Why Chewy Stock Jumped Today
Online pet supplies retailer Chewy (NYSE: CHWY) has been mentioned in the news more lately for its co-founder and former CEO Ryan Cohen's work trying to turn GameStop's business around. But Chewy is making its own news Wednesday morning, after reporting better-than-expected quarterly earnings. As of 10:15 a.m. EDT, Chewy shares were trading up 10%.
Chewy reported a surprise profit for its 2020 fiscal fourth quarter ended Jan. 31, and 47% growth in net sales for the full fiscal year versus the prior-year period. The company took advantage of stay-at-home requirements during the pandemic as people not only added new pets to households, but also embraced online shopping.
Source Fool.com
