Chewy rides on post-IPO high

NEW YORK (AP) — Chewy, the online seller of pet food and squeaky toys, is continuing its post-IPO sales streak.

The company, which debuted on the New York Stock Exchange in June, forecasted on Thursday a rosy sales outlook after posting fiscal first-quarter results in line with Wall Street expectations.

Chewy reported a 45.2 per cent increase in sales to USD1.1 billion

The Dania Beach, Florida-based company expects net sales of USD1.12 billion to USD1.14 billion for the second quarter, which represents a 39 per cent to 42 per cent growth over the year ago period.

It expects full-year net sales of USD4.68 billion to USD4.75 billion, representing anywhere from a 32 per cent to 34 per cent growth rate.

Chewy’s shares soared 59 per cent on June 14, its first day of trading. They were up two per cent in extended trading after the earnings report.