Good News for Chewy: Petco Says Customers Don't Mind Higher Prices
Online pet retailer Chewy (NYSE: CHWY) got some good news from rival Petco (NASDAQ: WOOF) in November. Petco reported fiscal third-quarter earnings that showed healthy revenue growth. But that's not the only good sign Chewy got from its competitor's financial results.
The more significant news came from Petco's conference call following its earnings announcement. In the discussion, Petco's management highlighted that it raised prices on several of its products, and customers did not balk at the increases. Let's look at why that's good news for Chewy stock.
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Source Fool.com
