Chewy box

Chewy’s net sales for the second quarter of fiscal year 2021 ended Aug. 1, 2021 totaled $2.16 billion, growing 26.8 percent year-over-year, company officials reported.

“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,” CEO Sumit Singh and CFO Mario Marte wrote in a letter to shareholders. “Our business remains healthy, customer engagement continues to grow, and we are confident in our ability to build upon the strong results we delivered last year while navigating the uncertain market conditions due to the ever evolving COVID-19 pandemic.”

The company ended the second quarter with 20.1 million customers, a year-over-year increase of 21 percent, or 29 percent on a two-year compound annual growth rate, officials said. Autoship customer sales were $1.51 billion, a year-over-year increase of 30.3 percent, and reached 70.3 percent of total net sales.

Second-quarter Net Sales per Active Customer (NSPAC) increased 14 percent to $404.

“This is a meaningful acceleration over the growth we reported in the first quarter, and the first time in the company’s history that NSPAC has surpassed $400,” the letter said. “In fact, on an absolute dollar basis, both the year-over-year and sequential NSPAC increases were the largest in the company’s history. We expect that NSPAC growth will remain strong for the balance of the year as the 2020 cohort continues to mature and we expand our customer offerings.”

Net loss was $16.7 million compared to $32.8 million last year, reflecting the net impact of sales momentum, expanded gross margin, and elevated operating expenses related to supply chain challenges and higher marketing input costs, officials said.

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