Chewy Reports Narrower-Than-Expected Loss Per Share

Chewy's per-share loss registered 15 cents in the latest quarter, better than estimates of 17 cents. Revenue matched expectations at $1.35 billion.
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Shares of online pet product retailer Chewy  (CHWY) - Get Report fell in after-hours trading Thursday, after its revenue matched analysts’ expectations and its net loss per share was smaller than analysts forecast for the quarter ended Feb. 2.

In that fourth quarter of fiscal 2019, Chewy reported revenue of $1.35 billion, up 24% from $1.09 billion in the year-earlier quarter. Analysts surveyed by FactSet forecast $1.35 billion for the fourth quarter.

The company registered a net loss of $60.94 million, or 15 cents a share, in the latest quarter, narrowing from $66.34 million, or 17 cents in the year-earlier quarter. Analysts projected a 17 cent loss for the latest quarter.

Chewy CEO Sumit Singh was pleased with the fourth-quarter numbers and said the new fiscal year started off strong before the company ran into the coronavirus.

“We completed 2019 with strong fourth-quarter results, delivering net sales growth of 35% and expanding our gross margins by 320 basis points," he said in a statement.

"While 2019 closed on a high note, and 2020 got off to a strong start, the world changed dramatically with the coronavirus outbreak.”

On the plus side, “in times like these, we know how special and comforting the bond is between humans and pets, and we devote ourselves every day to supporting those special relationships,” Singh said.

At last check, Chewy shares stood at $34.10 in after-hours trading, down 2.88%. The stock lost 2.56% in regular trading overs.

It represents one of the few stocks to post a gain over the past three months -- a whopping 21% at that, compared to a 24% drop for the S&P 500 index.