Pandemic pets prove profitable for Chewy
Chewy Inc. swung to a fourth-quarter profit as the online pet-products retailer reported more than $2 billion in sales and added customers amid the coronavirus pandemic.
Here's what you need to know.
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PROFIT: Chewy swung to a $21 million profit for the quarter ended Jan. 31 from a loss of $60.9 million a year earlier.REVENUE: Net sales rose to $2.04 billion from $1.35 billion a year earlier. Analysts expected $1.97 billion, above Chewy's projected $1.94 billion to $1.96 billion range.
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YEAR: Chewy ended the year at a loss of $92.5 million and $7.15 billion in net sales, compared with a loss of $252.4 million and $4.85 billion in sales a year earlier.PANDEMIC: The company has pointed to higher rates of pet ownership and a shift to shopping online during the pandemic.