<p>知名寵物用品零售商 <strong>Chewy</strong>(CHWY -1.62%) 正在押注市場份額和客户忠誠度將在長期內帶來回報，即使短期收益有所下降。隨着公司的成熟，其戰略已從快速增長轉向培養忠誠度和重複購買。Chewy 的會員計劃 Chewy+ 和自動配送計劃持續穩步增長。</p>
<p>Chewy 的未來可能不再是高增長股票，而是一個有價值、穩定且防禦性的業務。即使在經濟放緩的情況下，它仍將展現出韌性，因為寵物主人會繼續照顧他們的動物。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ3NzAvZG9nLXdpdGgtYm94LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ3NzAvZG9nLXdpdGgtYm94LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>不斷增長的客户基礎和市場份額</h2>
<p>在 2025 財年第二季度（截至 8 月 3 日），Chewy 報告淨銷售額為 31 億美元，比去年同期增長 8.6%。這個增長率並不算令人興奮，但卻是可持續的，展示了公司的穩定性。自動配送計劃（重複交付）佔 Chewy 總淨銷售額的 83%，同比增長 15%。</p>
<p>這是一個非常積極的信號，因為重複收入將幫助 Chewy 順利度過潛在的經濟波動期。Chewy+ 會員仍然較小，但它將在 Chewy 持續、可持續增長中發揮關鍵作用。</p>
<p>Chewy 的客户基礎正在增長，消費也在增加。公司報告稱活躍客户達 2100 萬，平均每年消費 591 美元。Chewy 在寵物用品市場的份額中佔據了 41%，遠超 <strong>Petco</strong> 和 PetSmart，後者分別僅佔 9.7% 和 6%。</p>
<p>Chewy 脱穎而出的原因在於其早期採用自動配送和電子商務的卓越表現，相較於以實體店為主的競爭對手。Chewy 的在線存在幫助其在疫情初期迅速超越行業競爭對手，因為人們在家購物的同時收養了更多寵物。Petco 是 Chewy 在這一領域最大的競爭對手，但其收入持續下降，銷售疲軟，債務負擔沉重。</p>
<h2>短期利潤下降；長期前景向好</h2>
<p>公司最近的季度報告顯示，按公認會計原則（GAAP）計算的收益下降，這讓投資者感到不安。Chewy 解釋稱，這一急劇下降主要是由於 2024 年獲得的一次性税收減免。其他重要指標顯示出穩固的改善，包括利潤率的提升。毛利率增長 90 個基點，達到 30.4%，考慮到 Chewy 所參與的高開銷業務，這一數字相當可觀。</p>
<p>Chewy 還報告調整後的息税折舊攤銷前利潤（EBITDA）增加至 1.833 億美元，利潤率為 5.9%，比 2024 年增加 80 個基點。調整後的淨收益增加至 0.33 美元，比去年增加 0.10 美元。儘管一些指標有所下降，但 Chewy 的運營趨勢正朝着看漲的方向發展，這才是長期投資者最關心的。</p>
<p>即使最近股價下跌，Chewy 仍然相對昂貴。不過，這不應嚇跑潛在買家。如果公司能夠繼續在自動配送和會員計劃的增長上取得成功，就像擁有一隻金毛尋回犬一樣，購買 Chewy 將會有很多值得期待和收益的地方。由於重複購買的原因，該公司的業績比競爭對手更具可預測性。</p>
<p>Chewy 面臨的最大風險包括對其持續擴大利潤率能力的擔憂，但會員計劃和對獸醫護理的投資應能提供幫助。公司在短期內也可能面臨供應鏈和通貨膨脹問題的困擾。</p>
<h2>Chewy 將在未來幾年繼續保持領先地位</h2>
<p>Chewy 在吸引寵物主的消費方面做得非常出色。自動配送和會員計劃是客户忠誠度的領先指標。Chewy 的領導層表示，公司將繼續關注這些指標。</p>
<p>這些領域的增長對 Chewy 股票的投資者來説也是一個積極的信號。Chewy 的競爭對手沒有威脅到這隻大狗的領先地位。</p>
<p>總體而言，Chewy 正在接受其作為成熟價值股的地位。雖然它可能不會很快再次看到高雙位數的增長數字，但 Chewy 應該會在這一新篇章中繼續佔據主導地位。投資者明智的做法是將 Chewy 視為一台出色的客户保留現金機器，只要人類熱愛他們的動物，它就會繼續運轉。</p>

CHWY

<p>Chewy (CHWY) 正在專注於客户忠誠度和市場份額，以實現長期成功，儘管短期內收益有所下降。該公司報告 2025 年第二季度淨銷售額為 31 億美元，同比增長 8.6%，其中 83% 的銷售來自其自動配送計劃。Chewy 擁有 2100 萬活躍客户，年均消費為 591 美元。儘管近期收益因一次性税收減免而下降，但運營趨勢依然積極。Chewy 的自動配送和會員計劃表明客户忠誠度強，定位為成熟的價值股，具有可持續的增長潛力</p>

<p>Popular pet supply retailer <strong>Chewy</strong>(CHWY -1.62%) is betting that market share and customer loyalty will pay off in the long run, even as short-term earnings dip. As the company matures, its strategy has shifted from rapid growth to nurturing loyalty and recurring purchases. Chewy's membership plan, Chewy+, and autoship program continue to grow steadily.</p>
<div class="lb-trans"><p>知名寵物用品零售商 <strong>Chewy</strong>(CHWY -1.62%) 正在押注市場份額和客户忠誠度將在長期內帶來回報，即使短期收益有所下降。隨着公司的成熟，其戰略已從快速增長轉向培養忠誠度和重複購買。Chewy 的會員計劃 Chewy+ 和自動配送計劃持續穩步增長。</p>
</div><p>Chewy's future might not be as a high-growth stock, but instead as a valuable, steady, and defensive business. It'll continue to show resilience, even through a slowing economy, as pet owners keep up care for their animals.</p>
<div class="lb-trans"><p>Chewy 的未來可能不再是高增長股票，而是一個有價值、穩定且防禦性的業務。即使在經濟放緩的情況下，它仍將展現出韌性，因為寵物主人會繼續照顧他們的動物。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ3NzAvZG9nLXdpdGgtYm94LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834770%2Fdog-with-box.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Growing customer base and market share</h2>
<div class="lb-trans"><h2>不斷增長的客户基礎和市場份額</h2>
</div><p>In the fiscal second quarter of 2025 (ended Aug. 3) , Chewy reported net sales of $3.1 billion, an 8.6% increase from the same quarter last year. That growth rate isn't necessarily exciting so much as it is sustainable, and demonstrates the company's consistency. The autoship program (repeat deliveries) accounted for 83% of Chewy's total net sales and grew 15% year over year.</p>
<div class="lb-trans"><p>在 2025 財年第二季度（截至 8 月 3 日），Chewy 報告淨銷售額為 31 億美元，比去年同期增長 8.6%。這個增長率並不算令人興奮，但卻是可持續的，展示了公司的穩定性。自動配送計劃（重複交付）佔 Chewy 總淨銷售額的 83%，同比增長 15%。</p>
</div><p>This is a very positive sign, as the recurring revenue will help Chewy sail smoothly through potentially volatile economic times. Chewy+ membership is still small, but it will play a crucial role in Chewy's continued, sustainable growth.</p>
<div class="lb-trans"><p>這是一個非常積極的信號，因為重複收入將幫助 Chewy 順利度過潛在的經濟波動期。Chewy+ 會員仍然較小，但它將在 Chewy 持續、可持續增長中發揮關鍵作用。</p>
</div><p>Chewy's customer base is growing and spending more as well. The company reported 21 million active customers, spending an average of $591 per year. Chewy wins in market share among pet owners, hogging an estimated 41% of the customer base for online pet supplies. <strong>Petco</strong> and PetSmart trail significantly in second and third place, with just 9.7% and 6% share, respectively.</p>
<div class="lb-trans"><p>Chewy 的客户基礎正在增長，消費也在增加。公司報告稱活躍客户達 2100 萬，平均每年消費 591 美元。Chewy 在寵物用品市場的份額中佔據了 41%，遠超 <strong>Petco</strong> 和 PetSmart，後者分別僅佔 9.7% 和 6%。</p>
</div><p>What makes Chewy stand out is its early adoption of autoship and e-commerce excellence compared to its brick-and-mortar-focused competitors. Chewy's online presence helped it rocket past industry rivals during the initial years of the pandemic as people adopted more pets, but shopped from home. Petco is Chewy's largest rival in the space, but it continues to see declining revenue, weaker sales, and debt burdens.</p>
<div class="lb-trans"><p>Chewy 脱穎而出的原因在於其早期採用自動配送和電子商務的卓越表現，相較於以實體店為主的競爭對手。Chewy 的在線存在幫助其在疫情初期迅速超越行業競爭對手，因為人們在家購物的同時收養了更多寵物。Petco 是 Chewy 在這一領域最大的競爭對手，但其收入持續下降，銷售疲軟，債務負擔沉重。</p>
</div><h2>Short-term profits down; long-term prospects up</h2>
<div class="lb-trans"><h2>短期利潤下降；長期前景向好</h2>
</div><p>The company's most recent quarterly report showed a decline in earnings on a generally accepted accounting principles (GAAP) basis, and that spooked investors. Chewy explained this sharp decline was mostly due to a one-time tax break received in 2024. Other important metrics displayed solid improvement, including a margin increase. Gross margin grew 90 basis points to 30.4%, an impressive amount considering the high-overhead business Chewy participates in.</p>
<div class="lb-trans"><p>公司最近的季度報告顯示，按公認會計原則（GAAP）計算的收益下降，這讓投資者感到不安。Chewy 解釋稱，這一急劇下降主要是由於 2024 年獲得的一次性税收減免。其他重要指標顯示出穩固的改善，包括利潤率的提升。毛利率增長 90 個基點，達到 30.4%，考慮到 Chewy 所參與的高開銷業務，這一數字相當可觀。</p>
</div><p>Chewy also reported an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increase to $183.3 million, with margin coming in at 5.9%, an 80-basis-point increase from 2024. Adjusted net earnings increased to $0.33, a $0.10 hike from last year. Despite some dips in metrics, Chewy's operational trends are moving in a bullish direction, and that's what long-term investors should care about the most.</p>
<div class="lb-trans"><p>Chewy 還報告調整後的息税折舊攤銷前利潤（EBITDA）增加至 1.833 億美元，利潤率為 5.9%，比 2024 年增加 80 個基點。調整後的淨收益增加至 0.33 美元，比去年增加 0.10 美元。儘管一些指標有所下降，但 Chewy 的運營趨勢正朝着看漲的方向發展，這才是長期投資者最關心的。</p>
</div><p>Even with the recent dip in stock price, Chewy is still fairly expensive. This shouldn't scare away potential buyers, though. If the company can continue to deliver on its autoship and membership program growth, much like owning a golden retriever, there is a lot to love and gain from buying Chewy. The company's results are more predictable than its competitors because of the recurring purchases.</p>
<div class="lb-trans"><p>即使最近股價下跌，Chewy 仍然相對昂貴。不過，這不應嚇跑潛在買家。如果公司能夠繼續在自動配送和會員計劃的增長上取得成功，就像擁有一隻金毛尋回犬一樣，購買 Chewy 將會有很多值得期待和收益的地方。由於重複購買的原因，該公司的業績比競爭對手更具可預測性。</p>
</div><p>The biggest risks with Chewy include concerns about its ability to continue expanding margins, yet the membership program and investments in veterinary care should help. The company could also run into trouble with supply chain and inflationary problems in the short term.</p>
<div class="lb-trans"><p>Chewy 面臨的最大風險包括對其持續擴大利潤率能力的擔憂，但會員計劃和對獸醫護理的投資應能提供幫助。公司在短期內也可能面臨供應鏈和通貨膨脹問題的困擾。</p>
</div><h2>Chewy will remain the top dog for years to come</h2>
<div class="lb-trans"><h2>Chewy 將在未來幾年繼續保持領先地位</h2>
</div><p>Chewy has done an excellent job capturing the wallets of pet owners. The autoship and membership programs are a leading indicator of loyalty among customer. Chewy's leadership has indicated the company will continue to focus on these metrics.</p>
<div class="lb-trans"><p>Chewy 在吸引寵物主的消費方面做得非常出色。自動配送和會員計劃是客户忠誠度的領先指標。Chewy 的領導層表示，公司將繼續關注這些指標。</p>
</div><p>The growth in these areas is also a positive sign for investors in Chewy stock. None of Chewy's competitors are threatening the big dog's top spot.</p>
<div class="lb-trans"><p>這些領域的增長對 Chewy 股票的投資者來説也是一個積極的信號。Chewy 的競爭對手沒有威脅到這隻大狗的領先地位。</p>
</div><p>Overall, Chewy is embracing its status as a mature value stock. While it likely won't see high-double-digit growth numbers again anytime soon, Chewy should continue to dominate in this new chapter. Investors would be smart to see Chewy for what it is: a terrific customer retention cash machine that'll continue to purr so long as humans love their animals.</p>
<div class="lb-trans"><p>總體而言，Chewy 正在接受其作為成熟價值股的地位。雖然它可能不會很快再次看到高雙位數的增長數字，但 Chewy 應該會在這一新篇章中繼續佔據主導地位。投資者明智的做法是將 Chewy 視為一台出色的客户保留現金機器，只要人類熱愛他們的動物，它就會繼續運轉。</p>
</div>

為什麼客户忠誠度將使 Chewy 成為投資者的長期贏家