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Chewy Inc. (NYSE: CHWY ) has reported higher sales for the fourth quarter of 2022. Reflecting strong top-line growth, the pet food company has recovered from last year’s losses.
The company reported net income of $6.1 million or $0.01 per share for the January quarter, marking an improvement from the year-ago period when it posted a loss of $63.6 million or $0.15 per share.
The following benefited from a 13% increase in net sales to $2.71 billion. Management expects first quarter 2023 sales to be in the range of $2.72 billion to $2.74 billion. Estimates for full-year sales are $11.1-11.3 billion.
“The fiscal 2022 fourth quarter and full year results were an outstanding year. Against the backdrop of a rapidly changing operating and economic environment, Chewy generated record highs, profits, and free cash flow,” said Sumit Singh, executive director of Chewy.
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