Chewy (CHWY) Loses 16.6% on Steep Profit Drop

We recently published 10 Stocks Melt Down in Hours. Chewy, Inc. (NYSE:CHWY) is one of the worst performers on Wednesday.

Shares of Chewy Inc. (NYSE:CHWY) fell by 16.6 percent on Wednesday to end at $35.11 apiece following a steep drop in its net income in the second quarter of the year.

In an updated report, Chewy, Inc. (NYSE:CHWY) said net income fell by 79 percent to $62 million from $299.1 million in the same period last year. Net sales grew by 8.4 percent to $3.1 billion from $2.86 billion year-on-year.

“Q2 net sales exceeded the high end of our guidance range, growing nearly 9 percent year over year to $3.1 billion, with Autoship customer net sales increasing by 15 percent and representing 83 percent of total net sales for the quarter,” said Chewy, Inc. (NYSE:CHWY) CEO Sumit Singh.

“Chewy’s differentiated value proposition was once again on display, with both active customers and share of wallet (NSPAC) growing 4.5 percent year over year to reach nearly 21 million customers and $591, respectively,” he added.

Chewy, Inc. (NYSE:CHWY) is a US-based retailer of pet food and other pet-related products.

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Disclosure: None. This article is originally published at Insider Monkey.