Chewy Stretches Higher After Q3 Sales Beat

Chewy Inc CHWY shares were slightly higher in Monday's after-hours session after reporting a third-quarter sales beat.

Earnings came in at a loss of 20 cents per share, missing estimates by 4 cents. Sales came in at $1.23 billion, beating estimates by $30 million.

“We are pleased to report strong third quarter 2019 results with net sales growing 40% year-over-year and gross margin increasing 410 basis points over the same period as the team continues to execute against our strategy of long-term, sustainable growth and margin expansion,” Chewy CEO Sumit Singh said in a statement. 

“We remain focused on delivering product innovation and technology that makes finding and buying the right product easy, convenient, and enjoyable. We believe we are transforming the industry with our truly unique and personalized, high-bar shopping experience that builds trust and brand loyalty by keeping the customer at the center of everything we do.”

Chewy shares were 2.36% higher at $24.75 at the time of publication. 

Q3 Highlights

• Net loss of $79 million
• Gross margin of 23.7%

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