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47 per cent increase in second quarter

The American online pet retailer Chewy has released its financial results for the second quarter of fiscal year 2020, which ended on 2 August.  A highlight of the past quarter was the growth in net sales by 47 per cent to 1.7 bn dollars year over year. The gross margin of 25.5 per cent expanded by 190 basis points year over year. Chewy, nevertheless, experienced a net loss of 32.8 mio dollars, including share-based compensation expense of 37.8 mio dollars.

Sumit Singh, chief executive officer of Chewy, expressed satisfaction with the results, which were achieved "under difficult pandemic-related circumstances". He attributed the success of his company to strong investment in technology, among other things. "This preparation, agility and business athleticism enabled us to provide top-notch service to the growing millions of pet-owning households in the US who depend on Chewy," he said.

|15 September 2020 | 11:39


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