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Chewy, the online pet food retailer’s stock, skyrocketed nearly 19% after reporting impressive first-quarter profit after the company expanded its active customer base.
Source: Chewy
CHWY up +18.01%, BARK up +2.75%, Pre-market trading
Chewy reported an increase in sales as consumers ordered healthcare and consumable items and avoided non-discretionary purchases.
Chewy stated that sales in the first quarter increased by 13.7% to $2.43 billion, and net income sank 52.3% to $18.5 million.
The company’s net income, including stock-based compensation and related tax expense, came in at $27.2 million compared to $24.8 million a year earlier.
Chewy expects its second-quarter sales to increase between 13% to 14% to $2.43 billion and $2.46 billion. For full-year 2022, sales are projected to increase between $10.2B and $10.4B, an increase between 15% and 17%.
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