Chewy’s stock dropped by as much as 8% in after-hours trading
But any growth is compared to higher rates in past quarters, with investors noting those gains were below those of the second quarter, when sales rose close to 27%, and active customers up 21%.
“These topline results and our continued growth this year demonstrate the durability of our business model and the overall strength of the pet category,” Singh said. More importantly, the spending power of its newer customers continues to improve, Singh said. Chewy estimates that the expected lifetime values of the third-quarter new customer cohort is 12% higher than their pre-pandemic counterpart.“And even with this gains we are still only capturing a fraction of the average U.S. pet spend per household,” Singh said.
Singh noted that only about 2 to 3% of U.S. pet owners have pet health insurance currently. “We view this as a huge opportunity.” He expects the insurance sales to be profitable from the start, but he also views it as a way to create greater customer engagement and brand loyalty.
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