Chewy Inc. ( CHWY ) stock gained on Wednesday after the company reported better-than-expected second-quarter 2024 results and reaffirmed annual guidance.

The retailer of pet supplies reported adjusted EPS of $0.24 compared to the consensus of $0.02 and $0.15 a year ago.

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The company reported sales of $2.86 billion, up 2.6% year over year, almost in line with the consensus of $2.86 billion and the management guidance of $2.84 billion – $2.86 billion.

Autoship customer sales reached $2.24 billion, up 5.8%. Autoship customers are customers in a given fiscal quarter for whom an order has shipped through the Autoship subscription program during the preceding 364-day period.

Net Sales Per Active Customer increased 6.2% to $565.

"Our Q2 performance reflects another quarter of strong execution, delivering net sales at the high end of our guidance range," said Sumit Singh, CEO of Chewy.

"Chewy's compelling value proposition is driving broader and deeper customer engagement, as reflected by our 20 million active customers, which grew sequentially in the quarter, and net sales per active customer of $565, which reached a new record for the company."

Guidance: Chewy forecasts third-quarter sales of $2.84 billion – $2.86 billion, approximately 3%-4% year-over-year growth compared to the consensus of $2.87 billion.

For fiscal year 2024, the company continues to forecast sales of $11.6 billion—$11.8 billion, up 4%- 6% year over year versus the consensus of $11.81 billion.

The company raised its 2024 adjusted EBITDA margin guidance to 4.5%-4.7% compared to prior guidance of 4.1%-4.3%.

Price Action: CHWY stock is up 2.44% at $26.49 during the premarket session at last check Wednesday.

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