Chewy Stock Soars on Q1 Earnings Beat and Growth in Auto Deliveries
Chewy's stock surged after the company reported a 6.4% year-over-year growth in automated deliveries and a Q1 earnings beat. CEO Sumit Singh discussed the normalization in the pet industry, driven by balanced pet adoption rates and demand tailwinds. Despite a decline in active customers for the sixth consecutive quarter, the company saw positive performance in non-discretionary items and introduced a new membership program. High short interest in Chewy's shares also contributed to the stock's rally.