Why Chewy Stock Is Bouncing Higher After Hours

Chewy, Inc CHWY shares are trading higher after the close Wednesday on the heels of a strong first-quarter report.

What Happened: Chewy said first-quarter revenue increased 14.7% year-over-year to $2.78 billion, which beat consensus estimates of $2.73 billion, per Benzinga Pro.

The company reported non-GAAP quarterly earnings of 20 cents per share, up significantly on a year-over-year basis. Gross margin was 28.4%, net margin came in at 0.8%. 

"2023 is off to a strong start for Chewy. Our first quarter results reflect accelerating double-digit topline growth and continued expansion of adjusted EBITDA margin," said Sumit Singh, CEO of Chewy.

Net sales per active customer and Autoship customer sales also both reached new record highs for the company and continued to fuel customer loyalty and spend towards our platform."

Management will host a conference call to discuss these results at 5 p.m. ET.

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CHWY Price Action: Chewy shares were up 14.6% after hours at $33.74 at the time of writing, according to Benzinga Pro.

Photo: Kris from Pixabay.