Market Updates
Chewy Swung to Quarterly Loss, Gross Margin Expands to Record High
Scott Peters
07 Dec, 2023
New York City
Chewy declined 10.8% to $17.25 after the online pet food and products store reported weaker-than-expected revenue and the company swung to a loss in the quarter.
Revenue in the fiscal third quarter ending in October rose 8.2% to $2.73 billion from $2.53 billion, and the company swung to a net loss of $35.8 million from a profit of $2.3 million, and diluted earnings per share swung to a loss of 8 cents from a profit of 1 cent a year ago.
Gross margin expanded 10 basis points from a year ago to a record high of 28.5%, and autoship customer sales increased 12.8% to $2.1 billion, representing 76.4% of total sales.
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