Chewy, Inc. Reports Strong Revenue Growth and Adjusted Net Income for Q2 2023

Chewy, Inc. (CHWY), a leading online r etailer of pet food and supplies, announced its financial results for the 13 weeks and 26 weeks ended July 30, 2023. The company demonstrated robust revenue growth and solid financial performance during this period, with net sales reaching $2.78 billion and adjusted net income totaling $63.32 million.

Net Income and Adjusted Net Income

Chewy reported a net income of $18.95 million for the 13 weeks ended July 30, 2023, compared to $22.35 million for the same period in the previous year. For the 26 weeks ended July 30, 2023, net income amounted to $41.13 million, slightly up from $40.82 million in the prior year.

The company's adjusted net income, which accounts for various factors such as share-based compensation expenses, changes in fair value of equity warrants, and exit costs, demonstrated significant growth. For the 13 weeks ended July 30, 2023, Chewy reported an adjusted net income of $63.32 million, compared to $62.08 million for the same period last year. The 26-week adjusted net income for 2023 reached $150.57 million, marking a substantial increase from $107.75 million in the previous year.