Chewy plans to launch in Canada
In an earnings call this week, Chewy CEO Sumit Singh said the company plans to enter Canada, its first market outside of the US, during Q3.
The online pet retailer has released its financial results for the first quarter of fiscal year 2023 ended April 30, 2023. Net sales of $2.78 billion improved 14.7% year over year, and net income was $22.2 million, compared to $18.5 million last year.
In terms of insurance, Chewy officially announced the launch of Lemonade as part of the CarePlus suite of wellness and insurance offerings alongside Trupanion (see the flow here). “Lemonade is a tech-forward player that appeals to a wide array of customers,” Singh said. “And alongside Trupanion, which is obviously a high bar provider of insurance services, we, at this point, believe that we have the full spectrum covered, both from a range of customer demographic, customer psychographic as well as price point coverage in a way that we’re going to market.”
Chewy didn’t share any actual numbers around insurance, but it did say that quotes to conversion ratios are improving and overall traffic towards these policies is improving as well. “It’s really a month from now when we kind of go to market with 2 scaled providers,” Singh said.