Chewy Stock Slips as Online Pet Supplies Retailer Loses Active Customers | Global News Avenue

chewy (blowShares of the online pet supplies retailer fell 2.5% on Wednesday after it missed profit expectations due to a decline in active customers and rising costs.

Company reports third quarter adjusted Earnings per share (EPS) $0.20, compared with the $0.23 average estimate of analysts polled by Visible Alpha. Revenue rose 4.8% year over year to $2.88 billion, slightly above expectations.

Chewy said active customers fell 0.5% to 2,016 million and operating expenses increased 3.3% to $818.2 million. Net sales per active customer increased 4.2% to $567, and sales to auto-ship customers increased 8.7% to $2.3 billion.

Chewy raises full-year sales forecast

Chewy expects sales of $3.18 billion to $3.20 billion for the current quarter. It revised its full-year sales forecast to $11.79 billion to $11.81 billion from the previous range of $11.6 billion to $11.8 billion.

Despite today’s drop, Chewy’s stock price is still up nearly 40% this year. They have an interesting run in 2024 meme stocks Hero Keith Gill, better known as “growling kitten,” Xia Xia bought a large stake in the company just to dump it A few months later.