Chewy's Sales Forecast Lift and Canada Foray Plans Drive Stock Surge.
Chewy Inc, the pet products e-retailer, announced its first foray into international markets via Canada and raised its annual revenue forecast. Chewy's Canada expansion would increase its total addressable market by $12-$15 billion, Wells Fargo analysts estimated. The company posted a surprise profit for the first quarter as its sales benefited from strong customer loyalty. Chewy's shares rose 27% at $37.4, it's best day ever if gains hold, erasing most of its declines so far this year.