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Chewy (NYSE:CHWY) shares soared around 20% after-hours following the company’s Q1 results, with EPS of $0.04 coming in better than the consensus estimate of ($0.13). Revenue grew 13.7% year-over-year to $2.43 billion, compared to the consensus estimate of $2.42 billion.
“Fiscal year 2022 is off to a good start as we drove solid 14 percent top-line growth and delivered sequential improvements in gross margin and profitability,” said Sumit Singh, Chief Executive Officer of Chewy. “Our first quarter results are a testament to the resiliency of the pet category and clearly demonstrate our ability to execute against our strategic priorities. Moving forward, Chewy’s value proposition is as compelling as ever and we continue to innovate robustly, attract customers with high lifetime values, drive engagement, and capture greater share of wallet.”
The company expects Q2/22 revenue in the range of $2.43-2.46 billion, compared to the consensus estimate of $2.48 billion.
For the full 2022-year, the company expects revenue to be in the range of $10.2-10.4 billion, compared to the consensus estimate of $10.56 billion.
