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Chewy, Inc. (symbol: CHWY) is a leading e-commerce pet care retailer in the United States, known for revolutionizing how pet owners shop for their furry friends. Established in 2011, Chewy has built its reputation on offering a wide array of premium pet products, ranging from food and treats to hard goods and pharmacy items. The company prides itself on its customer-centric approach, providing unparalleled service that has earned them a loyal and expanding customer base.
Acquired by PetSmart in 2017, Chewy later went public in 2019, marking its growth into a stand-alone entity. As of 2023, Chewy boasts an impressive $11.2 billion in sales, underscoring its dominance in the pet products industry. Chewy’s core business includes pet food, treats, over-the-counter medications, medical prescription fulfillment, and essential pet accessories such as crates and leashes.
The company operates with a clear mission: to offer the best service and pet products with a determination and sunny disposition as vibrant as its South Florida HQ. Chewy commits to creating a stimulating work environment where creativity and accountability thrive. Whether through innovative marketing strategies or customer service excellence, Chewy continually seeks to amaze both its customers and employees.
Recent achievements include the expansion of their product lines and the enhancement of their delivery infrastructure, ensuring faster and more reliable service. Current projects focus on integrating more personalized shopping experiences through AI and data analytics, as well as expanding their pharmacy and wellness categories.
Chewy’s financial condition is robust, supported by a growing revenue stream and strategic partnerships within the pet care industry. The company’s commitment to quality and customer satisfaction positions it as a formidable player in the market, continuously setting new standards in e-commerce for pet products.
Chewy (NYSE: CHWY) announced a repurchase of 17,550,000 shares of its Class A common stock at $28.49 per share, totaling approximately $500 million. This buyback, coordinated with BC Partners, Chewy’s largest shareholder, reflects a 5.0% discount to the previous closing price. The repurchased shares will be canceled, reducing outstanding shares from 436 million to 418 million. The transaction, expected to close by June 27, 2024, is separate from Chewy's existing $500 million repurchase program initiated in May 2024. Chewy cites strong profitability and free cash flow as enabling factors for this capital allocation strategy, aiming to return cash to shareholders and optimize growth.
Chewy (NYSE: CHWY) has announced its financial results for Q1 of fiscal year 2024, ending April 28, 2024.
The company reported net sales of $2.88 billion, marking a 3.1% year-over-year increase. Gross margin improved by 130 basis points to 29.7%, while net income reached $66.9 million. Net margin also rose to 2.3%, an increase of 150 basis points.
Chewy's earnings per share (EPS) increased by $0.10 to $0.15. Adjusted EBITDA grew by $52.1 million to $162.9 million, resulting in an adjusted EBITDA margin of 5.7%, up by 170 basis points. Adjusted net income was $137.1 million, an increase of $49.1 million, while adjusted EPS rose by $0.11 to $0.32 (basic) and $0.31 (diluted).
The company also announced a share repurchase program of up to $500 million. The program has no expiration date and is subject to market conditions and other factors.
Chewy, Inc. (NYSE: CHWY) announced it will report fiscal first quarter 2024 financial results on May 29, 2024. The company aims to be a trusted online destination for pet products, partnering with top brands and offering a wide range of products and services. Chewy's innovative platforms provide a customer-centric experience, with approximately 115,000 product offerings.
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