Chewy shares fell more than 8% in early trading

Chewy shares fell more than 8% in early trading.

Chewy posted a wider-than-expected loss for its second quarter and had slightly fewer active customers than Wall Street expected.

Chewy said it lost $17 million, or 4 cents a share, in the quarter, compared with a loss of $33 million, or 8 cents a share, in the year-ago quarter. FactSet consensus called for a quarterly loss of 2 cents a share.

Sales rose 27% to $2.16 billion, from $1.70 billion a year ago, and were in line with expectations and with the company's guidance.

Chewy, which sells a variety of pet products, said it ended the quarter with 20.1 million active customers, 21% more year-on-year. The analysts polled by FactSet expected the company to end the quarter with 20.4 million active customers.

The company has added more customers than before the pandemic, "but below the record levels we saw last year during the peak of pandemic-driven lockdowns," Chewy said.

Chewy stock price target cut to $90 from $100 at Wedbush.