Chewy has reported “strong” quarterly results with sales growing 45 percent year-over-year. The company, which went public last month, released its financial results for the first fiscal quarter, ending May 5.
Fiscal Q1 2019 Highlights:
- Net sales grew 45.2 percent year-over-year to $1.1 billion
- Gross Margin of 22.9 percent improved 330 basis points year-over-year
- Net loss of $29.6 million improved 50.6 percent year-over-year
“We are pleased to report strong first quarter 2019 results as a newly public company with net sales growing 45 percent year-over-year, and gross margins increasing 330 basis points year-over-year,” said Sumit Singh, CEO of Chewy. “We will continue to innovate with a keen focus on delivering the best customer experience as we execute on our mission to become the most trusted and convenient online destination for pet parents.”