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Chewy announces first earnings since IPO, matching previous guidance

A canine sits in entrance of the New York Inventory Trade (NYSE) throughout Chewy Inc.’s preliminary public providing (IPO) in New York, U.S., on Friday, June 14, 2019.

Michael Nagle | Bloomberg | Getty Pictures

Chewy mentioned on Thursday it generated $1.1 billion in gross sales in its first quarter, recording a internet lack of $29.6 million.

The outcomes are in step with earlier steering set forth within the firm’s prospectus for its preliminary public providing earlier this yr. 

Chewy, based 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 a lot of its opponents with customer support that features 24/7 entry and two-day delivery of on-line orders.

PetSmart, which is backed by personal fairness agency BC Companions, acquired Chewy in 2017 for $three billion.

That is breaking information. Please examine again for updates.

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