Chewy Inc. (NYSE: CHWY) has reported a sharp increase in net sales and adjusted profit for the first quarter of 2023. The pet food company also provided guidance for the second quarter and fiscal 2023.
The company reported a net income of $22.2 million or $0.05 per share for the April quarter, which is higher than the $18.5 million or $0.04 per share profit achieved in the same period of last year.
The bottom line benefitted from a 15% increase in net sales to $2.78 billion. The management expects second-quarter 2023 sales to be in the range of $2.75 billion to $2.77 billion. The forecast for full-year sales is $11.15-11.35 billion.
“The superior value proposition of the Chewy brand continues to resonate, and our team continues to demonstrate operating discipline and high-quality execution,” said Sumit Singh, chief executive officer of Chewy.