Chewy, Inc. (NYSE: CHWY) shares lost ground Thursday, as the “trusted destination for pets and pet parents everywhere,” released its financial results for the fiscal fourth quarter and full year 2023 ended January 28, 2024.
Fourth-quarter net sales of $2.83 billion improved 4.2% year over year. Gross margin of 28.2 percent expanded 10 basis points year over year. Net income of $31.9 million, including share-based compensation expense and related taxes of $60.7 million.
CHWY’s full-year net sales of $11.15 billion improved 10.2% year over year. Gross margin of 28.4% expanded 40 basis points year over year. Net income of $39.6 million, including share-based compensation expense of $248.5 million.
CEO Sumit Singh declared, “I am proud of the performance the team delivered to close out a strong fourth quarter and full year. In 2023, we gained market share while simultaneously expanding margins and accelerating free cash flow generation.
“As we embark on 2024, we remain committed to further expanding our margins and generating meaningful free cash flow for our shareholders. Furthermore, we are excited about the strategic opportunities ahead and our role in continuing to drive innovation across the pet category.”
This morning’s press release stated, “Our mission is to be the most trusted and convenient destination for pet parents and partners everywhere. We believe that we are the preeminent online source for pet products, supplies and prescriptions as a result of our broad selection of high-quality products and services, which we offer at competitive prices and deliver with an exceptional level of care and a personal touch to build brand loyalty and drive repeat purchasing
CHWY shares opened Thursday down 92 cents, or 5.2%, to $16.82.
