“Years of preparation and focus have positioned us as the Internet’s preeminent neighbourhood pet store and a leading pure-play e-commerce company in the pet space.” Chewy CEO, Sumit Singh said.
The e-commerce pet-product retailer Chewy Inc. (NYSE: CHWY) reported better-than-expected financial results for its Fourth-quarter on Tuesday after the market close.
- Earnings per share (EPS) $0.05 vs -$.10 expected
- Revenue $2.4 billion vs $1.96 billion expected
This is the fourth time the company has topped consensus revenue estimates as the demand continued to be high for pet foods. During the last year, the pet industry total sales reached a record high of $103.6 billion after the sales of pet food and supplies skyrocketed in the COVID panic buying period.
For the upcoming quarter, the company now forecasts up to £1.55 billion of revenue. It expects its full-year revenue to fall in the range of £6.44 billion to £6.51 billion.
The stock increased more than 10% in pre-market trading on Wednesday and climbed to above the $88 level following the strong Q4 results. Over the past year, the CHWY shares have gained more than 110%.
Read more here- https://gulfbrokers.com/en/chewy-shares-jump-10-on-q4-results