Chewy hits $2.5 billion net sales in Q3 2022
Autoship orders accounted for $1.86 billion, reaching 73.3% of the total revenue.
Sales in the quarter ending 30 October 2022 increased by 14.5%, and the number of active customers reached 20.5 million.
“Consistent with recent quarters, customer retention rates remain stable as we continue to work through the initial attrition phases of our pandemic-era cohorts,” the online pet food retailer told stakeholders.
Net income was $2.3 million compared to a net loss of $32.2 million in 2021. According to the company, it reflects its net sales growth and gross margin expansion. These numbers also enable the company “to build long-term trust,” allowing the business to outgrow its competitors and take market share.
Chewy raised its 2022 net sales guidance from $10.02 billion to $10.04 billion, up from its prior outlook of $9.9 billion and $10 billion.
Supply chain
The online pet retailer said they are making “excellent progress” in transforming the supply chain and logistics operations to mitigate freight costs, reduce expenses, and improve the customer journey.
Nearly 30% of shipments in Q3 were sent through its automated fulfillment center network, up from 10% in the third quarter of 2021.
New software is also helping the company to reduce average shipping distances by 25%.
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