Chewy increases sales by 8.2 per cent

The American pet food manufacturer Chewy has published its financial results for the third quarter of fiscal 2023 ending on 29 October. These show that sales of 2.74 bn dollars increased by 8.2 per cent compared with the previous year.

The company reported a net loss of 35.8 mio dollars, however, which included share-based compensation expense and associated taxes of 65.8 mio dollars. Adjusted net income grew by 14.6 mio dollars year on year to 63 mio dollars.

“Chewy continues to gain market share, with net sales increasing by eight per cent in the third quarter while sector growth was in the low single-digit range,” commented Chewy CEO Sumit Singh with reference to the report.