Corporate debt recently passed the $1 trillion mark in a continuing sign of global financial displacement.Marketsread more
"Federal debt, which is already high by historical standards, is on an unsustainable course," CBO director Phillip Swagel said in the report.Politicsread more
Target CEO Brian Cornell still thinks the U.S. consumer is strong and spending. Target's latest quarterly results showed the big-box retailer is benefiting from that.Retailread more
"If you look at the market over the past week, stocks don't need any help. They are roaring ahead, without the Fed doing anything," says the longtime market strategist.Marketsread more
Stocks rose on Wednesday as strong quarterly results from retailers such as Target and Lowe's lifted investor sentiment.US Marketsread more
President Trump insists the economy is healthy and says the only thing holding U.S. growth back is the Federal Reserve.Marketsread more
Trading volumes this week are well below recent averages, and that means this comeback may be suspect.Marketsread more
Shares of Tesla slid Wednesday on news of Walmart's lawsuit.Technologyread more
The rule could defy a 2015 Flores Settlement Agreement court order that says families cannot be held in detention for more than 20 days.Politicsread more
A key indicator for the commercial real estate market is showing signs of weakness, and uncertainty in the economy over the trade war and interest rates may be to blame.Real Estateread more
Bank of America CEO Brian Moynihan is not worried about an economic slowdown, saying the U.S. consumer is still in a strong place.Banksread more
Chewy shares rose Thursday after the pet e-tailer reported first-quarter sales climbed 45% as its loss narrowed, in line with the forecast it issued at the time of its recent IPO.
For the quarter ended May 5, Chewy said its loss narrowed to $29.6 million from a loss of $59.8 million in the year-ago period. Chewy's profitability has been a concern for some. Dog food is heavy, and therefore expensive to ship.
Sales rose to $1.1 billion from $763.5 million a year ago, continuing Chewy's strong momentum with pet owners. The company reported roughly 11.3 million active customers for the quarter and $343 in net sales per active customer.
Chewy's growth initiatives include expansion of its private label business and the launch of Chewy Pharmacy, an online pet pharmacy. In the first quarter, Chewy opened a pharmacy in its Phoenix, Arizona, fulfillment center. It also rolled out improvements to its mobile app.
The retailer recorded auto-ship sales of $743.9 million, up nearly 56% from the quarter prior.
The first-quarter results, which are in line with previous guidance set forth in the company's prospectus for its June initial public offering, sent shares of Chewy up about 1% in aftermarket trading. Shares of the company are down 9.5% since its debut, which had valued the company at more than $14 billion.
Chewy, founded in 2011 by Ryan Cohen and Michael Day, calls itself the "largest pure-play pet e-tailer in the United States." It has distinguished itself from many of its competitors with customer service that includes 24/7 access and two-day shipping of online orders.
PetSmart, which is backed by private equity firm BC Partners, acquired Chewy in 2017 for $3 billion.