Chewy, Inc. (NYSE: CHWY) shares are trading lower in Wednesday's after-hours session on the heels of the company's third-quarter earnings.
What To Know: Chewy reported quarterly adjusted earnings of 15 cents per share which topped the analyst consensus estimate of a loss of six cents. The figure represents a 36.36% increase over earnings of 11 cents per share from the same period last year.
The company reported quarterly sales of $2.74 billion, missing analyst expectations of $2.76 billion, a 8.21% increase over sales of $2.53 billion from the same period last year.
Additionally, Adjusted EBITDA of $82.1 million represents an increase of $11.7 million compared to the same period last year.
Chewy sees fourth-quarter net sales of between $2.78 billion and $2.80 billion. The company also lowered its full-year 2023 net sales forecast from between $11.15 billion and $11.35 billion to between $11.08 billion and $11.10 billion.
"Chewy continues to gain market share, with third-quarter net sales increasing 8% against industry growth in the low single digits," said Sumit Singh, CEO of Chewy. "Our team also continues to execute admirably, as reflected by another strong quarter of 28.5% gross margin and 3.0% adjusted EBITDA margin profitability."
It is also worth noting that the company announced after hours that David Reeder was appointed CFO, effective Feb. 14.
CHWY Price Action: Shares of CHWY were down over 10% in the after-hours session.
