DANIA BEACH, Fla. (AP) _ Chewy Inc. (CHWY) on Thursday reported fiscal first-quarter net income of $38.7 million, after reporting a loss in the same period a year earlier.
The Dania Beach, Florida-based company said it had net income of 9 cents per share. Earnings, adjusted for stock option expense, were 15 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 2 cents per share.
The online pet store posted revenue of $2.14 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $2.12 billion.
For the current quarter ending in August, Chewy said it expects revenue in the range of $2.15 billion to $2.17 billion.
The company expects full-year revenue in the range of $8.9 billion to $9 billion.
Chewy shares have declined 12% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $79.35, an increase of 60% in the last 12 months.
The Associated Press