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Chewy, Inc. reported net sales of $2.14 billion in its first quarter (Q1) earnings report for FY2021—an increase of 31.7 percent year-over-year (YOY) increase.

Other key highlights from the report include:

• Gross margin of 27.6 percent expanded 420 basis points YOY

• Net income of $38.7 million, including share-based compensation expense of $24.8 million

• Net margin of 1.8 percent improved 480 basis points year over year

• Adjusted EBITDA of $77.4 million, an increase of $73.9 million year over year

• Adjusted EBITDA margin of 3.6 percent improved 340 basis points year over year

“2021 is already turning out to be an exciting and busy year for Chewy. We continue to execute against our growth roadmap, expand our customer base, increase share of wallet, and grow our addressable market-expanding verticals,” said Sumit Singh, chief Executive officer of Chewy, in a written statement. “I am incredibly proud of the determination and focus of our teams and their ability to accelerate our pace of innovation on behalf of our customers, while consistently delivering strong top-line and bottom-line results for our shareholders.”