Chewy Inc. (CHWY) Posts Impressive Q2 Results on Revenue Growth

Chewy Inc. (NYSE:CHWY) is one of the best defensive stocks to buy, according to Steve Cohen. On September 10, the company delivered solid second-quarter results characterized by sales coming in at the high end of the guidance range.

Chewy Inc. (CHWY) Posts Impressive Q2 Results on Revenue Growth

The company reported net sales of $3.1 billion, representing an 8.6% year-over-year increase, as gross margins improved by 90 basis points to 30.4%. Adjusted net income increased by $36.4 million year over year to $141 million, leading to adjusted earnings per share of $0.34, an increase of $0.10 year over year.

“Chewy’s differentiated value proposition was once again on display, with both active customers and share of wallet (NSPAC) growing 4.5% year over year to reach nearly 21 million customers and $591, respectively,” said Sumit Singh, CEO of Chewy.

Chewy Inc. (NYSE:CHWY) is an e-commerce company that sells pet products, supplies, and prescription medications online. It offers a wide selection of products, including pet food, toys, and healthcare items, along with services such as a pharmacy, insurance, and a vet telehealth option.

While we acknowledge the potential of CHWY to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CHWY and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.