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Investing.com - Chewy (NYSE:CHWY) has reported net sales in the first quarter that beat estimates, but net income declined and missed Wall Street expectations, sending shares lower in premarket U.S. trading.
In the 13 weeks ended on May 4, the group’s net sales increased by 8.3% versus a year earlier to $3.12 billion. Bloomberg consensus projections had seen the figure at $3.08 billion.
"We delivered topline growth exceeding the high-end of our net sales guidance range, year-over-year growth in active customers, and compelling profitability and free cash flow generation," said CEO Sumit Singh in a statement on Wednesday.
"These results are a testament to the resiliency of the pet category and underscore the strength of Chewy’s value proposition and our ability to continue to gain market share.”
But the Florida-based online pet products retailer reported net profit of $62.4 million, down from $66.9 million in the same period last year and below expectations of $70.9 million. Total (EPA:TTEF) operating expenses climbed to $846.9 million, compared with $789.4 million a year prior.