Why Chewy Stock Is Bouncing Higher After Hours - Chewy (NYSE:CHWY)
Chewy, Inc CHWY shares are trading higher after the closeWednesday on the heels of a strong first-quarter report.
What Happened: Chewy said first-quarter revenue increased 14.7% year-over-year to $2.78 billion, which beat consensus estimates of $2.73 billion, perBenzinga Pro.
The company reported non-GAAP quarterly earnings of 20 cents per share, up significantly on a year-over-year basis.Gross margin was 28.4%, net margin came in at 0.8%.
"2023 is off to a strong start for Chewy. Ourfirst quarterresults reflect accelerating double-digit topline growth and continued expansion of adjusted EBITDA margin,"said Sumit Singh, CEO of Chewy.
Net sales per active customer and Autoship customer sales also both reached new record highs for the company and continued to fuel customer loyalty and spend towards our platform."