Chewy’s First-Quarter Sales Jump 46%

A rush to stock up on pet supplies during the early days of the COVID-19 pandemic drove first-quarter sales growth higher than it otherwise would have been for online pet retailer Chewy, Inc. (NYSE: CHWY). But it didn't result in a profitable quarter, as the company still reported negative free cash flow and a net loss for the quarter. 

The company said the addition of 1.6 million active customers in the quarter was more than double the average quarterly pace seen in 2019. It also said that the customers added after the start of the COVID-19 outbreak spent 11% more per order than pre-COVID-19 customers. While this may imply customers were stockpiling pet supplies in response to the pandemic, Chewy said those customers returned for a second purchase within a month, and still spent more per order. 

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Source Fool.com