Shares of (NYSE: CHWY) were down 11% as of 10:18 a.m. ET on Thursday after the company's second-quarter earnings release.

The online pet care supplier reported sales growth of 14.3% over the year-ago quarter, with adjusted earnings per share remaining flat year over year at $0.15. However, what seemed to spook the market were comments from management that consumers are starting to trade down for value amid high inflation. 

All the key financial metrics looked healthy. In addition to stable sales growth over the first quarter and profitability, autoship customer sales were up 18% year over year, with net sales per active customer also up 14.7%. Autoship sales are a key strength for Chewy's business. These recurring sales made up 75.5% of total sales in the quarter, up from 72.6% a year ago.

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Source Fool.com