Chewy (CHWY) Falls 10% Following Q2 Miss

Chewy (NYSE: CHWY) shares plunged 10% after-hours following the company's Q2 results, roughly in line with consensus expectations.

The online pet supply giant reported that quarterly revenue grew 26.8% year-over-year to $2.16 billion, which was slightly lower than the Street estimate of $2.17 billion.

The company posted a loss of $0.04 per share, versus a loss of $0.02 per share expected by analysts.

The revenue growth was driven by 21.1% year-over-year growth in active customers (now standing at 20.1 million) and 13.5% year-over-year growth in net sales per active customer.

Gross margin expanded 200 basis points year over year to 27.5 percent, while Adjusted EBITDA was $23.3 million and adjusted EBITDA margin expanded 20 basis points to 1.1 percent.

The company also mentioned Chewy Health as having a growing base of customers and veterinarian partners, with the launched marketplace, a free service for veterinarians directly on Chewy.com to help them grow clinic revenues and improve the experience for pet parents.

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