The latest ecommerce earnings results are out from retailers in Digital Commerce 360’s Top 2000 Database.  Tariffs and macroeconomic concerns continued to appear in Victoria’s Secret and RH earnings. Even so, retailers shared how they were adapting. The pet supplies seller Chewy sounded optimistic as it reported net sales increasing 8.3% year over year.

Parentheses indicate the merchant’s ranking in the Top 2000, unless otherwise noted. The database ranks North America’s largest ecommerce retailers by their annual web sales.

This week’s ecommerce earnings takeaways

• Chewy net sales grew 8.3% year over year, with active customers up 3.8%.
• Victoria’s Secret net sales declined 0.5% year over year, though its CEO touted digital successes.

Academy Sports and Outdoors, Inc. (No. 156)

Q1 2025: Academy Sports and Outdoors, Inc. said its net sales declined 0.9% year over year to $1.4 billion in its fiscal first quarter ended May 3. Steve Lawrence, chief executive officer at Academy, cited “a choppy macro-economic backdrop.” Still, he remained optimistic that the company “has performed extensive work to mitigate tariff pressures at the current levels, and we will remain nimble as the situation evolves.”

“Moving forward, we are balancing our optimism about our strategic initiatives against the uncertain environment that our customers will face in the back half of the year,” Lawrence explained. “As a result of this, we are widening our annual comp sales guidance range to -4% to +1% to account for a potential downside that may be created by inflationary pressures the remainder of the year.”

During Academy’s earnings call, Lawrence cited ecommerce growth as a major priority for the retail chain.

“We also made progress here during the quarter with academy.com posting a 10% sales increase and growing in penetration by roughly 100 basis points to over 10%,” he shared.

In addition, Lawrence detailed some results that the company has seen. He noted that improvements have translated into help for “both conversion rate and average order value during the quarter.”

“A lot of the work completed in Q1 was around streamlining and improving the internal search functionality of our site,” he stated. “At the same time, we’ve also been pushing hard to grow our endless aisle offering with an expanded assortment online supported for drop ship.”

Chewy, Inc. (No. 9)

Q3 2025: Chewy, Inc. reported a net sales increase of 8.3% year over year to $3.1 billion in its fiscal third quarter ended May 4. The gains came as Chewy’s Autoship sales and customer base both grew from a year prior.

“First quarter Autoship customer sales of $2.56 billion represented approximately 82% of Q1 net sales, reaching a record high for the company,” said Sumit Singh, CEO at Chewy, during its earnings call. “Growth in Autoship customer sales once again outpaced overall top-line growth, increasing by nearly 15% in the first quarter.”

The pet supplies and subscription-based sales retailer also noted improvements for its customer numbers.

“Moving on to the topic of active customers, the momentum we spoke about last quarter continued through Q1, and we ended the quarter with 20.8 million active customers, reflecting 3.8% year-over-year growth and an increase of approximately 240,000 customers sequentially,” Singh stated. “Active customer growth was driven by continued strength in gross additions along with improvement in gross churn.”

As for inflation and tariffs, David Reeder, the chief financial officer at Chewy, addressed questions on the earnings call. He said during the call that Chewy sees “very little inflation in the industry right now.” Looking ahead, it anticipates a “minimal expected impact from tariffs.”

GameStop Corp. (No. 55)

Q1 2025: GameStop Corp. recorded a net sales decline of 16.9% year over year to $732.4 million in its fiscal first quarter ended May 3. The negative growth came as the games and collectibles retailer continued to buy bitcoin during the quarter. Meanwhile, it also divested in its Canada operations.

Entrepreneur Stephan Tetrault acquired GameStop Canada in May and plans to relaunch operations under the brand EB Games Canada.

RH, Inc. (No. 93)

Q3 2025: RH, Inc. recorded a net revenue increase of 12.0% year over year to $814.0 million in its fiscal third quarter ended May 3. Gary Friedman, the chairman and CEO at RH, formerly Restoration Hardware, told shareholders in his quarterly letter that the home furnishings retailer’s success came despite challenges it sees in the macro environment.

“Our industry leading growth continued into fiscal 2025 as revenue increased 12% in the first quarter despite the polarizing impact of tariff uncertainty and the worst housing market in almost 50 years,” Friedman wrote. “Both adjusted operating margin of 7.0% and adjusted EBITDA margin of 13.1% were at the high end of our expectations, and we achieved positive free cash flow of $34 million in the quarter.”

Stitch Fix, Inc. (No. 76)

Q3 2025: Stitch Fix, Inc. reported a net revenue increase of 0.7% year over year to $325.0 million in its fiscal third quarter ended May 3. The online personal styling service increased its net revenue per active client by 3.2% from a year ago to $542. That improvement came despite a 10.6% decrease in active clients over the same period to 280,000.

“Our performance, which exceeded expectations, is the direct result of the strength of the Stitch Fix value proposition and the team’s disciplined execution of our strategy,” said Matt Baer, CEO at Stitch Fix. “Now in the growth phase of our transformation, we are focused on cementing our role as the retailer of choice for apparel and accessories by consistently delivering the most client-centric and personalized shopping experience.”

Victoria’s Secret & Co. (No. 39)

Q1 2025: Victoria’s Secret & Co. said net sales declined 0.5% year over year to $1.4 billion in its fiscal first quarter ended May 3. The apparel retailer revised its full-year guidance for operating income down to a range of $270 million to $320 million.

Victoria’s Secret noted that the change accommodates an anticipated net tariff impact of $50 million for its fiscal year 2025. In the meantime, it maintained its guidance for full-year net sales to range from $6.2 billion to $6.3 billion.

Hillary Super, director and CEO at Victoria’s Secret, applauded the company’s digital efforts. She said she expects to see more of its products being sold online at full price.

“We see opportunities to sell more full-priced products and let our flow of newness and brand relevance drive the purchase cycle,” she stated on Victoria’s Secret’s earnings call. “We continued to outperform digitally within PINK, indicating we are serving our digitally native customer well.”

Other recent ecommerce earnings results

Alibaba Group Holding Limited

Q4 2025: Alibaba Group Holding Limited recorded a year-over-year revenue increase of 6.6% to $32.6 billion in its fiscal fourth quarter. Revenue at Alibaba’s international B2B ecommerce segment, Alibaba International Digital Commerce Group (AIDC), was up 22% from a year earlier.

Read more on Alibaba’s ecommerce earnings here.

Amazon.com, Inc. (No. 1)

Q1 2025: Amazon, Inc. reported Q1 sales increased 9% year over year to reach $155.7 billion in its fiscal first quarter ended March 31. Of those sales, $92.9 billion came from North America.

Read more on Amazon’s sales here.

Dollar General Corporation (No. 674)

Q1 2025: Dollar General Corporation recorded a net sales increase of 5.3% year over year to $10.4 billion in its fiscal first quarter ended May 2. Todd Vasos, the retailer’s CEO, said its retail media network’s “retail media volume” was up 25% year over year.

Read more on Dollar General ecommerce sales here.

Five Below, Inc. (No. 520)

Q1 2025: Five Below, Inc. said net sales grew 19.5% year over year to $970.5 million in its fiscal first quarter ended May 3. Comparable sales were up 7.1% over the same period.

In its earnings release, Five Below shared that Kristy Chipman, its chief financial officer and treasurer, would step down. It cited personal reasons for the change. Ken Bull, the retail chain’s chief operating officer, will become interim chief financial officer. In the meantime, Five Below will search for a permanent replacement.

Winnie Park, Five Below’s president, CEO and director, noted she sees digital opportunities for new marketing efforts.

“I continue to believe that there’s a big opportunity to better connect with our customers both in-store and digitally, and ultimately increase our brand awareness,” Park stated on a call. Those include what she referred to as “six curtain-up moments to drive customers to our stores, which include the new year, Spring Break in Easter, summer, then back-to-school, Halloween and finally, holiday.”

The Home Depot, Inc. (No. 4)

Q1 2025: The Home Depot, Inc. reported net sales grew 9.4% year over year to $39.8 billion in its fiscal Q1 ended May 4. Billy Bastek, executive vice president of merchandising at The Home Depot, credited the retailer’s Magic Apron generative artificial intelligence (AI) tool as online sales rose 8% over the same period.

Read more on Home Depot’s online sales here.

Lululemon Athletica, Inc. (No. 24)

Q1 2025: Lululemon Athletica, Inc. reported a net revenue increase of 7.3% year over year to $2.4 billion in its fiscal first quarter ended May 4. International net revenue for the apparel retailer was up 19% from the comparable period one year ago, as Americas net revenue grew 3%.

Digital revenue was also up year over year to $961 million, accounting for 41% of total revenue, Meghan Frank, chief financial officer at Lululemon, shared on its earnings call.

Still, Lululemon acknowledged that it faced a “dynamic macroenvironment” characterized by unpredictable factors such as consumer spending and tariffs. The company lowered its full-year guidance as a result, though CEO Calvin McDonald said he believed it to be “better positioned than most.”

In addition, Lululemon plans to raise prices for at least some products.

“We are planning to take strategic price increases, looking item by item across our assortment as we typically do, and it will be price increases on a small portion of our assortment, and they will be modest in nature,” said Frank.

Petco Health and Wellness Company, Inc. (No. 81)

Q1 2025: Petco Health and Wellness Company, Inc. recorded a net sales decline of 2.3% year over year to $1.5 billion in its fiscal first quarter ended May 3. The pet care and supplies retail chain is working to execute a turnaround effort as it deals with new tariffs. There, its CEO said the company is addressing concerns on multiple fronts.

“We are pleased to deliver first quarter earnings results ahead of our guidance and to reaffirm our outlook for fiscal 2025, which now incorporates the impact of tariffs,” said Joel Anderson, the chief executive officer at Petco. “This performance is a testament to the execution of our nearly 30,000 team members and the resilience of the category in which we operate.”

During Petco’s earnings call, Anderson shared some areas where the retailer has been updating its digital experience.

“For example, our Grooming software has been upgraded to allow more flexibility for online appointments,” Anderson noted. “With over 40% of our appointments made online, it is important our pet parents constantly see multiple open time slots.”

New software capabilities extend to veterinarians as well.

“On the vet side, we’ve made several software enhancements to our vet scheduling system to ensure we have better coverage,” he stated. “I believe our industry-leading services offering, once optimized, will be a key driver of in-store customer traffic, customer retention and loyalty over time.”

Signet Jewelers (No. 57)

Q1 2026: Signet Jewelers Ltd. reported a net sales increase of 2.0% year over year to $1.5 billion in its fiscal first quarter ended May 3. Joan Hilson, Signet’s chief financial and operating officer, said Kay Jewelers, Zales, and Jared each posted double-digit ecommerce growth during the quarter.

Read more on Signet Jewelers online sales here.

Target Corporation (No. 5)

Q1 2025: Target Corporation said net sales declined 2.8% year over year to $23.8 billion in its fiscal first quarter ended May 3. Despite the overall drop, Q1 online sales were up 4.7% year over year from a year earlier.

Read more on Target’s online sales here.

Walmart, Inc. (No. 2)

Q1 2026: Walmart, Inc.’s total revenue increased 2.5% year over year to $165.6 billion in its fiscal first quarter ended April 30. Online sales became profitable for the retailer in the quarter. Q1 also marked the seventh time in 10 quarters that Walmart online sales grew more than 20% year over year.

Read more on Walmart’s ecommerce earnings here.

Ecommerce earnings calendar

Here’s when other ecommerce earnings are scheduled to report this quarter:

• La-Z-Boy: June 19
• Kroger: June 20

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