Why Chewy Shares Are Rising

Why Chewy Shares Are Rising

Chewy Inc CHWY shares are trading higher by 17.71% to $27.65 during Thursday's pre-market session after the company reported better-than-expected first-quarter sales results.

Chewy reported quarterly sales of $2.43 billion which beat the analyst consensus estimate of $2.42 billion by 0.4%. This sales figure represents a 13.8% increase over sales of $2.13 billion in the same period last year. Chewy says the company's active customer base expanded 4.2% year-over-year to end the first quarter at 20.6 million.

"Fiscal year 2022 is off to a good start as we drove solid 14 percent top-line growth and delivered sequential improvements in gross margin and profitability," said Sumit Singh, Chief Executive Officer of Chewy.

"Our first-quarter results are a testament to the resiliency of the pet category and clearly demonstrate our ability to execute against our strategic priorities. Moving forward, Chewy's value proposition is as compelling as ever and we continue to innovate robustly, attract customers with high lifetime values, drive engagement and capture a greater share of wallet," Singh stated.

Chewy is the largest e-commerce pet care retailer in the United States.

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According to data from Benzinga Pro, Chewy has a 52-week high of $97.74 and a 52-week low of $22.22.

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