AP NEWS
Click to copy
Click to copy
Related topics

Chewy rides on post-IPO high

July 18, 2019

NEW YORK (AP) — Chewy, the online seller of pet food and squeaky toys, is continuing its post-IPO sales streak.

The company, which debuted on the New York Stock Exchange in June, forecast Thursday a rosy sales outlook after posting fiscal first-quarter results in line with Wall Street expectations.

Chewy reported a 45.2% increase in sales to $1.1 billion

The Dania Beach, Florida-based company expects net sales of $1.12 billion to $1.14 billion for the second quarter, which represents a 39% to 42% growth over the year ago period.

It expects full-year net sales of $4.68 billion to $4.75 billion, representing anywhere from a 32% to 34 % growth rate.

Chewy’s shares soared 59% on June 14, its first day of trading. They were up 2% in extended trading after the earnings report.

All contents © copyright 2019 The Associated Press. All rights reserved.