin grew 300 basis points to 23.6%, driven by improvements in product margin, and supply chain efficiency gains. Adjusted EBITDA loss was $29.2 million, an improvement of $24.2 million versus the prior-year quarter.
For the third quarter of 2019, Chewy expects net sales to grow 36-38% year-over-year to a range of $1.19 billion to $1.21 billion. For the full year of 2019, the company expects net sales to grow 35-36% year-over-year to a range between $4.75 billion and $4.80 billion. Excluding the 53rd week in FY18, sales growth is expected to be 38-39%.
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