RTTNews | Mar 31, 2021 07:24AM EDT

07:24 Wednesday, March 31, 2021 (RTTNews.com) - Shares of online pet supplies retailer Chewy, Inc. (CHWY) are up more than 10% in pre-market on Wednesday after the company reported profit in its fourth quarter and it also surpassed the Street estimates.

Tuesday after the bell, the company reported fourth-quarter net income of $21.05 million or $0.05 per share compared with net loss of $60.94 million or $0.15 per share in the same quarter a year ago. On average, 11 analysts polled by Thomson Reuters expected the company to report loss of $0.10 per share.

Net sales for the quarter grew 51% year-over-year to $2.04 billion.

Looking forward to the first quarter, Chewy expects net sales to be between $2.11 billion and $2.13 billion. The consensus estimate stands at $2.07 billion.

Full-year net sales are expected between $8.85 billion and $8.95 billion. Analysts, on average, see sales of $8.85 billion for the period.

"Looking ahead to 2021, we will continue to benefit from the evolving marketplace and our strategic execution should enable us to generate 25% revenue growth or more and further expand our adjusted EBITDA margins," stated Mario Marte, Chief Financial Officer, while talking to analysts during the conference call.

Tuesday, CHWY had closed at $80.38, up 1.94%. Currently the stock is trading at $88.63.

Read the original article on RTTNews ( https://www.rttnews.com/3181653/stock-alert-chewy-trading-higher-in-pre-market-after-better-than-expected-quarterly-results.aspx)

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