10:59 AM EDT, 08/28/2024 (MT Newswires) -- Chewy (CHWY) continues to post robust net sales per active customer despite pet food disinflation, Wedbush Securities said in a note Wednesday.

On Wednesday, the online pet care retailer said its fiscal Q2 net sales per active customer increased to $565 from $532 a year earlier. Its bottom-line beat and its topline met expectations.

"[Chewy] is benefiting from a rapidly growing high-margin sponsored ads program, disciplined promotions and a scaled business model that is driving solid flow-through of revenue growth despite a challenging demand environment," Wedbush said.

Wedbush maintained the company's outperform rating and $35 price target.

Shares of Chewy jumped more than 13% in recent Wednesday trading.

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