Chewy, an e-commerce pet retailer, reported strong financial results for the third quarter of 2024, including a record-breaking autoship sales performance. The company announced net sales of £2.35 billion (approximately €2.72 billion), marking a 4.8% increase compared to the same period in 2023. Autoship sales reached £1.84 billion (approximately €2.12 billion), an 8.7% increase year-over-year, accounting for 80% of total net sales.
Chewy’s net income for the quarter was £3.2 million (approximately €3.7 million), while gross margin increased by 80 basis points to 29.3%. The company also saw an increase in active customers, rising by 160,000 to a total of 20.2 million. Net sales per active customer grew from £441 (approximately €510) in Q3 2023 to £448 (approximately €518) in Q3 2024.
CEO Sumit Singh highlighted the company’s continued growth, emphasizing the success of its autoship program, which drives customer retention and provides business predictability. “Our autoship program enables high visibility and predictability in our business,” Singh said.
Non-discretionary products, such as consumables and healthcare items, accounted for 85% of Chewy’s third-quarter net sales. Singh noted the expansion of the company’s product catalog, including new premium brands and enhancements to its online and mobile shopping experiences.
Chewy also continued its growth in veterinary services, opening its sixth Chewy Vet Care clinic, meeting its goal of establishing 4 to 8 clinics by the end of the fiscal year.
Looking ahead to Q4, Chewy expects net sales to be between £2.64 billion and £2.66 billion (approximately €3.04 billion to €3.07 billion), reflecting a 13% year-over-year growth. Full-year net sales are projected to range from £9.67 billion to £9.69 billion (approximately €11.15 billion to €11.18 billion), an increase of 6% from 2023.