© Reuters
SAN FRANCISCO – DoorDash (NASDAQ: NASDAQ: ), a leading local commerce platform, announced a partnership with pet retail franchise Pet Supplies Plus to offer same-day delivery services from more than 720 stores throughout the United States. This partnership aims to give pet owners a convenient option to quickly receive pet essentials, including food, grooming supplies, toys, and accessories.
The partnership allows customers to access a wide range of pet products available through the DoorDash platform, expanding its pet product offerings since the introduction of its Pets vertical in 2020. In addition to this, DoorDash now boasts an inventory of over 400,000 pet items ready for on-demand delivery.
Chris Rowland, CEO of Pet Supplies Plus, highlighted the importance of innovation and meeting customer needs as key drivers for the partnership. Pet Supplies Plus is known for its wide selection of natural and made-in-the-USA products, catering to a variety of pets at home. This strategic move is set to enhance the brand’s reach and provide additional convenience for pet parents.
DoorDash’s DashPass members will also benefit from this partnership, as all Pet Supplies Plus stores will be available in the membership program, offering $0 delivery fees on qualifying orders from the extensive network of establishments, including restaurants, groceries, and convenience stores.
The partnership is based on a press release.
InvestingPro Insights
With the recent announcement of DoorDash’s partnership with Pet Supplies Plus, investors and consumers may be interested in the company’s financial health and market performance. According to InvestingPro, DoorDash holds more cash than debt on its balance sheet, which could provide a solid foundation for future investments and expansions like with Pet Supplies Plus. Moreover, analysts predict that the company will be profitable this year, which aligns with the positive outlook of the potential impact of the partnership on earnings.
From a market perspective, DoorDash’s stock price movements are quite volatile, which is something investors should consider when evaluating the company. Despite this volatility, the company has seen a strong return over the past three months, with a 27.61% total price return, and an impressive 121.24% return over the past year, indicating significant confidence. of the investor.
InvestingPro Data shows a market cap of 48.44B USD, underscoring DoorDash’s large presence in the market. Revenue also saw a notable increase, with growth of 31.17% in the last twelve months in Q4 2023, which may reflect the company’s expanding service offerings and market reach. It’s important to note that DoorDash is trading at a high Price/Book multiple of 7.12, suggesting a premium market valuation.
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