Overview

• U.S. pet products and services retailer's Q1 revenue rose 7.7%, slightly beating analyst expectations

• Adjusted EPS beat consensus

• Company added nearly 200,000 net customers and posted record profitability

Outlook

• Chewy did not provide specific guidance for the current quarter or full year

Result Drivers

• NET SALES GROWTH - Q1 net sales rose 7.7% year over year, with management citing strong execution and business model resilience

• ACTIVE CUSTOMER INCREASE - Company added nearly 200,000 net customers in Q1, contributing to higher sales

• AUTOSHIP SALES - Autoship customer sales grew 10.5% year over year and made up 84.4% of net sales

Company press release: ID:nBwbjYf41a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Slight Beat*	$3.36 bln	$3.35 bln (22 Analysts)
Q1 Adjusted EPS	Beat	$0.43	$0.26 (15 Analysts)
Q1 Net Income		$94.80 mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 23 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the miscellaneous specialty retailers peer group is "buy"

• Wall Street's median 12-month price target for Chewy Inc is $40.00, about 96.1% above its June 9 closing price of $20.40

• The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 32 three months ago

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