Chewy Inc (NYSE:CHWY) shares are surging in Wednesday's after-hours session after the company reported strong financial results.
Chewy said first-quarter revenue increased 13.7% year-over-year to $2.43 billion, which beat the estimate of $2.42 billion, according to data from Benzinga Pro. The company reported adjusted EBITDA of $60.5 million, which was down 21.8% year-over-year.
Net income totaled $18.5 million in the quarter on gross margins of 27.5%.
"Moving forward, Chewy's value proposition is as compelling as ever and we continue to innovate robustly, attract customers with high lifetime values, drive engagement, and capture greater share of wallet," said Sumit Singh, CEO of Chewy.
Management will host a conference call to discuss its quarterly results at 5 p.m. ET.
CHWY Price Action: Chewy shares have traded between $22.22 and $97.74 over a 52-week period.
The stock was up 20.7% in after hours at $28.46 at press time.
Photo: congerdesign from Pixabay.
