Chewy gains sharply on suggestion of stronger than expected Q3 sales

Oct. 05, 2022 11:05 AM ETChewy, Inc. (CHWY)By: Kevin P. Curran, SA News Editor7 Comments

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Chewy (NYSE:CHWY) was among Wednesday’s biggest gainers after data from market research firm YipitData suggested the company is due to exceed Q3 sales estimates.

Per the data provider, the pet-focused e-commerce company is “trending above consensus” in terms of sales despite persistent inflationary pressure on consumers. According to SeekingAlpha data, analysts are anticipating $2.46B in sales, an 11.36% jump from 2021.

Shares of Chewy (CHWY) rose over 6% at an intraday high prior to moderating gains near 3% later in Wednesday’s session. The stock has run to a double-digit gain thus far in the first week of October, bolstered by a 6.09% rise amid Tuesday’s rally.

The company’s next earnings report is expected to take place in early December.

Read more on the recent upward trend for many e-commerce stocks this week.

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