Nearly 8 out of 10 sales at Chewy come from repeat customers

The Florida-headquartered company generated sales of $2.87 billion (€2.65B) in the first quarter of its fiscal year (FY) 2024, representing growth of 3.1%. In the same quarter of 2023, sales reached $2.79 billion (€2.58B).

Gross profits increased from $792.8 million (€733.5M) to $853.99 million (€790M). 

“Chewy’s value proposition continues to resonate with our customers,” admits CEO Sumit Singh. 

Net income almost tripled year on year (YoY) to $66.9 million (€61.8M). Underlying net income for the 3 months to April was $137.1 million (€126.8 million).

Recurring purchases

Autoship customers accounted for 77.6% of total sales from February to April 2024, generating revenues of $2.23 billion (€2.06M).

In Q1 FY2023, it accounted for 75% of total revenue or $2 billion (€1.85B).

Net sales per active customer averaged $562 (€519), according to the insights shared with investors.

Outlook

The American pet retailer expects 2-3% YoY growth in the second quarter of FY2024 and net sales between $2.84 billion (€2.62B) and $2.86 billion (€2.64B).

For the full year, net sales are forecast to increase by 4-6% to a range of $11.6 billion (€10.7B) to $11.8 billion (€10.9B).