Chewy ( NYSE:CHWY )
After the market opened on Friday, Chewy ( NYSE:CHWY ) reported profits for the third quarter , which were above consensus projections and caused the firm to increase its adjusted EBITDA goal for the entire year.
Revenue for the quarter was $2.53 billion, up 14.5% year-over-year and above the consensus forecast of $2.46B. The online pet supplies store revealed profits per share of $0.01, $0.10 higher than the expert estimate of a $0.09 loss per share.
The fact that we are simultaneously driving top-line growth and growing margins is another proof point of our ability to go large fast and get healthy fast, regardless of the macro climate, said Sumit Singh, the Chief Executive Officer of Chewy. “Chewy’s third-quarter results demonstrated rapid double-digit topline growth, consistent gross margin improvement, and excellent free cash flow generation,” Singh said.
Singh said that an optimistic outlook on the pet industry is reflected in the findings.
Chewy expects a higher adjusted EBITDA for the whole year. Full-year net sales are expected to range from $10.02B to $10.04B, and the company now expects an adjusted EBITDA margin of 2.3% to 2.4%.
Wolfe Research analyst Deepak Mathivanan said, “CHWY’s F3Q came ahead of forecasts, led by inflation pass-through, consistent demand, and robust execution. The firm is making significant headway on LT efforts. We retain our PP rating on valuation and MT growt...
Click here to read the full article on PressReach.com .Subscribe to the PressReach RSS feeds:
- Featured News RSS feed
- Investing News RSS feed
- Daily Press Releases RSS feed
- Trading Tips RSS feed
- Investing Videos RSS feed
Follow PressReach on Twitter
Follow PressReach on TikTok
Follow PressReach on Instagram
Subscribe to us on Youtube