(Chewy) Shares of Chewy rose more than 16% in premarket on Thursday after booking net sales of $2.43 billion in the first quarter of 2022. The sales were 13.7% higher than the prior year.
Chewy said its gross margin fell by 10 basis points from the prior year to hit 27.5%. A net margin of 0.8% was also down by 100 basis points.
The company’s net income came at $18.5 million, a decline from $38.72 million in the prior year. Adjusted EBITDA was $60.5 million, down by 21.8% from the prior year.
Chewy CEO Sumit Singh said that FY22 was off to a good start, with the company driving a robust 14% top-line growth while also delivering sequential growth in profitability and gross margin.
CHWY:NYSE is up +16.60% in premarket.
