Chewy, a leading online retailer specializing in pet food and supplies, reported strong Q3 results but saw its shares decline in pre-market trading. The company’s adjusted earnings surged 33.3% year-over-year to $0.20 per share, surpassing consensus estimates of $0.06 per share. Revenues rose 4.8% year-over-year to $2.88 billion, exceeding Street estimates of $2.86 billion.
However, one notable metric was a dip in Chewy’s active customers, which fell 0.5% year-over-year to 20.16 million. Despite this, the retailer’s net sales per active customer climbed 4.2% year-over-year to $567.
Analysts remain bullish about Chewy stock, with a Strong Buy consensus rating based on nine Buys and three Holds. The average price target of $37.09 implies an upside potential of 10.3%.
Source: https://www.tipranks.com/news/chwy-earnings-chewy-reports-better-than-expected-q3-results