Chewy Stock Surges 23% After Topping Earnings Expectations, Announcing a Buyback Plan

Seeking Alpha05-29

Chewy (NYSE:CHWY) traded higher in premarket trading on Wednesday after the online pet retailer sailed past Q1 earnings expectations and unveiled a stock buyback plan.Sales were up 3.1% during Q1 to $...

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Gross margin improved during the quarter to 28.2% of sales from 28.1% a year ago. Net income for the quarter was $66.9 million, up from $22.9 million a year ago. The Florida-based online pet product retailer saw adjusted EPS rise to $0.31 from $0.20 a year ago. The consensus EPS estimate from analysts was $0.16. Chewy (CHWY) reported free cash flow of $52.6 million for the quarter, which was a drop from the free cash flow level of $127.1 million a year ago.\"Fiscal year 2024 is off to a solid start. We delivered strong net sales as well as record-breaking adjusted EBITDA in the first quarter,\" highlighted CEO Sumit Singh.Looking ahead, Chewy (CHWY) still sees 2025 sales of $11.6 billion to $11.8 billion, compared to the consensus estimate of $11.8B. Chewy (CHWY) expects an adjusted EBITDA margin rate of 4.1% to 4.3%, which is higher than the prior outlook for 3.8%. The company also announced a stock repurchase program of up to $500 million. 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