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Why Chewy Shares Are Rising

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Chewy ($CHWY-@US) shares are trading higher on above-average volume. The stock could be experiencing a rebound after it dipped following the company's third-quarter earnings results last week. Chewy reported quarterly sales of $2.21 billion, which met the analyst consensus estimate. This represents a 24% increase over sales of $1.78 billion in the same period last year. Sumit Singh, Chief Executive Officer of Chewy, said that “Demand and consumer engagement remained strong through the third quarter, with net sales up 24 percent year over year, or 86 percent on a two-year stack basis. Our sustained growth this year shows the soundness of our growth strategy, the uniqueness of Chewy’s value proposition and the durability of the pet category. At the same time, our third-quarter profitability reflects the impact of ongoing supply chain disruptions, labor shortages, and higher inflation. As we work through these macro uncertainties, we remain squarely focused on the long term and on building an enduring franchise to serve millions of loyal pets, pet parents, and partners.” Chewy has a 52-week high of $120.00 and a 52-week low of $50.05.

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