Chewy, an online pet food retailer (CHWY), was one of many big winners from the pandemic. However, its most recent earnings update disappointed analysts and investors.
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Online pet food retailer Chewy CHWY was one of the big winners of the pandemic, but its latest earnings update disappointed investors and analysts. Even though revenue grew almost 27% over the year, $2.16 million was below expectations. The loss was $0.04 per share, compared with estimates of a loss $0.02.
The Q3 sales guidance was also light. Chewy projects revenue between $2.20 billion and $2.22 billion. Wall Street had expected sales of $2.23 trillion. CNBC spoke with CEO Sumit Singh, who said that the company was still optimistic about its business. He added that net sales per customer increased 13.5% to $404.
Although Chewy’s economic growth was expected to slow as the economy recovers, investors were caught off-guard by the rapid deceleration.
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Publited Fri, 3 Sep 2021 at 01:14.56 +0000