Chewy, Inc. announced its financial results for the third quarter of fiscal year 2024, which concluded on October 27, 2024, reporting net sales of $2.877 billion, an increase of 4.8% year-over-year. The company achieved a net income of $3.9 million, a notable improvement from a net loss of $35.372 million in the comparable prior-year period. Adjusted EBITDA reached $138 million, translating to a 4.8% margin.
Despite the sales growth, active customers saw a slight decrease to 20.2 million from 20.3 million in Q3 2023, though net sales per active customer (NSPAC) increased to $567 from $496. The Autoship subscription program continued to be a strong performer, contributing 80.0% of total net sales, underscoring its importance to recurring revenue. Free cash flow for the quarter was reported at $9 million.
Looking ahead, Chewy provided net sales guidance for the fourth quarter of fiscal year 2024 in the range of $3.18 billion to $3.20 billion, representing approximately 13% year-over-year growth. For the full fiscal year 2024, the company projected net sales of $11.79 billion to $11.81 billion, with an anticipated adjusted EBITDA margin of 4.6% to 4.8%.
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