Chewy Inc. reported earnings and revenue that missed analysts’ expectations.
The online retailer of pet food and other pet products reported a loss per share of -$0.15 for the fourth quarter, steeper than analysts’ expectations of a loss of -$0.06 a share.
Revenue of $2.39 billion came in lower than analysts’ expectation of $2.42 billion.
Chewy mentioned that there were uptrends in site traffic and order volumes. However, it saw operating conditions in some regions worsen due to the spread of the omicron variant. According to the company, near-term pressures on gross margin likely peaked in the fourth quarter, and they are "already seeing signs of recovery in the current quarter."
Looking ahead, Chewy expects net sales in the first quarter in the range of $2.4 billion to $2.43 billion, and projects full-year fiscal 2022 net sales between $10.2 billion and $10.4 billion.