Chewy was made for a moment like this. The $18 billion online pet supplies retailer has emerged as one of the biggest winners during this period of lockdowns, panic buying, and rising pet adoption.
Chewy’s sales are booming as worried dog and cat owners stock up on food during the pandemic. The e-commerce company is hiring up to 10,000 workers to meet this unprecedented demand. And Chewy’s stock price is on fire, crushing the S&P 500 by more than 60 percentage points during this year of turmoil on Wall Street.
Stay-at-home orders have accelerated the ongoing shift toward e-commerce around the world, and the $100 billion pet industry is no different.
The paw-fect time to adopt!: Chewy isn’t just luring new customers. It’s also capitalizing on a surge of new pets driven by rising adoption and fostering among Americans who suddenly have the time to take care of puppies and kittens.
Chewy’s paw-sitive outlook: “Chewy is in the right place at the right time,” Cohen said. “It’s one of the few beneficiaries in this pandemic.”
Many companies are having a ruff time right now, but Chewy isn’t one of them.