Chewy jumps after better than expected revenue

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Chewy jumps after better than expected revenue
Credit: © Reuters.

Investing.com -- Chewy shares jumped 14% after the pet supply retailer beat on top and bottom lines.

Chewy Inc (NYSE: CHWY ) reported first-quarter earnings per share of 5 cents, beating the estimate for a loss of 4 cents a share. Revenue was $2.78 billion, more than the estimated $2.73B.

Sales were up 14.7% from the same time last year, the company said. In addition, gross margins are expanding, it said.

"Our first quarter results reflect accelerating double-digit topline growth and continued expansion of adjusted EBITDA margin. 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,” said CEO Sumit Singh.

Gross margin of 28.4% expanded 90 basis points from the same time last year.

 

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