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Chewy | 10-K: Annual report

SEC announcement ·  Mar 20 16:38
Summary by Moomoo AI
Chewy, the largest pure-play pet e-tailer in the United States, reported a 10.2% increase in net sales year-over-year, reaching $11.15 billion for Fiscal Year 2023. Despite this growth, net income saw a decline of 20.7% to $39.58 million compared to the previous year. The company's net margin slightly decreased to 0.4%, while adjusted EBITDA improved by 20.0% to $368.07 million, reflecting a margin of 3.3%. Chewy's active customer base slightly decreased by 1.6%, with net sales per active customer rising by 11.9% to $555. Autoship customer sales, a key driver of recurring revenue, increased by 14.7%, representing 76.2% of net sales. Chewy has not paid any cash dividends on its capital stock and does not intend to do so in the foreseeable future, choosing instead to reinvest earnings...Show More
Chewy, the largest pure-play pet e-tailer in the United States, reported a 10.2% increase in net sales year-over-year, reaching $11.15 billion for Fiscal Year 2023. Despite this growth, net income saw a decline of 20.7% to $39.58 million compared to the previous year. The company's net margin slightly decreased to 0.4%, while adjusted EBITDA improved by 20.0% to $368.07 million, reflecting a margin of 3.3%. Chewy's active customer base slightly decreased by 1.6%, with net sales per active customer rising by 11.9% to $555. Autoship customer sales, a key driver of recurring revenue, increased by 14.7%, representing 76.2% of net sales. Chewy has not paid any cash dividends on its capital stock and does not intend to do so in the foreseeable future, choosing instead to reinvest earnings into business growth. The company's strategic focus includes enhancing operational efficiency and expanding its product and service offerings. Chewy's future plans involve closely monitoring macroeconomic conditions and adapting its logistics, transportation, supply chain, and purchasing processes to meet the evolving needs of its customer base. The company's liquidity is supported by $486.21 million in net cash provided by operating activities and an increase in cash and cash equivalents to $602.2 million as of January 28, 2024.

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