Chewy's Active Customers Growth First Time Since Q1 FY23 Is Encouraging: JP Morgan Analyst
Portfolio Pulse from Vandana Singh
Chewy Inc. (NYSE:CHWY) reported better-than-expected Q2 2024 results, with sales of $2.86 billion and an adjusted EPS of $0.24. The company saw a 13% increase in unique customers using its app and a 15% increase in mobile app orders. JP Morgan is encouraged by the growth in active customers and maintains an Overweight rating on the stock. CHWY stock rose 14.5% following the news.
August 28, 2024 | 5:10 pm
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Chewy reported strong Q2 2024 results with sales of $2.86 billion and an adjusted EPS of $0.24, surpassing expectations. The company saw growth in active customers and mobile app orders, leading to a 14.5% increase in stock price. JP Morgan maintains an Overweight rating.
Chewy's better-than-expected earnings and growth in active customers positively impacted investor sentiment, resulting in a significant stock price increase. JP Morgan's continued Overweight rating further supports a positive outlook.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100