A dog sits in front of the New York Stock Exchange (NYSE) during Chewy Inc.’s initial public offering (IPO) in New York, U.S., on Friday, June 14, 2019.
Michael Nagle | Bloomberg | Getty Images
Chewy shares rose Thursday after the pet e-tailer reported first-quarter sales rose 45% as its loss narrowed, in line with the forecast it issued at the time of its recent IPO.
For the quarter ended May 5, Chewy said its loss narrowed to $29.6 million from $59.8 million in the year-ago period.
Sales rose to $1.1 billion from $763.5 million a year ago.
The results are in line with previous guidance set forth in the company’s prospectus for its initial public offering in June.
The results sent shares of Chewy up about 1% in aftermarket trading. Shares of the company are down 9.5% since its debut, which had valued the company at more than $14 billion.
Chewy, founded in 2011 by Ryan Cohen and Michael Day, calls itself the “largest pure-play pet e-tailer in the United States.” It has distinguished itself from many of its competitors with customer service that includes 24/7 access and two-day shipping of online orders.
PetSmart, which is backed by private equity firm BC Partners, acquired Chewy in 2017 for $3 billion.
This is breaking news. Please check back for updates.