Chewy reports surprise Q3 profit

December 8, 2022 4:37 PM EST

By Yasin Ebrahim -- Chewy (NYSE: CHWY) reported upbeat full-year revenue guidance Thursday after third-quarter results showed an unexpected profit.

The company reported EPS of $0.01 on revenue of $2.53 billion, topping Wall Street estimates for a loss of $0.09 on revenue of $2.46B.

The unexpected profit comes as the company said customer retention rates remained stable, and gross margin continued to expand.

Third quarter gross margin expanded 200 basis points year over year, to 28.4%.

Looking ahead the company guided net sales of $2.63B to $2.65B, and full-year revenue was lifted to a range of $10.02B to $10.04B from $9.9B to $10.00B previously.

The company also lifted its full-year adjusted earnings before interest, taxes, depreciation, and amortization to a 2.3%-to-1.4% range, above the prior 1.7% to 2% range.

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