Why Shares of Chewy Rose 54.1% in the First Half of 2020

Shares of pet food e-commerce company Chewy (NYSE: CHWY) rocketed 54.1% during the first half of 2020, according to data from S&P Global Market Intelligence. The company greatly benefited from pet owners being unable or unwilling to go out to pet stores amid the COVID-19 pandemic. Meanwhile, their furry friends still needed to eat, and Chewy benefited handsomely.

Image source: Getty Images.

During the quarter ended May 3, Chewy reported red-hot growth numbers, with revenue up 46%, an acceleration over the prior quarter's 35% growth. Gross margins of 23.4% expanded by 50 basis points over the year-ago quarter, and adjusted EBITDA turned positive.

Source Fool.com