2025-06-11-Jefferies-切维（CHWY）_2025年第一季度每股收益初步观点_第一季度业绩超预期_重申2025年指引_7页_178kb

报告摘要

Equity Research Summary

Flash Note:

Rating: Reiterated Hold
Price Target (TP): $43.00 (down 6% from current price of $45.79)
Q1 Performance: Met expectations for sales and EPS but missed on exceeding market target for a rating upgrade.
Q2 Guidance: Forecasted Q2 sales of $3.06-3.09 billion (+7-8% YoY); EPS of $0.30-0.35.
Full-Year 2025 Guidance: Expected sales of $12.3-12.45 billion (approx +6-7%, excluding the 53rd week). Adjusted EBITDA margin targeted at 5.4%-5.7%.
EBITDA YoY: $193 million (+18% YoY), reaching a 2.7% EBIT margin.

Key Q1 2025 Figures (vs. Street Expectations):

Actual Sales: $3.116 billion (+8.3% YoY, +7.1% QoQ)
Actual EPS: N/A (Guidance range implied Street expectation was lower than the $0.30 range)
Actual Active Customers: 20.8 million (+3.8% YoY, +1.2% QoQ)
Actual Net Adds: +0.2 million (+1.3% QoQ)
Actual Gross Profit Margin: 29.6% (-3 bps YoY)
Actual Adjusted EBITDA Margin: 2.7% (Higher than prior year, indicating improved operational profitability)

Strong Points:

Continued momentum in sales and EBITDA growth (18% annualized).
Active customer growth exceeding prior-year levels (+3.8% YoY).
Positive drivers cited include growth in more valuable active customers and sponsored ads.
Q2 guidance suggests results could be near the upper end of expectations.

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