Chewy has a plan for profitability
Online pet retailer Chewy held its first analyst conference call as a public company THursday, July 18. Photographer: Andrew Harrer/BloombergOnline retailer Chewy performed well in its first earnings test and remained Wall Street’s pet. But even more important than the numbers were the words in its first conference call as a public company.
Chewy’s stock, before the after market earnings release and conference call Thursday, closed up 3.76% for the day at $32.85. It continued to climb to $33.81 in after-hours trading after the call. This morning the stock has been bouncing above and below Thursday's close, at was down more than 5% at 11 a.m.The pet market is huge, with $70 billion spent in 2017, online sales have the potential to grow, and Chewy is best positioned to grab consumers who switch to online purchasing, Singh said.
And Amazon has been using that weapon, ramping up discounts on pet products and sweetening the deals for customers who sign up for its version of Autoship for pet deliveries.
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