Chewy Q2 results beat Wall Street estimates

[syamfx2020]

The e-commerce pet-care retailer Chewy Inc. (NYSE: CHWY) reported better-than-expected second-quarter results on Thursday. The strong results are boosted by the pet adoptions have also been spiking during this Coronavirus pandemic period. The company revenue climbed 47% to $1.7 billion from $1.15 billion a year ago.

• Earnings per share (EPS) -$.8 vs. -$.15 expected
• Revenue $1.7 billion vs. $1.69 billion expected

“We are proud of our teams, who continued to execute under difficult, pandemic-related circumstances, while again setting new records for both net sales growth and new customer additions” -stated Sumit Singh, CEO of Chewy.

Chewy shares gained more than 100% since the beginning of the year. On Thursday, the stock dropped around 3% and closed at 59.69 and during the after-hours trading, the shares fell another 1% after pet food retailer reported new sales per active customer totalled $356 for the second quarter, which is below the estimate of $365.


Read more- https://gulfbrokers.com/en/chewy-q2-results-beat-wall-street-estimates