<p>Chewy, Inc.（纽约证券交易所代码：CHWY）的股票在周一上涨超过 1%。过去三个月，该股下跌了 10%。这家宠物产品销售商在 2025 年第三季度交出了稳健的业绩，并预计在今年剩余时间内将继续增长。以下是几个对其有利的因素：</p>
<p><img src="https://imageproxy.pbkrs.com/https://cdn.news.alphastreet.com/wp-content/uploads/2025/12/Chewy-3Q25.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="560" original-src="https://imageproxy.pbkrs.com/https://cdn.news.alphastreet.com/wp-content/uploads/2025/12/Chewy-3Q25.png"/></p>
<h2><strong>稳定的收入增长</strong></h2>
<p>Chewy 在本财年实现了稳定的销售增长。在第三季度，净销售额同比增长 8.3%，达到 31.2 亿美元。自动配送客户的销售额增长了 13.6%，达到 26.1 亿美元，占该季度净销售额的近 84%。</p>
<p>在财报电话会议上提到，来自自动配送订阅计划的收入大多是可预测的，这使得 Chewy 能够降低成本并提高利润率，从而获得竞争优势。活跃客户同比增长近 5%，达到 2110 万，而每位活跃客户的净销售额也增长了约 5%，达到 595 美元。</p>
<p>Chewy 预计 2025 年第四季度的净销售额将同比增长约 7-8%，达到 32.4 亿至 32.6 亿美元。对于 2025 财年，该公司将销售预期缩小至 125.8 亿至 126 亿美元，同比增长 8%，不包括 2024 财年 53 周的影响。</p>
<p>Chewy 2025 年第三季度财报信息图</p>
<h2><strong>盈利能力</strong></h2>
<p>Chewy 的调整后收益持续增长。在 2025 年第三季度，调整后的净收入同比增长 60%，达到 1.357 亿美元，或每股 0.32 美元。在 GAAP 基础上，净收入从去年同期的 390 万美元（每股 0.01 美元）跃升至 592 万美元（每股 0.14 美元）。第三季度毛利率同比增长 50 个基点，达到 29.8%。对于 2025 年第四季度，CHWY 预计调整后的每股收益将在 0.24 至 0.27 美元之间。</p>
<h2><strong>多元化的收入来源</strong></h2>
<p>Chewy 继续受益于其多元化的收入来源，如 Chewy+ 会员计划、健康产品和新产品发布。</p>
<p>在财报电话会议上提到，Chewy+ 表现良好，订单频率高，类别参与度强，移动应用采用率高，自动配送参与度高。到十月底，公司将年费从之前的 49 美元提高到 79 美元，早期反应积极，免费转付费会员的转化率持续增长。CHWY 对该计划的增长和利润潜力持乐观态度。</p>
<p>Chewy Vet Care（CVC）继续表现优异，每个诊所都有助于客户获取和留存。CHWY 在第三季度开设了两个新地点，包括一个在凤凰城，使其在五个州的总数达到 14 个。公司计划再开设两个诊所，朝着在本财年开设 8-10 个地点的目标迈进。</p>
<p>Chewy 推出了 Get Real，一个新的新鲜狗粮品牌，预计将因强劲的消费者需求而实现增长。在第三季度，公司宣布收购领先的马匹健康品牌 SmartEquine。这笔交易将扩大 Chewy 的优质健康和营养产品范围，并帮助其扩展到更高利润率的健康和保健领域，从而提供显著的销售和利润提升机会。</p>
<p>Chewy（CHWY）：对这家宠物零售商有利的三个因素首次出现在 AlphaStreet 上。</p>

CHWY

<p>Chewy, Inc.（纽约证券交易所代码：CHWY）的股价上涨超过 1%，尽管在过去三个月中下跌了 10%。该公司公布了强劲的 2025 年第三季度业绩，净销售额增长 8.3%，达到 31.2 亿美元，调整后净收入增长 60%，达到 1.357 亿美元。主要增长因素包括稳定的收入增长、盈利能力以及多样化的收入来源，如 Chewy+ 和 Chewy Vet Care。Chewy 预计 2025 年第四季度和 2025 财年的持续增长</p>

<p>Shares of Chewy, Inc. (NYSE: CHWY) gained over 1% on Monday. The stock has dropped 10% in the past three months. The pet products seller delivered solid results for the third quarter of 2025 and expects to see continued growth for the remainder of the year. Here’s a look at a couple of factors that work in its favor:</p>
<div class="lb-trans"><p>Chewy, Inc.（纽约证券交易所代码：CHWY）的股票在周一上涨超过 1%。过去三个月，该股下跌了 10%。这家宠物产品销售商在 2025 年第三季度交出了稳健的业绩，并预计在今年剩余时间内将继续增长。以下是几个对其有利的因素：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cdn.news.alphastreet.com/wp-content/uploads/2025/12/Chewy-3Q25.png" alt="" original-src="https://cdn.news.alphastreet.com/wp-content/uploads/2025/12/Chewy-3Q25.png"/></p>
<h2><strong>Steady revenue growth</strong></h2>
<div class="lb-trans"><h2><strong>稳定的收入增长</strong></h2>
</div><p>Chewy has delivered steady sales growth through this fiscal year. In Q3, net sales increased 8.3% year-over-year to $3.12 billion. Autoship customer sales increased 13.6% to $2.61 billion and accounted for nearly 84% of net sales in the quarter.</p>
<div class="lb-trans"><p>Chewy 在本财年实现了稳定的销售增长。在第三季度，净销售额同比增长 8.3%，达到 31.2 亿美元。自动配送客户的销售额增长了 13.6%，达到 26.1 亿美元，占该季度净销售额的近 84%。</p>
</div><p>As mentioned on its earnings call, revenues generated from the Autoship subscription program are largely predictable, and this allows Chewy to cut its costs and grow margin in a way that gives it a competitive edge. Active customers grew nearly 5% YoY to 21.1 million while net sales per active customer was also up around 5% to $595.</p>
<div class="lb-trans"><p>在财报电话会议上提到，来自自动配送订阅计划的收入大多是可预测的，这使得 Chewy 能够降低成本并提高利润率，从而获得竞争优势。活跃客户同比增长近 5%，达到 2110 万，而每位活跃客户的净销售额也增长了约 5%，达到 595 美元。</p>
</div><p>Chewy forecasts net sales for the fourth quarter of 2025 to grow approx. 7-8% YoY to $3.24-3.26 billion. For fiscal year 2025, the company narrowed its sales outlook to $12.58-12.60 billion, representing a YoY growth of 8%, excluding the impact of the 53rd week in FY2024.</p>
<div class="lb-trans"><p>Chewy 预计 2025 年第四季度的净销售额将同比增长约 7-8%，达到 32.4 亿至 32.6 亿美元。对于 2025 财年，该公司将销售预期缩小至 125.8 亿至 126 亿美元，同比增长 8%，不包括 2024 财年 53 周的影响。</p>
</div><p>Chewy Q3 2025 Earnings Infographic</p>
<div class="lb-trans"><p>Chewy 2025 年第三季度财报信息图</p>
</div><h2><strong>Profitability</strong></h2>
<div class="lb-trans"><h2><strong>盈利能力</strong></h2>
</div><p>Chewy’s earnings, on an adjusted basis, have seen continued growth. In the third quarter of 2025, adjusted net income grew 60% YoY to $135.7 million, or $0.32 per share. On a GAAP basis, net income jumped to $59.2 million, or $0.14 per share, from $3.9 million, or $0.01 per share, reported in the same period last year. Gross margin increased 50 basis points YoY to 29.8% in Q3. For the fourth quarter of 2025, CHWY expects adjusted earnings per share to range between $0.24-0.27.</p>
<div class="lb-trans"><p>Chewy 的调整后收益持续增长。在 2025 年第三季度，调整后的净收入同比增长 60%，达到 1.357 亿美元，或每股 0.32 美元。在 GAAP 基础上，净收入从去年同期的 390 万美元（每股 0.01 美元）跃升至 592 万美元（每股 0.14 美元）。第三季度毛利率同比增长 50 个基点，达到 29.8%。对于 2025 年第四季度，CHWY 预计调整后的每股收益将在 0.24 至 0.27 美元之间。</p>
</div><h2><strong>Diverse revenue streams</strong></h2>
<div class="lb-trans"><h2><strong>多元化的收入来源</strong></h2>
</div><p>Chewy continues to benefit from its diverse revenue streams such as its Chewy+ membership program, health offerings, and new product launches.</p>
<div class="lb-trans"><p>Chewy 继续受益于其多元化的收入来源，如 Chewy+ 会员计划、健康产品和新产品发布。</p>
</div><p>As mentioned on the earnings call, Chewy+ continues to perform well with strong order frequency, category engagement, mobile app adoption, and Autoship participation. At the end of October, the company raised its annual fee to $79 from the earlier price of $49 and the early response has been positive with continued growth and strong conversion from free to paid memberships. CHWY remains optimistic on the growth and margin potential of this program.</p>
<div class="lb-trans"><p>在财报电话会议上提到，Chewy+ 表现良好，订单频率高，类别参与度强，移动应用采用率高，自动配送参与度高。到十月底，公司将年费从之前的 49 美元提高到 79 美元，早期反应积极，免费转付费会员的转化率持续增长。CHWY 对该计划的增长和利润潜力持乐观态度。</p>
</div><p>Chewy Vet Care (CVC) continues to outperform, with each clinic helping in customer acquisition and retention. CHWY opened two new locations in Q3, including one in Phoenix, bringing its total to 14 locations across five states. The company plans to open two more clinics, putting it on track with its goal to open 8-10 locations this fiscal year.</p>
<div class="lb-trans"><p>Chewy Vet Care（CVC）继续表现优异，每个诊所都有助于客户获取和留存。CHWY 在第三季度开设了两个新地点，包括一个在凤凰城，使其在五个州的总数达到 14 个。公司计划再开设两个诊所，朝着在本财年开设 8-10 个地点的目标迈进。</p>
</div><p>Chewy has launched Get Real, a new brand of fresh dog food, which is anticipated to see growth with strong consumer demand. In Q3, the company announced the acquisition of leading equine health brand, SmartEquine. This deal will broaden Chewy’s range of premium health and nutraceutical offerings and help it expand into higher-margin health and wellness verticals, thereby providing significant opportunity to boost sales and margins.</p>
<div class="lb-trans"><p>Chewy 推出了 Get Real，一个新的新鲜狗粮品牌，预计将因强劲的消费者需求而实现增长。在第三季度，公司宣布收购领先的马匹健康品牌 SmartEquine。这笔交易将扩大 Chewy 的优质健康和营养产品范围，并帮助其扩展到更高利润率的健康和保健领域，从而提供显著的销售和利润提升机会。</p>
</div><p>The post Chewy (CHWY): Three factors that work in favor of this pet retailer first appeared on AlphaStreet.</p>
<div class="lb-trans"><p>Chewy（CHWY）：对这家宠物零售商有利的三个因素首次出现在 AlphaStreet 上。</p>
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Chewy (CHWY)：对这家宠物零售商有利的三个因素