SAN FRANCISCO - DoorDash (NASDAQ: NASDAQ:DASH), a leading local commerce platform, has announced a partnership with pet retail franchise Pet Supplies Plus to offer same-day delivery services from over 720 stores across the United States. This collaboration aims to provide pet owners with a convenient option to quickly receive pet essentials, including food, grooming supplies, toys, and accessories.
The partnership enables customers to access a broad range of pet products available through DoorDash's platform, which has been expanding its pet product offerings since the introduction of its Pets vertical in 2020. With this addition, DoorDash now boasts an inventory exceeding 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 household pets. This strategic move is set to enhance the brand's reach and provide added convenience for pet parents.
DoorDash's DashPass members will also benefit from this partnership, as all Pet Supplies Plus stores will be available on the membership program, which offers $0 delivery fees on eligible orders from a vast network of establishments, including restaurants, grocery, and convenience stores.
The partnership is based on a press release statement.
InvestingPro Insights
In light of DoorDash's recent partnership announcement with Pet Supplies Plus, investors and consumers alike 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 such as the one with Pet Supplies Plus. Moreover, analysts predict the company will be profitable this year, aligning with the positive outlook of the partnership's potential impact on revenue.
From a market perspective, DoorDash's stock price movements have been quite volatile, which is something investors should consider when evaluating the company. Despite this volatility, the company has seen a strong return over the last three months, with a 27.61% price total return, and an impressive 121.24% return over the last year, indicating significant investor confidence.
InvestingPro Data shows a market cap of 48.44B USD, underscoring DoorDash's substantial presence in the market. The revenue has also seen a notable increase, with a growth of 31.17% in the last twelve months as of Q4 2023, which may reflect the company's expanding service offerings and market reach. It's worth noting that DoorDash is trading at a high Price / Book multiple of 7.12, suggesting a premium valuation by the market.
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