Shares of Chewy (CHWY), a leading online retailer specializing in pet food and supplies, declined in pre-market trading despite reporting strong Q3 results. The pet food retailer’s Q3 adjusted earnings surged 33.3% year-over-year to $0.20 per share, surpassing consensus estimates of $0.06 per share.
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Additionally, the company’s revenues rose 4.8% year-over-year to $2.88 billion in the third quarter, exceeding Street estimates of $2.86 billion.
CHWY’s Active Customers Dip in the Third Quarter
One notable metric was the dip in CHWY’s active customers, which fell 0.5% year-over-year in the third quarter to 20.16 million. On the bright side, the retailer’s net sales per active customer climbed 4.2% year-over-year to $567.
Is CHWY Stock a Good Buy?
Analysts remain bullish about CHWY stock, with a Strong Buy consensus rating based on nine Buys, and three Holds. Over the past year, CHWY has increased by more than 70%, and the average CHWY price target of $37.09 implies an upside potential of 10.3% from current levels. These analyst ratings are likely to change following CHWY’s results today.
