Chewy shares tumble after pet retailer's earnings and forecast disappoint

as Americans spent more time at home, leading to increased pet adoption and spending on animals.

Singh said it was expected that the company's growth rate would moderate as the economy reopened and consumer spending shifted back toward activities like travel. For example, in the second quarter last year, Chewy's posted a 47% year-over-year jump in sales, compared with the most-recent quarter's roughly 27% increase.

Even though top-line revenue growth has decelerated, Singh said other important metrics for the company are stronger than ever. "Customer spending on our platform is at an all-time high," Singh said. In the second quarter, Chewy's net sales per active customer was $404, up 13.5% compared with the same period last year. Active customers of 20.1 million in the second quarter was 21.1% higher than in the second quarter in 2020.

"So what does that tell you? More customers. They're spending more. They're staying with us longer, and we continue to deliver very strong comps," Singh said. "Overall, we're very pleased with the performance of the business and the way that the teams are operating amidst this difficult environment."

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