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MarketWatch MarketPulseApr 02, 2020
Online pet supply retailer Chewy stock falls after earnings, COVID-19 guidance
Online pet supply retailer Chewy Inc. shares fell 4% in the extended session Thursday after the company reported revenue that met consensus estimates and told investors it expects first-quarter sales of $1.5 billion to $1.52 billion. The company reported a fourth-quarter net loss of $60.9 million, or 15 cents a share, compared with a net loss of $66.3 million, or 17 cents a share, in the year-ago period. Revenue rose to $1.35 billion from $1.09 billion in the year-ago period. The company said it is seeing its shop-at-home business prove "resilient" amid the COVID-19 pandemic and that its supply chain related to food and treats, which amounts to 70% of the company's sales, is sourced "almost exclusively in the U.S." The company said it has implemented additional cleaning and sanitizing measures at its facilities and has thus far not reported confirmed COVID-19 cases. Chewy said that its customers have engaged in stockpiling behavior and have increased purchases of pet necessities such as food and have moved buying online. The company said behavior began to change in February, cautioned that trends may change and did not issue full-year guidance. Chewy stock has gained 6.2% in the past nine months, with the S&P 500 index falling 16.9%.

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