Chewy Inc. (CHWY) stock dropped during after-hours, following its financial earnings

CHWY Stock

Chewy Inc. (NASDAQ: CHWY) stock plunged by 6.32% at last close as well as the stock price fell in the after-hours trading by 8.10%. The company’s goal is to be the most dependable and handy resource for pet parents (and partners) all around the world. They feel that their comprehensive assortment of high-quality products, which they provide at low prices and offer with an extraordinary standard of treatment and a personal touch, makes them the foremost provider for pet products, supplies, and prescriptions.

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CHWY stock’ Financial Updates

Chewy reported its financial results for the third quarter of 2021. The summary is stated below:

  • For the third quarter of 2021, net sales were $2.21 billion which is an increase of 24.1% y-o-y.
  • Gross margin calculated for Q3 2021 was 26.4%, increasing of 90 basis points compared to the previous year.
  • Year over year, the net margin of (1.5%) increased by 30 basis points in the third quarter of 2021.
  • Adjusted EBITDA generated was $6.0 million for the third quarter of 2021, up 9.9% from the previous year.
  • The adjusted EBITDA margin remained unchanged year over year at 0.3 percent.

Official Remarks

While talking about financial results Sumit Singh, CEO of Chewy stated that During the third quarter, demand and customer interaction remained robust, with net sales growing 24% year over year, or 86 percent on a two-year stack basis. The company’s year-over-year increase demonstrates the strength of its growth plan, the distinctiveness of Chewy’s value proposition, and the pet category’s long-term viability. At the very same time, the effect of persistent supply chain disruptions, labor shortages, and rising inflation is reflected in their third-quarter profitability. While they work through these macro challenges, they are committed to a sustainable future and to establishing a long-lasting business that will benefit millions of loyal dogs, pet parents, and partners.

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