Chewy's sales doubled during the pandemic, but have since stabilized. If sales rose by 14.5% in the first half of 2023, this was entirely due to price increases. The number of "active" customers remains stable.

Thanks to the scale it has achieved, Chewy can finally amortize the cost of logistics - the real challenge of its business, given the nature of the products delivered, which are heavy and bulky. Although it has not really made a profit, its accounts are now balanced.

Regrettably, this positive trend has not given rise to market share purchases by members of the management team, particularly with a valuation that has languished at x1 sales since the arrival and rise in power of Amazon.

The competition from the Seattle giant is formidable, but Chewy has developed a negative working capital business, in addition to maintaining a debt-free balance sheet.

We recall that six years ago, before its listing, the group was bought out at x2 its sales despite a worrying level of debt and sales ten times lower than today.