Chewy Inc. (NYSE: CHWY) has reported higher sales for the fourth quarter of 2022. Reflecting the strong top-line growth, the pet food company turned to profit from a loss last year.
The company reported a net income of $6.1 million or $0.01 per share for the January quarter, marking an improvement from the prior-year period when it incurred a loss of $63.6 million or $0.15 per share.
The bottom line benefitted from a 13% increase in net sales to $2.71 billion. The management expects first-quarter 2023 sales to be in the range of $2.72 billion to $2.74 billion. The forecast for full-year sales is $11.1-11.3 billion.
“Our fourth quarter and full-year fiscal 2022 results cap an incredible year. Against the backdrop of a rapidly changing operating and economic environment, Chewy produced record-high revenue, profitability, and free cash flow,” said Sumit Singh, chief executive officer of Chewy.