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Chewy released its financial results for the second quarter of fiscal year 2021 and posted a letter to its shareholders on its investor relations website.

The company’s second quarter highlights include: 

  • Net sales of $2.16 billion grew 26.8 percent year over year

  • Gross margin of 27.5 percent expanded 200 basis points year over year

  • Net loss of $16.7 million, including share-based compensation expense of $25.6 million

  • Net margin of (0.8) percent improved 110 basis points year over year

  • Adjusted EBITDA(1) of $23.3 million, an increase of 50.5 percent year over year

  • Adjusted EBITDA margin(1) of 1.1 percent improved 20 basis points year over year

“We have now crossed the halfway point of 2021, and our results once again demonstrate the strength of our business model and the incredible bond between pets and pet parents,” said Sumit Singh, chief executive officer of Chewy. “Our business remains healthy, with second quarter net sales up 27 percent year over year, driven by a 21 percent increase in active customers and a 13 percent increase in net sales per active customer. Customer engagement is growing, and we are confident in our ability to deliver strong results while navigating uncertain market conditions due to the ever-evolving COVID-19 pandemic.”