Chewy's Stock Jumps 6% After Earnings Beat Estimates

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Chewy's Stock Jumps 6% After Earnings Beat Estimates

Dow Jones08-28

Chewy Inc.'s stock rose 5.7% in morning trading Wednesday, after the online retailer of pet food and products posted better-than-expected earnings for its fiscal second quarter.

The company had net income of $299.1 million, or 68 cents a share, for the quarter to July 28, up from $20.2 million, or 5 cents a share, in the year-earlier period.

Adjusted for one-time items, EPS came to 24 cents, ahead of the 2-cent FactSet consensus.

Sales rose to $2.859 million from $2.785 million a year ago, in line with the $2.858 billion FactSet consensus.

The company ended the quarter with 20 million active customers and net sales per active customer of $565, a new record.

The stock has fallen 9.4% in the year to date, while the S&P 500 has gained 18%.

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