Consumer
Pet Retailer Chewy Soars as Recurring-Purchase Program Drives Sales
- Company offers more optimistic sales guidance for full year
- Quarterly results contrast with those of rival Petco
This article is for subscribers only.
Chewy Inc. stock surged the most in almost four years after the pet-products retailer beat sales expectations. It got a boost from a recurring-purchase program.
Net sales per active customer and sales through Autoship, which offers prescription refills, discounts and scheduled deliveries of supplies, “both reached new record highs for the company and continues to fuel customer loyalty and spend toward our platform,” Chewy Chief Executive Officer Sumit Singh said in a statement. Net sales per active customer exceeded $500, up nearly 15% from last year.