Chewy Inc. reported its first quarterly profit and more than $2 billion in sales in the latest period, helped by the Covid-19 pandemic’s boost to online shopping and pet ownership.
The online pet-products retailer expects sales to top $2 billion again this quarter and reach nearly $9 billion for the year. Analysts polled by FactSet were projecting sales of $8.85 billion for this year.
Shares of Chewy rose 9.3% in after-hours trading. The stock closed Tuesday at $80.38, up 1.9% for the day.
Overall, sales for the holiday-season quarter rose more than 50% to $2.04 billion, helping Chewy swing to a quarterly profit of $21 million, from a loss of $60.9 million a year earlier. The profit was 5 cents a share. Analysts surveyed by FactSet had expected a loss of 10 cents a share and $1.97 billion in sales.
“Momentum from a strong holiday season carried into January as the pricing and promotional environment remained favorable,” company officials said in a letter to investors.
