Chewy Stock Buyback Program Announced

Chewy recently announced a new stock buyback program, with authorization to repurchase up to $1 billion of its outstanding shares.

This move is a significant development for Chewy investors, who can expect to see their shares become more liquid as a result.

The buyback program is expected to run from 2023 to 2025, with Chewy's board of directors authorizing the repurchases.

As part of the program, Chewy will be able to buy back its own shares in the open market, providing a boost to its shareholders.

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Chewy has been actively engaged in share repurchase programs, demonstrating its confidence in the company's growth prospects.

The company's most recent share repurchase authorization was announced in 2020, with a whopping $4 billion allocated for stock buybacks.

This move aims to return value to shareholders and boost the stock's price, which has been a key strategy for the company since its IPO in 2019.

Conn's, a home goods retailer, received a delinquency notice from the Nasdaq Stock Market.

The notice stated that Conn's is not in compliance with Nasdaq rules because the company hasn't filed its quarterly report for the fiscal quarter ending on April 30 by the required date.

The company has until Aug. 19 to submit a plan to regain compliance.

The notice doesn't currently impact Conn's trading on Nasdaq.

Chewy recently reported impressive financial results for the first quarter, with net sales increasing 3.1% year over year to $2.9 billion.

This beats both Chewy's own and analysts' guidance for the period, showing the company's continued growth.

Chewy's gross margin increased 130 basis points to 29.7%, a notable improvement.

The online pet retailer posted an operating profit of $64.6 million, which is a 161% year-over-year increase.

Chewy also announced a $500 million share repurchase program for its Class A and Class B common stock.

For more insights, see: Chewy Meme Stock