Pet Supply-Focused Chewy Shares Gain On Better-Than-Anticipated Q1 Earnings, $500M Buyback Plan
Portfolio Pulse from Vandana Singh
Chewy Inc (NYSE:CHWY) shares surged after the company reported better-than-expected Q1 2024 earnings and announced a $500 million share buyback plan. The company posted an adjusted EPS of $0.31, significantly above the consensus of $0.07, and sales of $2.88 billion, slightly above the consensus of $2.85 billion. Chewy also provided positive guidance for Q2 and FY 2024.
May 29, 2024 | 2:11 pm
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POSITIVE IMPACT
Chewy Inc reported strong Q1 2024 earnings with an adjusted EPS of $0.31, beating the consensus of $0.07. The company also announced a $500 million share buyback plan, which is likely to boost investor confidence and support the stock price in the short term.
The significant beat on earnings per share and the announcement of a substantial share buyback plan are likely to positively impact Chewy's stock price in the short term. The better-than-expected financial performance and the buyback plan signal strong business fundamentals and management's confidence in the company's future, which should attract investor interest.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100