Chewy's Q3 profit surges on vet care and membership growth

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Chewy has reported a sharp rise in third-quarter profit to $59.2m, or 32 cents per share adjusted, from $3.9m a year earlier, with revenue up 8.3% to $3.12bn, driven by strong performance in its vet-care services and paid membership program. Analysts polled by FactSet had expected per-share earnings of 30 cents and sales of $3.1bn. The company added 250,000 new customers, reaching 21.2m. Chief executive Sumit Singh attributed the company’s recent momentum to efforts to strengthen its flywheel marketing model, reinvesting its top-line gains in areas like vet offerings and a paid membership program in the hopes of boosting customer retention.