Chewy, Inc., the online retailer for pet products, supplies and prescriptions, said its net sales surged 51 percent year over year in its fiscal fourth quarter of 2020, according to a press release.
Chewy posted $60.8 million in earnings before interest, taxes, depreciation and amortization (EBITDA) on $2.04 billion in net sales for the fourth quarter.
The retailer posted $85.2 million in Adjusted EBITDA on $7.15 billion in net sales for fiscal 2020.
“Years of preparation and focus have positioned us as the Internet’s preeminent neighborhood pet store and a leading pure-play e-commerce company in the pet space. We look forward to a future marked by ongoing innovation and to winning customers’ hearts and minds as we grow to become the most trusted and convenient online destination for pet parents (and partners) everywhere,” Chewy Chief Executive Officer Sumit Singh said in the release.
The news comes as Chewy was launching a new pet telehealth offering, “Connect With A Vet,” as it rides a wave of growth fueled by the pandemic.
With the service, “pet parents” can chat with licensed vets and receive answers “to some of the most commonly asked questions” and “receive advice” as well as “discuss concerns they might have regarding the health and wellness of their pet,” according to the retailer.
“We have focused our efforts into developing an easy to use and convenient tele-triage product that we anticipate will have a positive impact given the current environment, and also extend beyond that,” Singh said in an October press release. “Visiting a local vet continues to be a challenge for many pet parents during this time.”
In 2020, Petco unveiled a cross between a subscription plan and health insurance for pets. The paid annual plan, which is named Vital Care, provides pet owners with choices to meet their pet’s routine wellness needs. Membership is $19 monthly and requires a yearly commitment.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More