Chewy’s stock jumped 15% on August 28, 2024, after strong second-quarter financial results. The company achieved a gross margin boost of 120 basis points to 29.5% and turned a $16.7 million operating loss into a $32.1 million profit, with adjusted earnings per share soaring to $0.15, far exceeding expectations of $0.01. While revenue growth was modest at 2%, improved operational efficiency was evident, as net sales per active customer rose from $532 to $565. However, the active customer base decreased by 204 million. For Q3, Chewy projects revenue growth of 3-4% and has raised its adjusted EBITDA margin forecast.