As Chewy reports earnings, coronavirus drives demand for pet supplies
PetSmart-owned company among pet businesses thriving during COVID-19 pandemic
Pet supplies are in high demand.
Pet product e-commerce company Chewy is slated to release earnings on Tuesday as the industry continues to see high growth as a result of pet adoptions during the coronavirus.
Chewy, which sells food, treats, supplies and medications for pets, beat out revenue estimates in April when the PetSmart-owned company reported earnings, and strong growth is expected to continue.
CORONAVIRUS CAN'T STOP PET LOVERS AS PEOPLE TURN TO FOSTERING ANIMALS
There are around 6.5 million companion animals that enter animal shelters nationwide each year, according to estimates from the American Society for the Prevention of Cruelty to Animals. However, there has been a nearly 70 percent increase in animals entering foster care, according to the ASPCA’s recent data, which shows more animals are being fostered through its facilities in New York City and Los Angeles compared to the same time a year ago, FOX Business previously reported.
Pet food companies see big demand fueled by the coronavirus. (iStock)
And industry experts say the coronavirus quarantine has prompted more people to consider adopting animals to keep them company while sheltering in place and as some continue to work remotely.
"Although people have been staying connected through FaceTiming and videoconferencing - nothing beats in-person contact. Pet’s fill that void by offering physical contact and emotional support,” Samantha Kent, founder of Kibble Pet & Dr. Sniff, told FOX Business, adding: “Working from home will become increasingly popular allowing more time to care for pets."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CHWY | CHEWY INC. | 15.61 | -0.10 | -0.61% |
Kent's dog grooming and pet product company Kibblepet.com has seen sales surge up to 150 percent through its website and sites such as Chewy, DrSniff.com and Amazon.
VIRTUAL VET VISITS ALLOWED DURING CORONAVIRUS, FDA SAYS
And a number of others have seen growth in the pet supply market. J.M. Smucker’s pet food division in April saw net sales climb 6 percent to $767.8 million for its fourth quarter ended April 30 compared to $721.2 million a year ago.