2025-06-11-花旗集团-Chewy公司（CHWY）_Chewy公司（CHWY.N）每股收益快讯-销售额和息税折旧摊销前利润超预期_财年指引维持不变；股价可能期望更多_但势头强劲_14页_546kb

Chewy Inc (CHWY.N) Earnings Report Summary

Key Highlights

• Quarterly Performance: Chewy Inc reported first-quarter sales growth of +8.3% year over year, beating Street expectations. Adjusted EBITDA slightly exceeded estimates at $193 million compared to $191 million. Gross margin slightly missed expectations, and SG&A as a percentage of sales was higher than anticipated.

• Full Year Guidance: Fiscal year 2025 net sales guidance of $12.3-12.45 billion was maintained, representing ~6.0-7.0% sales growth (excluding an extra week impact). EBITDA margin is expected to be 5.4%-5.7%, but the full-year guidance was not raised, potentially pressuring shares. EBITDA implied range is $664-710 million, below some Street estimates.

• Second Quarter Guidance: Management set second-quarter net sales between $3.06-3.09 billion (7-8% year-over-year growth), above Street expectations. Adjusted EPS guidance of $0.30-0.35 was provided, also above Street's estimate of $0.31.

• Analyst Recommendation: Citigroup Research recommends "Buy" with a target price of US$42, based on EV/FY26 EBITDA multiple. The stock faces modest pressure due to the smaller EBITDA beat and unchanged full-year guidance. Growth and margin expansion are viewed as compelling over the long term.

• Risks: Primary risks include potential slower customer growth, a weaker-than-expected pet industry in 2025, and market share erosion from larger competitors. Weak customer growth could slow EBITDA expansion, impacting future estimates.

• Valuation: The target price reflects a premium to the company's average over the past year, with upside potential based on improved profitability and normalized pet category growth. EV/EBITDA multiple expansion is possible as margins approach the upper 5-10% range.