Pet food company Chewy Inc. (NYSE: CHWY) reported a wider net loss for the first quarter of 2020, sending the stock lower during Tuesday’s extended trading session. The results, meanwhile, topped the Street view.
The company reported a net loss of $47.87 million or $0.12 per share for the first quarter of 2020, compared to a loss of $29.56 million or $0.08 per share last year. Analysts were looking for a wider loss. Net sales surged 47% annually to $1.62 billion and came in above the market’s prediction.
For the second quarter, the management expects net sales to be in the range of $1.62 billion to $1.64 billion, representing a 40-42% year-over-year growth. In fiscal 2020, sales are forecast to grow between 35% and 37% to the range of $6.55 billion to $6.65 billion.
Shares of Chewy closed Tuesday’s regular trading higher but slipped to the negative territory in the after-hours following the earnings report.
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